Bitcoin Forum

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

Right now I use bybit and when I want to see the chart and enter operations the background is black, I think for me it would be better white background...is there any way to change that? and the box to enter the orders is very small...is there any way to make that box bigger...in fact I do not look at the bybit chart...I look directly at the tradingview....

If you are using trailing stop and you are liking it, stay with that and improve yourself on it. If you are asking for more advanced order taking, don't increase your leverage above what will become a risk to you.

If you want to change the background of your trading platform, usually that should be located around the setting. Check settings and search for background and select colours you want to appear.

If you're just getting started, one monitor would be enough for you and just be there closely monitoring the market for that token and pair you're following.
There's no special setup on it as I've seen from the others. I'm not a day trader so I don't have that setup but with what I've seen for the day traders, usually, two or three setups are enough for them. This is only when you get serious in trading.

I'm not really a trading expert but for being doing this for almost a year, I haven't found any tools or software that will make us not to lose. That is a normal scenario in trading.

And in regards to monitoring setup and background, all you need is to explore the site. I know there are a lot of features you may find by simply clicking the settings found in the corner. It is better to familiarize the site (ByBit) or directly ask their support system if you have some queries or concerns I know they are happy to help you.

Doesn't matter on what you would be using as long it would be beneficial for you and you do see that it becomes effective and did really make out some positive results because trading or investment does involved lots of trial and error.It isn't bad  to snip out some idea from other people but you shouldn't really make yourself to be that relying on them but instead formulate your own and find it for yourself whether it's an effective one or not.It does vay on certain individual since not all  are similar on making decisions.

Bybit is one of the best platforms for me now. That's what I am using now, their mobile app is really nice and their user experience and user interface.
Another thing is don't really put a lot of time on these, you must also give time learning how to analyze charts, you can use that trading view, yes it is useful. Don't make things too much complicated when you can do it easily.

At the early stages of your trading career you will have to accept a less efficient setup to trade the market as you need to save all the money you can so you can add it to your capital, so even if you think the monitor that you are using is on the small side that is fine, after all there are people which are trading the markets from their smartphones, which most likely have a screen which is way smaller than any monitor you can find in the market.

One monitor is enough if you only trade on one platform especially if you are a new trader, it will be more useful to allocate funds for trading and start building a better setup from profit but your PC specs must be suitable for trading so that there is no lag that interferes with your trades activities. If the dark or light mode feature is available on the exchange, it will usually be visible at the top right/left and you just have to change it as you wish

You mean that if the specs of your desktop or laptop computer are high, it can be said that this is a good advantage for you to earn well and well in the future. Did I understand what you said correctly? When I'm the one doing the trading spot trade, I don't do anything else because, with this method, I'm sure I'll experience a profit here as long as my analysis of the graph is correct.

Then when I do the trading here, there is only one way that is always done and used and that is the spot trading, actually, in the future I will also try to use the Future trading, I just need some few times before I get unto it. Good day :)

I don't use any applications or software that will help me in trading, I don't find it neccessary now availing those trading which will automate my trades. I still prefel manual trading as I keep learning more from doing it.


You don't need some fancy setups to trade properly. As long as you're comfortable with what you have and able to earn from trading then a 24 inch single monitor is already enough. I only have one monitor with that size but I use 2 windows when trading, half screen for charts and the other half for placing trades.

Having a good and clear desktop background and a big monitor could affect our trades but this is not trading all about, what we need are effective strategies. Many trading tools that exist seem we need some of them to have profitable trades. I encourage you to spend more time in the market, check the chart and price movement as in this way you are able to familiarize the movement of the market making you to have some insights to what you will do next.

I'm using Gunbot (https://gunbot.ph) as a means of trading cryptocurrencies in major exchanges like Binance, FTX, Bybit, GunthyMEX, and more. You can easily trade 24/7 without hassle once you have set it up with your preferred strategy. And there is a lot of it if you are interested. There are a lot of things to learn with it and learn Gunbot at the same time.

If you are interested, I would be willing to help you.

I normally use Binance as my exchange, I don't think it matters what you choose that much early on, just test around on what you think would suit you and makes it easy for you to buy/sell crypto. After getting used to it you can then use bots and whatnot, but early on I don't think you need to stress yourself out of looking for them. As for monitors, I don't think you need a big one or multiple ones early on, though it might help later on (I never really tried it even though I had multiple).

I don't use Bybit but a quick lookup announces that they "announced" night mode so I think it's safe to assume they also have a day/light mode with the white background you want.

