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The Growth of Social Trading and Copy Trading ServicesExploring the Expansion: The Growth of Social Trading and Copy Trading Services Introduction Social trading and copy trading services have witnessed significant growth in recent years, becoming increasingly popular among both novice and experienced traders alike. These innovative trading styles leverage the power of community and technology to offer a more accessible and potentially profitable trading experience. Understanding Social Trading Social trading refers to a trading approach where individuals can observe and follow the trading behaviors of experienced and successful traders. This platform allows traders to share their strategies, insights, and decisions with a broader audience. Social trading platforms often feature forums, discussions, and social feeds where traders can interact, learn, and share their knowledge, fostering a collaborative trading environment. Unpacking Copy Trading Copy trading, a subset of social trading, enables traders to replicate the trades made by more experienced counterparts automatically. When the expert trader executes a trade, the same trade is mirrored in the account of the follower in real-time, allowing them to benefit from the expertise and insights of seasoned traders without needing to spend time analyzing and making trading decisions themselves. The Growth Drivers 1. Accessibility & Ease of Use: Copy and social trading services have democratized access to trading, making it simpler for newcomers to enter the markets. Users can register, follow skilled traders, and start trading with relative ease, reducing the learning curve typically associated with traditional trading. 2. Community Support: These platforms cultivate a sense of community, providing a support network for traders. This collaborative environment is especially beneficial for beginners who can engage with and learn from experienced traders, gaining valuable insights and confidence. 3. Risk Management: Copy trading allows novices to leverage the risk management strategies employed by expert traders. Since each trade is automatically mirrored, the follower benefits from the careful planning and analysis conducted by the experienced trader, potentially leading to more informed and safer trading decisions. 4. Technological Advances: The rapid development of trading technologies has facilitated the rise of social and copy trading. Advanced algorithms, user-friendly interfaces, and real-time execution of trades contribute to an efficient and effective trading experience on these platforms. The Future of Social and Copy Trading The landscape of social and copy trading is expected to evolve further with continuous technological advancements and increasing user demand. Artificial Intelligence and Machine Learning are likely to play crucial roles in enhancing the analytical and predictive capabilities of these platforms. Additionally, as the user base grows, traders will have access to a richer diversity of strategies and insights, further enriching the community learning experience. Risks and Considerations While social and copy trading offer numerous benefits, traders should also be aware of the associated risks. The reliance on expert traders means that followers must carefully select who they decide to copy, considering their trading style, risk tolerance, and track record. Furthermore, like all forms of trading, there are no guaranteed returns, and users should trade responsibly, bearing in mind their financial situation and risk appetite. Conclusion The surge in social trading and copy trading services underscores the transformative impact of technology and community on the trading industry. By providing accessibility, community support, risk management tools, and benefiting from technological advancements, these services have opened up trading to a broader audience, offering a unique and engaging way for traders to navigate the financial markets. However, users should approach with caution, understanding the risks involved, and making informed decisions when participating in social or copy trading.
BITSTAMP:BTCUSDEducation
by JS_TechTrading
