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Hello guys,
Welcome to my blog once again. It is yet another week of the steemit engagement challenge and I'm delighted to present my entry once again. This week, the contest talks about a very unique topic titled Cryptocurrency Tools. We are aware that there are many cryptocurrency tools available today that help traders to maximize their profit. In this publication today we will be learning about some of them.
What is your understanding of cryptocurrency tools? Mention some of the tools you know in the crypto ecosystem.
Cryptocurrency tools are tools that are used by crypto traders to ascertain various information about the various cryptocurrency in the world. The function of the tools is to provide information about the crypto market such as a chart, the price of the asset, news concerning the said asset and many more. With the help of these crypto tools, one can be able to minimize loss and maximize profit when trading.
It is important to mention here that crypto tools can be in form of web applications, desktop applications or even mobile applications. All of these means provide users with an opportunity to assess the market data at any point in time so that they can minimize their losses and maximize their profit using market fluctuations.
Cryptocurrency tools are designed in such a way that they won't be limited to certain regions or towns. This means that once the application is made available, everyone can have complete access to it at any point in time. People can see the market trend via some of these tools, they can also see the price and much more information that the tools offer.
| Some of the tools I know in the crypto ecosystem |
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Since more and more people are adopting the use of digital currency by the day, a lot of new crypto tools are also coming up daily to assist them to get the required information they need about the market. There are a few popular crypto tools that almost every good trader uses daily and they include Coin Market Cap, TradingView, CoinGecko, Blockfolio etc.
Let's discuss some of the tools listed above in brief.
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One of the widely used crypto tools in the world today is the coin market cap. It is a web application that provides detailed information about the price of assets, their market capitalization and also the trading volume of the said asset etc. The coin market cap also can be used as a tracker to keep watch of a few of the selected coins we wish to invest on I.e we can create a portfolio for ourselves. The image above shows a coin market platform.
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This is another widely used crypto tool that provides traders with detailed information about the technical analysis of any crypto asset using charts and indicators. Here you will see the real-time price of the asset, the trend of the asset, the volume of the asset etc. The image above shows a trading view platform.
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CoinGecko is similar to coin market cap, it also provides market information such as price, volume, charts, graphs etc. Here you can also create a portfolio and monitor your favourite asset as you add them to your watchlist. The image above shows a CoinGecko platform.
This is a mobile application that traders use often to keep track of their trading activities. This application helps to give updates on the current price of assets, news about different assets, notifications, historical data provision etc. It is an application that has so many things that every trader needs to keep his/herself updated with the market.
Which of the tools mentioned above is your favorite and why do you prefer it above others? Include how long you have been using it.
All the tools mentioned above are quite significant but because of the said question, I will be discussing one which I use more often and this is because I enjoy using it because of the role it plays in the crypto ecosystem. So from all the above lists, my favourite is the Trading View platform.
I'm not too long in the crypto space hence I started using the Trading View platform in the year 2020. From that very time till this moment, I have been using it and also expanding my knowledge about the tools.
| The reason I prefer it to others |
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Technical analysis plays a very important role when it comes to crypto trading. The Trading View platform provides a chart that gives the user direction of the market at any point in time.
Trading View also provides indicators that are used alongside the chart which helps users to predict the next move in the market.
Trading View has a practice section where you can practice trading for free and get yourself acquainted with some of the movements of the trend before applying it in real-life trading.
The user interface is very friendly and easy to use as it has all its features displayed with symbols to enable even newbies to carry out their analysis.
The site is free to use. Once you register, you will unlock many other features that will make your trading experience more beautiful.
The price of the asset is usually very accurate on the site. Predictions of prices can also be made by analysts after studying the market movement using previous data on the chart.
Prepare a step-by-step guide on how to use your favorite tool in a way that new users can utilize it to have an overview of the market. Do include different features of the tool. (Screenshots required).
