June 21, 2023 Effective market research, utilizing the right tools, and leveraging them are vital for success in the trading world. These aspects all play a crucial role in allowing the trader to make informed trading decisions.
Traders rely on accurate analysis and insights to identify profitable opportunities and manage risks effectively. The integration of TradingView (a popular charting and analysis platform) with Cornix (an advanced automated trading platform) has helped to deliver additional value to the world of automatic cryptocurrency trading.
Everyone knows the power of technology, but what good is that technology if you cannot efficiently and accurately leverage it?
In this article, we will explore how harnessing the power of TradingView with Cornix can lead to long-term success in the trader’s journey and truly capitalize on the best of both worlds: The industries leading indicators and automated trading tools.
Due diligence is vital, and there’s a reason why TradingView has well over 50M users globally. It has become a staple platform for those serious about charting their trades and success.
TradingView provides traders with various charting tools, technical indicators, and drawing capabilities. It allows users to analyze historical price data, identify trends, and determine key support and resistance levels.
Traders can customize their charts, apply different time frames, and access a vast library of technical analysis tools. By leveraging the power of TradingView, traders can conduct thorough market research, identify potential trade setups, and develop effective trading strategies.
TradingView also allows traders to establish alerts on positions to take advantage of trade setups they may have been waiting to play out for some time. It has become an integral tool for the majority of traders in today’s time.
Cornix is an advanced trading bot that, among many things, also automates trade execution based on TradingView alerts. By integrating TradingView with Cornix, traders can execute trades automatically without constant manual monitoring. When a specific trading signal or condition is met on TradingView, Cornix receives the alert and executes the trade according to the predefined parameters.
This integration ensures swift and efficient trade execution, eliminating the potential for human errors and emotions. Since TradingView currently does not offer its automation trading tools, traders have to cross-reference their trade setups from one platform to another (if not using Cornix), which wastes time, potentially causing them to miss profit-making opportunities.
With just a few simple clicks, one can connect their TradingView alerts with the powerful automation tools of Cornix.
The combination of TradingView and Cornix offers traders the flexibility to implement their trading strategies. Traders can develop and use indicators and signals on TradingView and set specific conditions for trade execution using Cornix.
They allow for over 200 active price alerts, which if triggered and once connected with Cornix’s auto-trading tools, can help traders execute trades at lightning speeds.
Whether traders prefer trend-following, mean reversion, or breakout strategies, they can easily create and automate their unique trading strategies. With over 25 indicators and various drawing tools, there is plenty of creativity when it comes to our users charting and trading off that information.
Creating a Tradingview bot is broken down into five sections: General, Entries, Take-Profit, Stop, and Advanced.
The first step, or “general,” is where you input the “general” information regarding your bot, such as the name of the bot, the exchange you want it to trade on, both the symbol of the position you are trading and the amount to trade, as well as choosing Short or Long direction and your margin type in case you have chosen a futures exchange.
Next, we have the “Entries.” When turned off, the bot will purchase 1 entry order automatically at market price when the trade is opened. Turning it on will prompt you to set advanced entry order information, such as the number of orders.
The take profit tab will allow you to set a take profit order as a percent above the first or average entry price.
The stop section is where you would establish your stop-loss parameters. These include stop-loss percent, baseline, number of continuous stops before the bot is stopped, and stop-loss time out.
Finally, the Advanced tab is where you can tell your bot to stop after x amount of trades if there is any “cooldown” time between trades, or how many trades should co-occur.
Successful trading requires effective risk management. With Cornix, traders can set stop loss and take profit targets for each trade to manage risk and protect their capital.
For example, Cornix allows traders to implement trailing stop orders to secure profits during favorable price movements.
By combining TradingView’s market analysis capabilities with Cornix’s risk management features, traders can optimize their risk-reward ratios and protect themselves against potential losses. Our platform also provides an overview of your portfolio.
We aggregate all of your positions across various platforms under one umbrella. See the performance of your coins and Cornix trading bots in real time on our platform so that you can make executive decisions when managing your portfolio.
Many exchanges allow users to enable notifications for that platform, but what if you have multiple exchanges? It can easily become a task trying to stay on top of them all; that’s why we’ve created our notification system that you can set for all your positions across the various exchanges you may use.
The integration of TradingView with Cornix has not only transformed the way traders conduct research and perform technical analysis but, more importantly, has removed the hurdle many faces when trying to implement their research across platforms into actionable transactions: winning trades.
By harnessing the power of TradingView’s comprehensive analysis tools and combining it with the automation capabilities of Cornix, there’s no longer a “gap” between performing the due diligence of charting and placing trades at lightning speeds. Knowledge is power, but only if you can follow up on that with implementation.
Embracing this powerful combination empowers traders to make informed decisions, execute trades swiftly, and continuously refine their strategies based on market conditions. With TradingView and Cornix, traders can embark on a journey of continuous learning and improvement, ultimately enhancing their trading performance in the dynamic world of cryptocurrencies.
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