3rd Pine Script Lesson: Open a command & send it to a Mizar BotWelcome back to our TradingView tutorial series! We have reached lesson number 3 where we will be learning how to open a command on TradingView and send it to a Mizar Bot. If you're new here and missed the first two lessons, we highly recommend starting there as they provide a solid foundation for understanding the concepts we'll be covering today. In the first lesson, you will be learning how to create a Bollinger Band indicator using Pine Script: In the second lesson, you will be guided through every step of coding the entry logic for your own Bollinger Band indicator using Pine Script: In this brief tutorial, we'll walk you through the process of utilizing your custom indicator, Mikilap, to determine the ideal timing for sending a standard JSON command to a Mizar DCA bot. By the end of this lesson, you'll have the ability to fine-tune your trading strategies directly on Mizar using indicators from TradingView. So, sit back, grab a cup of coffee (or tea), and let's get started! To establish a common starting point for everyone, please use the following code as a starting point. It incorporates the homework assignment from our Pine Script lesson number 2. By using this code as our foundation, we can collectively build upon it and delve into additional concepts together. So, sit back, grab a cup of coffee (or tea), and let's get started! // This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org // Mizar Example Code - Lesson I - Coding an indicator // version 1.0 - April 2023 // Intellectual property © Mizar.com // Mizar-Killer-Long-Approach ("Mikilap") //@version=5 // Indicator script initiation indicator(title = "Mizar-Killer-Long-Approach", shorttitle = "Mikilap", overlay = true, max_labels_count = 300) // Coin Pair with PREFIX // Bitcoin / USDT on Binance as example / standard value on an 60 minutes = 1 hour timeframe string symbol_full = input.symbol(defval = "BINANCE:BTCUSDT", title = "Select Pair:", group = "General") string time_frame = input.string(defval = "60", title = "Timeframe:", tooltip = "Value in minutes, so 1 hour = 60", group = "General") int length = input.int(defval = 21, title = "BB Length:", group = "Bollinger Band Setting") src = input(defval = close, title="BB Source:", group = "Bollinger Band Setting") float mult = input.float(defval = 2.0, title="BB Standard-Deviation:", group = "Bollinger Band Setting") float lower_dev = input.float(defval = 0.1, title = "BB Lower Deviation in %:", group = "Bollinger Band Setting") / 100 int length_rsi = input.int(defval = 12, title = "RSI Length:", group = "RSI Setting") src_rsi = input(defval = low, title="RSI Source;", group = "RSI Setting") int rsi_min = input.int(defval = 25, title = "", inline = "RSI band", group = "RSI Setting") int rsi_max = input.int(defval = 45, title = " < min RSI max > ", inline = "RSI band", group = "RSI Setting") // Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors Function_Mikilap(simple string coinpair, simple string tf_to_use) => int function_result = 0 bool barstate_info = barstate.isconfirmed open_R, high_R, low_R, close_R = request.security(coinpair, tf_to_use, ) // Bollinger part of MIKILAP src_cp = switch src open => open_R high => high_R low => low_R => close_R lower_band_cp = ta.sma(src_cp, length) - (mult * ta.stdev(src_cp, length)) lower_band_cp_devup = lower_band_cp + lower_band_cp * lower_dev lower_band_cp_devdown = lower_band_cp - lower_band_cp * lower_dev bool bb_entry = close_R < lower_band_cp_devup and close_R > lower_band_cp_devdown and barstate_info // RSI part of MIKILAP src_sb = switch src_rsi open => open_R high => high_R low => low_R => close_R rsi_val = ta.rsi(src_sb, length_rsi) bool rsi_entry = rsi_min < rsi_val and rsi_max > rsi_val and barstate_info // Check if all criteria are met if bb_entry and rsi_entry function_result += 1 if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair label LE_arrow = label.new(x = bar_index, y = low_R, text = " 🢁 LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25), style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R)) function_result // Calling the Mikilap function to start the calculation int indi_value = Function_Mikilap(symbol_full, time_frame) color bg_color = indi_value ? color.rgb(180,180,180,75) : color.rgb(25, 25, 25, 100) bgcolor(bg_color) // Output on the chart // plotting a band around the lower bandwith of a Bollinger Band for the active CoinPair on the chart lower_bb = ta.sma(src, length) - (mult * ta.stdev(src, length)) lower_bb_devup = lower_bb + lower_bb * lower_dev lower_bb_devdown = lower_bb - lower_bb * lower_dev upper = plot(lower_bb_devup, "BB Dev UP", color=#faffaf) lower = plot(lower_bb_devdown, "BB Dev DOWN", color=#faffaf) fill(upper, lower, title = "BB Dev Background", color=color.rgb(245, 245, 80, 80)) Open a command to send to a Mizar Bot. Let‘s continue coding Our target: Use our own indicator: Mikilap, to define the timing to send a standard JSON command to a Mizar DCA bot. (1) define the JSON command in a string, with