How to trade more effectively?
Register on Bidsbee. It is a social trading platform created with both professional traders and crypto beginners’ interests in mind. Among many other things, Bidsbee offers a copy trading feature: inexperienced traders stay on the safe side copying trading strategies of the experienced ones while experts monetize their community sharing their experience and knowledge.
Let’s get acquainted and explore the user interface, the main dashboards, and customizable options that will empower you to take full control of your trading activities and achieve your financial goals.
The crypto trading terminal consists of two main parts:
Рicture 1. Crypto trading terminal
The order book panel on Kyrrex, similar to the feature provided by TradingView, displays live open orders in a ladder format providing real-time visibility into the current market depth.
The depth chart provides a graphical depiction of the order book, presenting the relative size of bid and ask orders at various price levels, accompanied by the cumulative size of those orders. Widely used in scalp trading where the liquidity and volumes at different price levels can serve as enter/exit position indicators.
The order (buy/sell) panel is where you can place orders which will be instantly executed or displayed in the order book.
Рicture 2. Depth chart, order book, and order panel
At the very top, you’ll find the trading pair and its market information. This tab shows basic price information such as current asset price, daily trading volume, and daily price change.
Picture 2.1. Trading pair and market information
The price chart is a fast and easy way to view an asset's historical pricing. Personalize your price chart by selecting a specific time range and chart type (crypto candles, line, or bars), while also leveraging a comprehensive range of indicators to gain deeper insights into pricing trends, in order to enhance your trading decisions.
You have the ability to view the price history and trading volume of an asset over a specific span of time.
Рicture 3. Time range
The candles in crypto trading represent the range of an asset's price movement within a specific timeframe. To better understand this, you can learn how to read crypto candles. You can modify the time interval the candles represent by selecting your preferred time frame from the dropdown menu located in the upper left-hand corner of the price chart. Mastering how to read candles can significantly enhance your trading decisions.
Рicture 4. The candlestick chart
In the bottom left-hand corner of the live chart, you can adjust the time period by interacting with the time range (3m, 1m, 5d, 1d) enabling you to visualize the trading volume within that timeframe.
Рicture 5. Date range
Рicture 6. Bar Charts
Is the initial price of the asset at the beginning of the chosen time-frame. For example, if you are trading ETH, the open price will be the price of ETH at the time when the candle you are viewing begins.
H (High) is the highest level the asset reaches during the chosen time-frame. For example, if the ETH candle opened at $1844, rose to a high of $1845, and then started moving back downwards, then the candle high is $1845.
Is the lowest price the asset reaches during the period represented by the chosen candle.
Is the final price of the asset during the time-frame represented by the chosen candle. For example, if you're viewing an ETH 4-hour candle that starts at 13:00, the Close price will be the price of ETH at 17:00.
To achieve success as a cryptocurrency trader, it is crucial to possess knowledge of appropriate indicators and metrics, as well as their optimal usage. Consequently, here are several well-known crypto indicators that can enhance your decision-making abilities when executing trades:
Indicators serve as instruments for guiding your market-related choices. They enable the measurement of various facets of market activity, encompassing volume and price fluctuations, thereby aiding in the formation of informed perspectives regarding ongoing market dynamics.
Picture 7. Indicators
Shows the relationship between two moving averages of prices. The MACD is a histogram that plots two exponential moving averages (EMAs) against each other.
Examines the magnitude of recent price fluctuations to determine whether or not the price of a cryptocurrency is overbought or oversold.
Is a moving average that focuses more on recent data. It smooths out price fluctuations and helps identify trends. It's useful as a trading signal and works even better when used alongside other indicators like RSI or MACD. This combination improves the accuracy of signals during sudden market price shifts.
Is similar to the EMA, but it calculates the average price points of an asset over a longer timeframe.
The crypto trading terminal features a collection of levers and buttons that enable you to establish the quantity of a token you intend to buy or sell, as well as the price at which you wish to execute the transaction. This trading terminal is specifically designed to accommodate the dynamic and often volatile nature of the crypto market.
Picture 8. Limit and market orders
A market order is a type of order used in crypto trading to buy or sell a cryptocurrency at the current price in the market. When you place a market order, you are essentially instructing the exchange to execute your order immediately at the prevailing market price. Market orders are popular among traders who prioritize speed and want to ensure their order is filled quickly, regardless of the price.
It's important to note that when you place a market order, the actual execution price may differ slightly from the current displayed price due to market fluctuations and the liquidity of the trading pair. Therefore, if there's a high level of volatility or low liquidity in the market, the execution price of your market order may deviate from what you initially expected.
A limit order, on the other hand, allows you to specify the exact price at which you want to buy or sell a cryptocurrency. Unlike market orders, which prioritize speed of execution, limit orders give you more control over the price at which your trade will be executed. When placing a limit order, you set your desired buy or sell price and wait (or hope) for the market price to reach your limit price. For instance, you can place a limit order to buy Ethereum at $1,100 and it will be executed only when the price reaches your $1,100 target. Your order will stay open for as long as it takes for the asset to reach your stipulated price.
One advantage of limit orders is that they allow you to take advantage of potential price fluctuations and enter or exit a trade at a specific desired price. However, it's important to note that there is a possibility that your limit order may not be executed if the market price does not reach your specified limit. In such cases, the order will remain open until the conditions are met or until you cancel the order.
Understanding the difference between market orders and limit orders is crucial for traders, as it helps them make informed decisions about how they want to execute their trades based on their individual trading strategies and goals.
Located at the bottom of the trading terminal is a trade history tab. This tab provides access to information regarding currently active orders, past order history, and trade history. It serves as a platform for reviewing previous trading activity and managing open trades or trading positions.
Picture 9. Trade history tab
How to Use the Stop Limit Function
A stop-limit order will execute at a given price (the limit price) when the stop price becomes active.
Once the market price has hit the stop price, the stop-limit order becomes a limit order to buy or sell at the given limit price. This order type allows you to set good entry and exit points for your trades.
The key to stop-limit orders is wisely choosing the limit price and the stop price. In general, the stop price should be set below the limit price for buy orders. For sell orders, the stop price should be set above the limit price.
The Order History section lists the orders in rows from newest to oldest. The columns provide information about each order as follows:
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How to Place Orders on Kyrrex
To place an order on Kyrrex, go to Trade. You can place an immediate (Market) order or a pending (Limit) order.
To view the Order Entry panel, select Terminal > Order entry.
This option gives traders more control over the lifespan of an order before it expires.
This option specifies that the order, once placed, is valid during the current trading day.
Specifies that the order will remain active until executed by the market, canceled by the trader.
Specifies that the order, once placed, is valid until a given date.
Specifies that all parts of the order must be immediately filled at the specified price or the entire order must be canceled.