How do I use the watchlist to monitor cryptocurrency markets in TradingView?

Introduction

TradingView offers tools that allow traders to organise and monitor cryptocurrency markets in a clear and structured way. This article explains how to use the watchlist function, step by step. The aim is to help readers understand how to track multiple cryptocurrencies and access further analysis tools within the platform. This guide is strictly educational and should not be taken as financial advice.

Key Concepts

1. Accessing the Watchlist

After logging into your TradingView account, you will see the watchlist panel on the right-hand side of the screen. This is where you can track the performance of different cryptocurrencies in real time.

2. Adding Cryptocurrencies

To add a cryptocurrency, click the plus icon at the top of the watchlist panel. A search bar will appear, allowing you to type the name or ticker symbol of the cryptocurrency you wish to monitor. TradingView supports a wide range of cryptocurrencies, from established coins to newer projects. Once selected, the cryptocurrency will appear in your watchlist. You can repeat this process to add as many as you like.

3. Personalising Your Dashboard

Your watchlist acts as a personalised dashboard. It displays key information such as the current price and percentage change for each cryptocurrency. You can reorder the list by dragging and dropping entries, or remove cryptocurrencies by clicking the X icon.

4. Viewing Detailed Charts

By clicking on the name of any cryptocurrency in the watchlist, you will open its chart. This provides access to TradingView’s technical analysis tools and indicators. These features can help traders assess trends, although their interpretation is subjective and outcomes may vary.

Risks and Costs

While watchlists are a useful way to organise information, traders should be aware of several risks and costs:

- Cryptocurrency markets can be highly volatile. Prices may rise quickly but can also fall sharply in a short space of time.

- Trading or investing often involves costs, such as spreads, commissions, or funding charges. These vary depending on the provider.

- Using watchlists and charts does not remove risk. Decisions based on analysis tools are not guaranteed to succeed.

Always remember that past performance is not a reliable indicator of future results.

Illustrative Example

Suppose a trader adds Bitcoin (BTC) and Ethereum (ETH) to their watchlist. On a particular day, Bitcoin rises by 3% in value while Ethereum falls by 2%. If a trader had exposure of £1,000 to Bitcoin, this could mean a notional gain of £30. On the other hand, a £1,000 exposure to Ethereum could mean a notional loss of £20. These figures are simplified and exclude costs such as trading fees or spreads. They are provided only as an illustration of how gains and losses can occur in percentage terms. Actual outcomes will depend on many factors including market conditions and costs. Past performance is not a reliable indicator of future results.

Summary

The TradingView watchlist allows traders to:

- Add and track multiple cryptocurrencies in one place.

- View real-time price data and percentage changes.

- Access detailed charts and analysis tools when needed.

- Customise the layout by reordering or removing cryptocurrencies.

This functionality helps traders organise information, but it does not predict outcomes. Cryptocurrencies are volatile and trading involves risks as well as costs. This guide has set out how to use the watchlist for educational purposes only, to support clear understanding of the available tools in TradingView.