Using trading view is quite simple and today in this post I will be showing us the basics that every user is supposed to be aware of. Let's get started.
Step 1: Go to https://www.tradingview.com/ and on the products menu click on the chart as you can see in the image below.
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Step 2: The chart image will display as seen in the image below
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Step 3: To select a pair of trades, click on the TRXUSDT symbol marked in the image below and a display of other pairs will show as seen below. You can select the pair you wish to trade.
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Step 4: On the space marked W, click and select the durationon you wish to track in my case I select 1 week.
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Step 5: Clicked on the marked area to select the type of chart you need in my case I selected the candles chart. See a list of other charts.
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Step 6: The next menu is the indicator. The point located in the image below is the indicator, once you click on it, then you can add the type of indicator you want as you can see in the image below the list of many indicators.
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Step 7: The section marked below carries the RSI indicator added to my chart. With the help of the RSI, one can be able to predict the price of the asset. As we know when the RSI gets to 30 it's an oversold region and when it is above 70 it's an overbought region
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Step 8: The chart below shows the pair of TRXUSDT with the current price and some basic tools that can be used for manipulations as indicated in the image below.
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Highlight the advantages of crypto tools. Do you think the tools available at the moment are efficient? Would you like to see another one that serves a different purpose?
There are many advantages associated with crypto tools and a few of the advantages include
Trend Direction: It helps every trader to understand the direction in which the trend is going at any point in time. Knowing the trend direction can go a long way in helping users or traders not to counter trade which will also help to minimize their losses and maximise their profits.
Managing Portfolio: With crypto tools, one can be able to manage his or her portfolio by keeping the asset they are trading in a watchlist which we enable them to check at all times.
Getting access to historical data: Crypto tools make available historical data for traders which helps them greatly in decision-making. Before traders will enter into a trade, it is recommended that they study the history as many patterns repeat their selves.
Real-Time Data Provision: To get the current information about any crypto asset, the crypto tools go a long in giving users that information. The current price of an asset, the volume of the asset and the market capitalization of an asset can be seen via these tools at any point in time.
| Do you think the tools available at the moment are efficient? |
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Well, the tools available at the moment solve the basic needs of most traders. Every trader has what he/she needs in the various tools though some of the tools have their limitations as well. In my opinion, the tools available at the moment are very efficient for me because the major information I need about any asset, I get it by just a click.
The truth is that more things are coming up in the crypto world and for that reason, more tools may be needed to meet up the demand of the various users who are working towards that field. So as we are more changes, it is recommended that more tools to solve the advancement we are seeking daily be developed.
| Would you like to see another one that serves a different purpose? |
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Yes, I will want to see another one that serves a different purpose entirely. The crypto world is so large and I'm just getting started. It will be best if we can get a tool that will help people predict accurate prices as most of our predictions don't go as predicted and that leads to loss of funds in most cases. With a tool that can predict accurate next price, then trading will be more fun and easier.
Conclusion
There are numerous cryptocurrency tools in the world today. The commonly used ones even as I have stated above include coin market cap, trading view, coin gecko etc. My preference goes for the trading view because it helps and guides me through technical analysis. I have also discussed one can access and use the trading view more effectively and efficiently. I want to invite a few friends to also join the contest today. I invite
@ubongudofot,
@goodybest,
@nahela,
@waterjoe and
@nadiaturrina.
Greetings my friend @simonnwigwe,
Your post about Cryptocurrency Tools is really informative and insightful. It is great to see you sharing your knowledge about the different crypto tools available in the market and their uses. Your discussion about Coin Market Cap, TradingView, CoinGecko, and Blockfolio was really interesting and well-explained. I must say you have a strong grasp of the crypto space and the importance of using these tools to maximize profits and minimize losses.
Your favorite tool, TradingView, is a popular choice among traders, and it's great to see how you have been using it for a while now. The technical analysis and charting features of the platform make it a valuable tool in crypto trading. Keep sharing your crypto-related experiences and knowledge with us.