Take it slowly. If possible, only trade using 1 or 2 coins at tops. Don't trade as many coins as you can because that will only confuse you that could lead to a mistake in decision making. Just like what they've said, 1 monitor is enough since you're just starting. Multiple monitors are for those who are professional already in trading. Risk management is important, don't put too much leverage per trade and always put stop loss.

Take your time perfecting your technical analysis. Don't be afraid to be left out by your friends in trading because there'll be always an entry for you. Patient is the key.

It all depends on how comfortable you are in trading. I only use a laptop with a 15" screen and that's enough for me to start trading. I use a black background because if the background is white, it makes me blind and can't focus.

Maybe you will like the white background because some aspects are different from mine. And to trade, I only use the basics of trading: buy low and sell high.

I'm just trading to buy low, hold it, and sell it when the price increases. But I don't recommend you to trade 2 coins at once because it can make you confused to analyze it. But it's all up to you because only you know how to do it.

Trading view is definitely the best platform to trade if you can buy the premium version of it. It even allows multi screen function so you can keep multiple screens for different utilities like one for seeing the chart other one for the order book one for entering the order for execution. This way you can be quick and effective. Eventually all the charting providers just take trading view charts to add their own flavour on it. So it's best just to go with tradingview premium itself.

I'm also using the laptop when trading and a comfortable environment so I could focus and feel relaxed which could help me create good decisions while doing trading. I'm not using any tool but I make sure that I'm fully equipped with knowledge about what I'm doing. A wallet and exchange are the usual sites and applications that I often use. I also use google in doing basic research in times of confusion. As for me, your wisdom about market analysis is also important.

Using stop loss is very useful for us, moreover if we are doing a day trading. We can set up this stop loss to decrease the loss risk. not to panic, but to anticipate having many losses.
Btw for another strategy, well, have you tried hedging mode? If there is a hedge mode in your exchange, you can also use this as one of the strategies. Some traders may use it and some don't, like the stop loss. But, for me, this is also helpful enough.
You can learn about this right here or others:
https://www.binance.com/en/support/faq/360041515312
https://capital.com/what-is-hedging-mode-and-how-to-use-it-in-trading

Every tool that you do need could really be found online which simply means that its up to someones effort on how they would really make use of it and would be relevant on the things that they are currently doing.

Trading isnt something that you could learn up easily but its not impossible if you are really that dedicated on doing so.It might be that simple but its not impossible.Being efficient would be entirely be depending on how

someone would do make out trades and this would be basing up on their own analysis and skills which other resources could really be found online or if you are really that serious on looking for it and
the rest would be entirely be gained through real experience which is the other side part of the story.

Yes, you are right. Our wisdom helps us analyze market conditions to make decisions that will benefit us or minimize risks. We can use whatever we want but also have to adjust to what we have to stay focused and develop something we can use to continue trading. Indeed this is not easy because, in trading, we want to make profits with makeshift tools so that when we can make a profit, we can start buying things that can give us more support.

If you're just getting started i suggest that you keep it as simple as possible, using more than one monitor isn't going to make you a better trader.

What you should focus on are the basics, when you have that in check you can start experimenting with other advanced stuff

Unfortunately I have never said high spec only mention the suitable for trading and this is not to add a profit but a supporting device will make you able to execute trading quickly, imagine you need speed but your device is lagging and this can affect the mental trader, and good device will always be able to support activities that can be better, it cannot be denied

I think it depends like If you are using a mobile phone then you can trade better using an application but if you are a pc/laptop guy then obviously you can just use your browser and go to that trading site directly. I search if what crypto exchange has a trailing stop loss and I found out that binance supports it.

Black backgrounds on the other hand are too common for most crypto exchanges but you are right that maybe the white backgrounds are much better since you can clearly see the value's on your screen and also not all people prefer black colors, so I wonder why an exchange doesn't have the option to change background/theme colors?

I don't have much time to stare at the monitor more than 4 hours a day. I have a job outside the forum and I also need to rest rather than think about the perfect way to raise as much money as possible. I choose to invest over trading for that reason, so let it work for you in the long term even though you could have a chance to profit in the short term through trading.

I'm not sure about how likely we are to make consistent profit by day trading on a particular coin because price fluctuation would put us in two possibilities. Good strategy and analysis as well as good fund management can also help to grow, but to be honest trading makes me bored faster than investing.

