Are you looking for that cutting edge tool to help you become the best pro crypto trader you can possibly be? Well no promises that this article will turn you into an all-star trader, but it will tell you the exact tools I use on nearly a daily basis to help me succeed in my trading career.
Whether you are an advanced trader, or a complete beginner, I’m sure there is something in this article to help you along your trading journey.
I actually know a few traders that have lost their entire bankroll due to lack of security. They trusted sketchy echanges, didn’t use 2FA (two-factor-authentication), had no idea what a vpn was. All of these things are a huge no-no, and if you are trading and not taking security seriously, well there is a good chance you are going to lose big time without even placing a trade.
**IMPORTANT: no one likes to think about our own mortality, but you never know what tomorrow may bring. Along with your cold storage wallet, leave detailed instructions to your next of kin on how to access your crypto just in case something unfortunate happens and you kick the bucket.
I consider Tradingview the absolute BEST charting webapp available. I use if for trading crypto and trading Forex. I’m sure most of you have heard of Tradingview and even use it since it is free; however, I can’t recommend the pro subscription enough. If you want to be a serious trader, loosen the purse strings and go pro to be a pro.
I have a detailed review of TradingView coming out soon so be sure to subscribe for updates.
Before upgrading, do the full free trial. They will give you a steep discount at the end of the trial to try and snag you as a paying customer.
When I started trading cryptocurrency, and this was on pretty much every exchange, I had this glaring question: where the hell is the necessary functions to be a successful crypto trader. OCO (one cancels the other) orders simply do not exist on these exchanges. It is impossible to set your stop loss and take profit trades at the same time, which is crucial for my strategy.
I come from a trading background where I traded stocks and forex, and every platform within a legacy market have these functions. So when I saw that these options were not available, I gave serious consideration to not trade crypto and only passively invest.
Luckily I found a solution to this problem. I use a trading bot with API integration which adds these necessary trading functions. There are a few out there, but the one I personally use and recommend is 3Commas. What they coined “Smart Trades” allows you to set a stop loss in addition to take profit. The beauty of it is you can also ladder these stop losses and take profit positions, which works quite well with my trading strategy.
Is it perfect? Absolutely not. I have ran into problems where the trade says that it was executed, but after looking on the exchange, the position was still open and profit wasn’t taken. So if you decide to use 3Commas be sure to still regularly check your trades to make sure there is no hiccups with the API.
I love a good spreadsheet; however, other traders may find them tedious but in my professional opinion, they are absolutely necessary. Remember how I said these crypto exchanges lack functionality, well reporting is another function that is sorely missed. These are the spreadsheets I use every day to track my trades:
What are you doing when you are not trading? If you answered, “play Xbox and watch Netflix” there is a good chance you are not going to succeed as a professional trader. You need to feed that brain of yours, and constantly try to learn something new– even if it is of a trading strategy or indicator that you will never use, just take the time and learn!
I have been a trader for over fifteen years, and I still strive to teach myself something new. Over the years, I have read a lot of great books. These are few of the notable ones that I recommend everyone to pick up and read:
As you learn how I trade, you will see that I love using fibonacci retracments/extensions. This is an absolute must read if you want to learn how to get pin point accuracy entry and exit points.
Get yours here: AMAZON
One of the hardest things for my to master was my own mind. This book has so much valuable information, and was a completed game changer for me when I read it years ago.
Get yours her: AMAZON
Peter Brandt is a legend when it comes to classic charting patterns. If you want to take a TA approach to trading, Peter’s book is a must read! Give him a follow on Twitter as well.
Get yours here: AMAZON
There are many tools to help you on your road to become a pro crypto trader. These are just the tools that work for me.
Have you found any tools that work best for your trading strategy? If so, I’d love to know so please leave a comment or shoot me a message over on Twitter.
I’m a full-time professional trader, specializing in cryptocurrency and Forex with over fifteen years in trading experience. I started Margin Hero in hopes of sharing my thoughts on different markets and helping those who have the drive for greatness.
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.