variables for - API key - BOT id - BASE asset (coin to trade) (2) send the JSON command at the beginning of a new bar (3) setup the TradingView alert to transport our JSON command via Webhook/API to the Mizar DCA bot Below you can see the code, which defines the individual strings to prepare the JSON command. In the following, we will explain line by line, what each individual string and command is used for. // Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors Function_Mikilap(simple string coinpair, simple string tf_to_use) => int function_result = 0 bool barstate_info = barstate.isconfirmed open_R, high_R, low_R, close_R = request.security(coinpair, tf_to_use, ) //Text-strings for alerts via API / Webhook string api_key = "top secret" // API key from MIZAR account string symbol_prefix = str.replace(symbol_full, "BINANCE:", "", 0) string symbol_name = str.replace(symbol_prefix, "USDT", "", 0) string bot_id = "0000" // BOT id from MIZAR DCA bot // String with JSON command as defined in format from MIZAR.COM // BOT id, API key and the BASE asset are taken from separate variables DCA bot identifier: string api_key = "top secret" string bot_id = "0000" These both strings contain the info about your account (BOT owner) and the unique id of your bot, which should receive the JSON command. BASE asset: string symbol_prefix = str.replace(symbol_full, "BINANCE:", "", 0) string symbol_name = str.replace(symbol_prefix, "USDT", "", 0) The shortcut of the base asset will be taken out of the complete string for the coin pair by cutting out the CEX identifier and the quote asset. JSON command for opening a position: Entry_message = '{ "bot_id": "' + bot_id + '", "action": "' + "open-position" + '", "base_asset": "' + symbol_name + '", "quote_asset": "' + "USDT" + '", "api_key": "' + api_key + '" }' If you want to have more info about all possible JSON commands for a DCA bot, please look into Mizar‘s docs: docs.mizar.com As the JSON syntax requires quotation marks (“) as part of the command, we define the string for the entry message with single quotations ('). So please ensure to open and close these quotations before or after each operator (=, +, …). Current status: - We have the entry logic and show every possible entry on the chart => label. - We have the JSON command ready in a combined string (Entry_message) including the BOT identifier (API key and BOT id) as well as the coin pair to buy. What is missing? - To send this message at the opening of a new bar as soon as the entry logic is true. As we know these moments already, because we are placing a label on the chart, we can use this condition for the label to send the message as well. alert(): built-in function - We recommend checking the syntax and parameters for alert() in the Pine Script Reference Manual. As we want to send only one opening command, we are using the alert.freq_once_per_bar. To prepare for more complex Pine Scripts, we have placed the alert() in a separate local scope of an if condition, which is not really needed in this script as of now. if bb_entry and rsi_entry function_result += 1 if function_result == 1 alert(Entry_message, alert.freq_once_per_bar) if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair label LE_arrow = label.new(x = bar_index, y = low_R, text = " 🢁 LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25), style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R)) IMPORTANT REMARK: Do not use this indicator for real trades! This example is for educational purposes only! Configuration of the TradingView alert: on the top right of the chart screen, you will find the clock, which represents the alert section a) click on the clock to open the alert section b) click on the „+“ to create a new alert c) set the condition to our indicator Mikilap and the menu will change its format (configuration of the TradingView alert) For our script nothing else is to do (you may change the expiration date and alert name), except to add the Webhook address in the Notification tab. Webhook URL: api.mizar.com Congratulations on finishing the third lesson on TradingView - we hope you found it informative and engaging! You are now able to code a well-working easy Pine Script indicator, which will send signals and opening commands to your Mizar DCA bot. We're committed to providing you with valuable insights and practical knowledge throughout this tutorial series. So, we'd love to hear from you! Please leave a comment below with your suggestions on what you'd like us to focus on in the next lesson. Thanks for joining us on this learning journey, and we're excited to continue exploring TradingView with you!