If you want to be successful as a cryptocurrency trader. I believe need 3 things.
1) Understand the fundamental aspect of the market and will influence the market price.
2) Make use of indicators and since you're a newbie depending solely on indicators is recommended ^{(EMA and RSI are more than enough for you)}.
3) Focus on price action

I dont have with this kind of set ups most of the time it is all about the traders because if the trader is in a good condition and make a good mindset with pure knowledge to commit a trade there's a chance you might win a position but if you are not prepare and would like to make a trade because you forgot and not well prepared with your mindset theres a chance it might losses more. Always trade when you are ready.

I agree with what you mentioned and those three are very important for us to pay attention to,
but basically knowledge and skills are two important things,
obviously for beginners they need to keep learning

Trust me, in cryptocurrency trading knowledge and skills, are like siblings. Once you have the fundamental knowledge you have skills hidden inside you and what you need is to unleash them. But what I see lately is some newbie traders chasing after skills instead of the knowledge that will introduce the needed skills.

Preparations and good knowledge about the indicators can be a big help in trading simply because it works and you don’t need to depend to anyone because you are trading based on your own analysis. If you want to be more effective you do your homework before you trade, either for day trading or long term trading you should still have this because this can be your guide. Trading is very challenging especially of you don’t have much time to analyze, don’t be greedy and know when to timing the market.

I use Binance for trading cryptocurrencies once I entered a trade I switched over to Stop Limit and placed my Stop Loss at distance below my entry price if I am Longing also placed my Stop Limit above the entry price if I am Shorting if the price move further above my entry point I trail Stop it vice versa though a wide Stop Loss is necessary in crypto trading because of the high volatility of it price there tons of YouTube videos which give a clear and accurate explaination on how to use a trailing stop while using Binance I believe you will watch a live trade on how to use that feature on that platform.

This is a good observation, newbies are not really interested in the markets themselves but on the profits they can get, and while this may not seem to be a big deal it is, newbies concentrate on what to do to produce profits but not on why and how it works, so their knowledge about the markets is superficial at best, meaning that as soon as something happens that is outside of their limited knowledge then they do not know what to do, and that is the moment when they lose money.

Trading cryptocurrencies in terms of efficiency is so common that you don't have to worry about having redundant features. Visit the exchange either through the website or download the app and make a trade. Because basically, the level of efficiency depends on how you apply the trading method.

Using the screen only as an alternative so you can more freely see, pay attention, and reach the movement of the chart. The rest you adjust to your needs.

We really have to do everything efficiently, including when trading crypto, we really should trade efficiently. So our capital and time are not wasted,
that's why we must first understand how the crypto market works, so that we can choose the trading method efficiently. In my opinion, trading
efficiently is that we simply choose trusted exchanges, after that choose potential coins and finally take advantage of the available trading features
to be able to help us generate profits. That way we can save our time and also our capital can use more optimally. It's not easy to apply it,
there are many obstacles for us to be able to trade efficiently, but as long as we can be patient and never give up, then we will understand how to
adjust ourselves to be able to trade efficiently.

Speaking of trading, I was looking for a place to buy bitcoin locally and found this one: https://coinsprime.net.   
Found a few people from my area there too. Made a quick trade at a nice price. Check it out.   

Using trading stops is still the best way to minimize risks,  save time and stress involved with trading though there types of market orders or you can use like the OCO etc, therefore keep on using them.

Go on YouTube and search for how to change background settings on bybit and how to use trading view, I do think watching tutorial videos on youtube will be of much help to you.

Don't you think that would be too stressful sitting closely to monitor the market when all the tools to reduce that stress is already , using stops make more sense if you're satified with your analysis.

There are two types of traders exist,
 1. Long-term traders - these people don't just look at today's situation and make a profit from it but they have to look further into the future. They never stop trading despite the situation for they believe that the volatility of the market gives them the opportunity to still earn some profit.
 2. Short-term traders - these people just often come during the bull season and then just left when it was done.

Either of the two types of traders, knowledge, and skill are a huge advantage which is necessary to acquire before we start.

One way to trade efficiently is to improve on any method or tools you have adopted to help limit losses. The goal is to make profit and not to crowd your chart with complexity. As far as trailing stop loss is doing the job perfectly well then improve on it. build it to a point where your losses will reduce to its minimal.

When something happen all of a sudden which the market could be affected by the geopolitics conflict or FED announcement, they wouldn't also be ready since what they use in trading is basically just the trailing stop. Its not so bad though, ofc everyone wants to make money.

