TradingView · Lesson 5 · Beginner
Alerts and Watchlist
You set up a watchlist and use alerts instead of constantly staring at the chart.
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Watchlist
On the right you set up a watchlist with your symbols. That way you keep an eye on BTC as the bellwether (the lead value that sets the direction of the overall market) and a few altcoins without searching for them one by one.
Alerts
With an alert you have yourself notified when a price reaches a level, instead of constantly staring at the chart. This is one of the best tools against overtrading, meaning against too many trades out of boredom or greed.
In the free account the number of simultaneously active alerts is limited (currently one), which is enough at the start to practice the principle.
Alert instead of constant staring: the chart works for you
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Test yourself
What are alerts mainly good for?
- So you can trade all day long
- So you do not stare at the chart constantly and overtrade less
Sign up free for the answers with an explanation for each option.
The key points at a glance
- Watchlist on the right for your symbols, BTC as the bellwether plus a few alts.
- Alerts notify you at a price level, which protects you from overtrading.
- You do not have to sit in front of the chart all day.
Deep dive
Building a watchlist: BTC as the bellwether
Put BTC at the top, because Bitcoin sets the direction for the crypto market. If BTC turns sharply, most altcoins follow, often harder. A glance at BTC before every alt trade belongs in your routine.
- Track a few alts, not 40 coins you never look at.
- More symbols mean more stimuli and more overtrading.
- Cheetah principle: wait for the one sure opportunity.
- Keep the chart on the same exchange you trade on.
How alerts protect you from yourself
The biggest problem is not too little trading, but too much. According to the study by Barber and Odean, the most active traders had the worst results. Overtrading usually comes from boredom while staring at the screen.
An alert is the strongest simple antidote: you set it on a level, walk away, and only get called back when your plan becomes relevant.
Where do you sensibly place an alert?
That way you filter out the stop hunts where the price briefly pierces the level and immediately falls back. Control stays with the plan, not with hope.
- At a clear resistance, a support, or just before a range boundary.
- Not in the middle of an ongoing move.
- Combine it with the rule of only trading on a candle close beyond the level.
- Also set one at your mental stop, not just for entries.
Sources: TradingView, Douglas
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