Education
by Mizar_trading
2
2nd Pine Script Lesson: Coding the Entry Logic - Bollinger BandWelcome back to our Trading View tutorial series! In this second lesson, be learning how to code the entry logic for a Bollinger Band indicator using Pine Script. If you're new here and missed the first lesson, we highly recommend starting there as it provides a solid foundation for understanding the concepts we'll be covering today: In this hands-on lesson, we'll guide you through every step of coding the entry logic for your own Bollinger Band indicator using Pine Script. By the end of this lesson, you'll have a functional indicator that you can use to inform your trading decisions. So, sit back, grab a cup of coffee, and let's get started! Code the entry logic a) This is where we are calling the Mikilap function with two arguments: - the coinpair and - the timeframe we want to use. // Calling the Mikilap function to start the calculation int indi_value = Function_Mikilap(symbol_full, time_frame) b) In the function initiation we convert the strings into simple strings. // Definition of a Pine Script individual function to handle the Request and avoid Repainting Errors Function_Mikilap(simple string coinpair, simple string tf_to_use) => c) As we are calling the function to get an integer value, we have to define an output variable as an integer and place this variable as the last line in the local scope of the function code to return the integer value. int function_result = 0 // placeholder for indicator calculations function_result Step 1: Using the lower bandwidth of the Bollinger Band based on SMA (close, 21) and a standard deviation of 2.0 and try to highlight bars, where close is next to the lower band a) Requesting the values for the coinpair with request.security() = request.security(coinpair, tf_to_use, ) We recommend using repainting functions like request or barstate only in a local scope (inside a function) and not to request complex calculated values. For saving calculation capacity it is useful to only request the classic four OHLCs and do any calculation with these four after the r equest.security() . b) Calculation of the lower Bollinger Bands values as we need the global info, which type of source, length, and deviation value to use for the calculation, let‘s cut & paste the input for the Bollinger Band in the general starting section of the code and as we want to look for close values „next“ to the lower bandwidth, we need to define what „next“ means; let‘s do it in another input variable, perhaps we want to play with the definition later. string symbol_full = input.symbol(defval = "BINANCE:BTCUSDT", title = "Select Pair:", group = "General") string time_frame = input.string(defval = "60", title = "Timeframe:", tooltip = "Value in minutes, so 1 hour = 60", group = "General") int length = input.int(defval = 21, title = "BB Length:", group = "Bollinger Band Setting") src = input(defval = close, title="BB Source", group = "Bollinger Band Setting") float mult = input.float(defval = 2.0, title="BB Standard-Deviation", group = "Bollinger Band Setting") float lower_dev = input.float(defval = 0.1, title="BB Lower Deviation in %", group = "Bollinger Band Setting")/100 First, let‘s make it visible on the chart by re-writing the Bollinger Bandplot, which is not needed anymore. // Calling the Mikilap function to start the calculation int indi_value = Function_Mikilap(symbol_full, time_frame) // Output on the chart // Part 2 - plotting a Band around the lower bandwidth of a Bollinger Band for the active CoinPair on the chart lower_bb = ta.sma(src, length) - (mult*ta.stdev(src, length)) lower_bb_devup = lower_bb + lower_bb * lower_dev lower_bb_devdown = lower_bb - lower_bb * lower_dev upper = plot(lower_bb_devup, "BB Dev UP", color=#faffaf) lower = plot(lower_bb_devdown, "BB Dev DOWN", color=#faffaf) fill(upper, lower, title = "BB Dev Background", color=color.rgb(245, 245, 80, 80)) c) Now we use the same calculation for the coinpair inside the function and start with the selection of the source (OHLC) to use, which is activein the respective input variable. // Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors Function_Mikilap(simple string coinpair, simple string tf_to_use) => int function_result = 0 bool barstate_info = barstate.isconfirmed = request.security(coinpair, tf_to_use, ) src_cp = switch src open => open_R high => high_R low => low_R => close_R lower_band_cp = ta.sma(src_cp,length) - (mult*ta.stdev(src_cp, length)) lower_band_cp_devup = lower_band_cp + lower_band_cp * lower_dev lower_band_cp_devdown = lower_band_cp - lower_band_cp * lower_dev // placeholder for indicator calculations d) As the bandwidth for the interesting close values is defined by our band, the only thing missing for the part of the Bollinger Band in our Mikilap indicator is to check if the close value of a bar is inside our band. As we are talking about closed bars, let‘s be sure that it is really closed by using barstate.isconfirmed (repainting built-in function!) and save it in a variable in the head of the function to avoid requesting this info too often. bool barstate_info = barstate.isconfirmed Now let‘s check if the close value of a bar is inside our band. bool bb_entry = close_R < lower_band_cp_devup and close_R > lower_band_cp_devdown and barstate_info And increase the output variable by 1 in case the close value is inside. if bb_entry function_result += 1 By using bb_entry , we are referring to the last bar next to the actual bar, because we want to enter on the opening of the bar after the criteria has been met. e) And to make these possible entries visible, we want to place a label below the bar and show the entry price (=open value of the bar) as mouseover (tooltip). This should only happen if the active coinpair on the chart is the same coinpair, which is in the calculation of