Trailing stops limits your profit actually compare to just waiting for the right time to sell when you see the market is is already in the ATH.  But then anyway, its up to them.

You could have a stop loss ready for those times if you want to get out before it happens. Like let's say you bought at 23k, and then you put a stop loss at 21k, that means if something major happens then you are going to sell and get out even if you are not in front of your PC, that's a great deal.

I do know that it may not work out well for everyone if the price hits there and then goes back up, but at the very least you are protecting yourself. This is what people should focus on, how to make a profit in the long run. I am not saying that it will be a difficult or impossible thing, but it could definitely help you if you know what you are doing.

i think you're just fine and the only problem for you is the background of the platform where in you want white? Lol indeed bybit has stop loss as well it's very advanced like binance and for me it is the second when it comes crypto trading platform aside of having fair fees..
By the way if you want white background and since you're using trading view, perhaps you must do it on trading view not on the bybit.. It's not a big deal though.

If you're concerned about looking at the chart everytime then you can go for dual monitor setup, no need to buy expensive monitor you can even use a cheap 18 inch monitor or use your TV as monitor with VGA or HDMI port so you will have no difficulties.

I would say that if you could even have like different monitors for it, that would be better. That way you could get like 3 monitors that are very cheap, and that would be for your trading computer, and if you are dealing with like playing a computer game then you will be dealing with something else. That's quite good and I agree that not many people consider that as an option but I do agree with them on the point that it would be something for professional traders.

Like for me, just one PC and one Monitor is enough because I do not trade that much and I am fine with the current situation, anything more than this doesn't sound like something I would need at all.

I do agree that you don't need expensive monitors just to cater your trading activities. As long as the monitor is serving its purpose, go for it. In time, if you are already doing good with your trading, you can very well upgrade your gadgets if you want to. But for the meantime, better use what is available to you. What you need to focus on is how to acquire those trading tips and tricks so you can do better with your trading. It will be more important on how to generate good profits rather than focus on the equipment.

This can confuse you a lot if you are just starting to trade, I suggest to focus first in the price movement and learn every indicators so you can know what action to take especially in buying and selling. If you do have problems reading the trend, don’t trade that much because usually learning to trade takes time and mistakes are more possible if you rush yourself in trading, if you want to be more effective do learn more first.

Getting input from others is good but to tell you honestly, just continue what you are doing right now until such time that you can automatically think of a way how to deal with your concern. Are you new to trading? If yes, then it's really common to have difficulties while in the process of learning.

As you mentioned, you found using stop-loss saves time and money because that was your own experience. Just continue doing it right now and believe me, you will now soon to advanced by yourself using other methods that will suit your needs.

For your last statement about display concern, you are the one who can only find a solution to that based on your comfortability regardless if you are using big or small monitors. For your last question, what do you mean by changing the background of the screen in the exchanges when trading? Commonly, the interface can be set as light or dark.

Dont make yourself jump into intermediate to advanced things when you are just complete noob or zero knowledge because it would really just stir up and make things even more harder to understand.

Stick on learning with the basics and trying out to familiarize when it comes to terms and other related things and the rest would be gain through real experience or actual engagement.

This would involved lots of trial and error and this isnt something that you could just learn in a short span of time.Have patience and dont expect too much on ending up positive things.

I am not a day trader so I am using a simple analysis on of the chart and indicator. Considering to buy and sell the coins in the short term will also need consideration from TA and also FA. right now, the market is very volatile, they can rise up very soon but also vice versa, able to dropp dratsically only in some hours. So far, trading cryto for me needs a certain way to be wise and can control ourselves in trading. Being more patient is needed. Additionally, we are also better to set a stop loss in order to decrease the loss. We can use the money to trade coins that we exactly know the progress in the market recently. So, we can analyze the up and down price at least/

The strategies which you are using and give you better results then its a good idea to trade with the beneficial tool and to be more successful you should make certain trading plan and follow that so you will quickly achieve your plan. Remember one thing that trading is just a business you will face success as well as some times may be failure but do not upset its just a business.

No other tool that brings us success in trading is to focus on what we are doing. Loss is a part of our trading journey but we never think it was a bad sign, yet I consider this as a tool for us to improve. It serves as a warning that there is something without strategies and style, and therefore, we have to correct this and make trading more efficient.
Without understanding how trading works in real life makes us really upset.

I saw those traders that are connecting their TV monitors, well, the smart TVs that they have as connected to their PCs for better chart viewing.