Thanks for your comment and contributions
We support quality posts anywhere and any tags.
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Thanks for the invitation. It is difficult discussion for me. Good luck for the contest 🥰🥰🥰
Thanks for your comment and support
We support quality posts anywhere and any tags.
Curated by : @chiabertrand
Thanks @chiabertrand for the support
Greetings @simonnwigwe it's a very great publication from your side.That's great to hear that you find Trading View useful for your cryptocurrency trading. Technical analysis can be a valuable tool for traders, as it helps to identify potential entry and exit points for trades based on historical price and volume data.
Having access to a platform like Trading View, which provides advanced charting and analysis tools, can be a major advantage for traders looking to make informed decisions about when to buy and sell cryptocurrencies. Additionally, the ability to easily access and analyze data from a wide range of cryptocurrencies can help you stay up-to-date on market trends and make more informed trading decisions.
It's also great to hear that you have found ways to use Trading View more effectively and efficiently. By taking the time to learn how to use these tools to your advantage, you can potentially improve your overall trading results and maximize your profits.
Thank you for sharing with us. It would be pleasure for me if you will visit my post as well.
Thanks for your wonderful comment my friend
As always, you always deliver interesting and educative article dear friend.
There are various efficient and reliable tools available to help us manage our Cryptocurrency portfolio. From increased security to the ability to quickly access market data, Crypto tools have been helping users get the most out of their cryptocurrency investments.
There are many interesting features about every Cryptocurrency tool, and some tools are very unique in generating good ideas for investors.
For example, you can use a tool like Coinigy to view real-time market data and easily switch between different cryptocurrencies and exchanges. This is incredibly useful for traders who need to keep an eye on multiple markets and make quick decisions based on data.
I too like using Tradingview to navigate and get an overview about market situations, especially via technical analysis.
Generally, I find this article really interesting and full of details. Thanks for sharing and goodluck in this contest sir.
Thanks for your wonderful comment my friend
Greetings dear friend @simonnwigw,
I hope you are fine and enjoying your life with family. You have shared detailed article on cryptocurrency tools that are helpful for the traders to maximize their profits.
You have shared 4 crypto tools with us including Coinmarketcap, TradingView, Coingecko, and Blockfolio. You have mentioned that TradingView is your favorite tool and you are using till since 2020 when you started trading.
TradingView is very useful and powerful tool that shows cryptocurrencies price, volume, marketcap, price changes, news related, past and upcoming events, screeners, heatmaps, and also global markets. The best thing I like about TradingView is Global Markets because it let us know what is happening in other global finanical markets. In short, it is all-in-one crypto tool.
Next you have shown step-by-step guide on how to use TradingView. I have also shared it in my article but still I learned from your guide. You have also mentioned the main advantages of these crypto tools like trend direction, portfolio management, real-time data etc.
Overall, you have shared quality content with us with full efforts in it. I appreciate that you shared all of your knowledge and research with us so that we learn.
I would be happy if you read my content here and share your thoughts :)
Thanks for your comment on my post, i will surely visit yours soonest.
:)
Hi @simonnwigwe, I loved your step-by-step guide on how to use the Trading View platform and the features of it you discussed. You explained the advantages and applicability of cryptocurrency tools clearly and touched on all the useful ones for traders like Coin Market Cap, TradingView, CoinGecko and Blockfolio. I also agree with you that more tools are needed as the crypto world is growing constantly.
So far, my experiences with Trading View have also been quite positive, since it gives me access to real-time data and it had a user-friendly interface which makes it easy to navigate. I truly appreciate all the time you spent researching and writing this blog post!
Overall, I think that cryptocurrency tools are incredibly helpful to traders, especially those who are new to trading. With the help of these tools, investors can stay up to date with their investments, analyze trends, and manage their portfolios more precisely. Thanks again for the informative post, @simonnwigwe!
Thanks for your valuable comment my friend.