If it's really necessary for one to become better, you'll invest into those monitors. But if you're the normal trader and you are starting your trading career, go with the little you have.

And from there, you'll eventually see what you need and what you lack of.

To be able to trade efficiently, we really have to prepare everything well. It's not enough to analyze the market and choose the right projects.
But we also have to be able to manage finances well and also control emotions well too. This means that there are many factors that we must
pay attention, to be able to trade effectively and generate good profits. That's why never stop learning, so that our knowledge continues to grow
and also don't be afraid to experience failure when trading. Because without failure it is impossible for us to become successful traders,
all successful traders start from experiencing many previous failures. So in order to be able to trade efficiently it does take a long time,
because we need to go through various processes to understand how to trade efficiently.

If you can learn from those failures and don't give up completely before you achieve what you want, you will see that your trading skills will improve and you will be able to profit. The key is to be patient, not give up, and keep learning to be more successful than ever. But remember that to achieve success takes a long time and that it takes patience to get there. Failure is a delayed success and it is only a matter of time for you to achieve that success and it all depends on how you strive to make it happen.

agree with all of you guys, that the key to trading success is not to give up and keep trying to get the best. especially after experiencing a failure where precisely the failure will be a trigger not to repeat the same mistake.

It must be remembered, it will not always result in luck, it is certain that one day we will also experience losses, but if we are aware of it, we will not be afraid to move on. will always keep pushing to be even better in the future, by continuing to make improvements in every trade that has been made.

I have a TV for monitoring trading candle sticks too, I connected it with HDMI for bigger screen look. While on phone, I use android, I go for double screen on Android at times, though almost all apps support it, but I found apps like PHX browser not support it on the Android 11 that I am using, but it works fine with other apps. Also on Android, I use lightning multi-window, it makes the work better and I prefer it than using double screen, I use it to monitor when busy on phone, but it makes the app small but the candle sticks and price are still very visible with accurate readings.

Since you are responsible for the small monitor to increase trading efficiency, you must first consider how you will view the trading. But basically if you have a big monitor you will be able to understand the candles better in that case it will be convenient for you to trade. As you select the monitor of your choice, remember that trading skills are more important than the monitor itself.

This was my thinking earlier while starting up but with time I got to realize that smartphones do all kind of trade and more conveniently. Android phones give you more comfortable trade as you can trade from anywhere you are making trading mobile to the real intent of what it is. Although a beginner may need desktop or computer because they will be scared not to make mistake with there money but will outgrown it with time. You can use the computer for setting up the trade but monitoring of trade with phones. An experienced trader doesn't really need monitor to trade but just a smart phone, download the platform and you are good to trade.

Trading has an option to customized screen, background and others that OP is asking. The monitor size is least of concern here because it will just enlarge text and candle size you can analyze accurately when you are viewing on zoom out to catch the real trend. I can do TA using my tablet or even my cellphone. I just use the smaller timeframe on charts to see the equivalent zoom in on the chart.

But having a huge monitor is an advantage because you can open multiple windows per indicator on a single screen view.

Losing is not a bad thing if you know why you lost, but it could be a very scary thing if you have no idea why you lost as well. I know plenty of people who got scared and sold their coins for a loss, and that is not really a good thing because it results with them not really knowing what they are doing.

But, I believe that the best thing to do would be learning to trade better and that way it would be something much more magical, it would allow you to make a bit more profit, but even in a case of loss, you are going to end up with a good profit and that's how you should approach things, not the other way around, losing and learning is a great tool.

This is really a matter of taste, I have a friend who trades with 3 monitors, but on each monitor he has all three trades in view and he can track all of them in real time and see how they fluctuate, but obviously this is a matter of taste, In my case I don't do something like that, for me it is enough to put the 3 trades using only 1 monitor and be able to track it just by checking the stop loss, in the case of Binance I do it that way since it is the most reliable exchange For me, however, if the trader decides to do futures, I think it is something more delicate and he would have to have all the possible attention without detaching himself from any monitor.

Trading efficiently is some how difficult for Newbies but not for experts. They already know the basics of trading and the risks involved to trade. Trading carefully is good but we all know that trading involved gains and losses, it's a general facts in trading which a trader cannot forget it.  The matter concerning trading with monitors, trader need the necessary things used for trading, a smaller monitor will do but a bigger one would be more than enough for a trader as he it she study's the candle sticks and the downtrend, uptrend of charts.