the function. if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair label LE_arrow = label.new(x = bar_index, y = low_R, text = " ↑ LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25),style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R)) Note: You will love labels (!) and in case you are looking for text symbols that can be used as labels, look here: www.messletters.com If you need help use the Pine Script Reference Manual, which explains 99% of everything in Pine Script, here: www.tradingview.com f) As our function now returns different integer values (0 or 1), we can use this info to color the background on the actual chart in case it is 1. // Calling the Mikilap function to start the calculation int indi_value = Function_Mikilap(symbol_full, time_frame) color bg_color = indi_value ? color.rgb(180,180,180,75) : color.rgb(25,25,25,100) bgcolor(bg_color) g) To finish this little Pine Script lesson and to achieve our initial targets, we just need to integrate the second indicator (RSI) into the function. We want to use the RSI for 0,5 days (12 hours) and use it to ensure to not go into a long entry in an oversold (< 25) or overbought (> 70) market. We will use RSI (low, 12) within 25 to 45 as the range to go for. Your tasks: define new input variables for RSI: src_rsi and length_rsi define new input variables for the RSI range we want to use: rsi_minand rsi_max(please use the „inline“ format of an input type) calculate the RSI (src_rsi, length_rsi) inside our Mikilap-function define a boolean variable (rsi_entry) to check if the calculated RSI value is inside the range (please add as last check the barstate_info) add the RSI entry check to the Bollinger Band entry check to combine them Congratulations on finishing the second lesson on Trading View - we hope you found it informative and engaging! We're committed to providing you with valuable insights and practical knowledge throughout this tutorial series. So, we'd love to hear from you! Please leave a comment below with your suggestions on what you'd like us to focus on in the next lesson. Thanks for joining us on this learning journey, and we're excited to continue exploring Trading View with you!
Education
by Mizar_trading
8
Important Copy Trading Metrics to AnalyzeHello Traders and Investors, Today I want to talk about some of the important metrics pertaining to a live trading statement that you should assess before considering which traders to copy. For those of you that are not familiar with copy trading, it's the most revolutionized way for investors and traders to safely invest with professional traders in 2022. == COPY TRADING SERVICE PROVIDERS == LEFTURN Inc. eToro collective2 ZuluTrade FXTM == WHY COPY TRADING EXISTS ? == Unfortunately in the past there's been lots of scams in this industry with fake traders or money managers where investors would give a professional actual cash. The fake trader would deposit the investor's funds in their own personal account, for the investor to then later discover the whole investment was a scam. Luckily however, copy trading was born to help eliminate the possibility of being scammed by fake traders or investment advisors. --- Let's now review some important metrics pertaining to trading statements. For those of you that are not familiar with myfxbook or FXBlue , these are 2 great third party resources available for traders to showcase their past performance by connecting their MT4 or MT5 account to either myfxbook or FXBlue's API. == IMPORTANT METRICS TO REVIEW == 1. First and foremost, is the account verified via a third party vendor? The first early sign of a fake trader is if their willing to showcase their past results of their live verified trading statement. Be cautious about anyone showcasing their results via screenshots or Photoshop files. Always ask for statements from either FXBlue or myfxbook. 2. Does the trader use his/her real name or an alias name? We all know that our reputation is our most valuable asset. An early sign of a fake trader might be someone that goes by an alias name. 3. Is the account in which you intend to copy either a demo or live account? This is very important since most traders can perform well on demo accounts, but can't perform the same on live accounts. When trading live accounts, it has a completely different psychological impact on the trader's mindset since he or she is now trading with live capital. 4. How much equity does the trader have in his/her master account? Traders that trade with larger accounts tend to have more confidence in their own abilities to perform. Be cautious about traders that are constantly withdrawing large amounts or have little equity in their account. 5. How old is the trading history? Some traders can perform well for several months especially if their using an EA or some sort of algorithm. Unfortunately for many traders that use fully automated systems, majority of them tend to have a doomsday effect every 6 months to a year. This is why it's important to request at least a year long statement 6. Understanding the trader's strategy By understanding how the trader enters and exits positions, this will allow you to determine if their strategy works with your risk tolerance and level of comfort. 7. How easily can you contact the trader when you have concerns about the account? We can't expect the markets to always perform perfectly according to the strategy. Maybe another major crisis is right around the corner that neither you (the investor) or the trader isn't expecting. What's the plan for when the markets are not trending according to plan? How does the trader manage risk in times of uncertainty? Traders that you can easily contact at anytime will give you great ease and peace of mind knowing they are working on adapting to the ever changing market conditions. 8. What is the maximum drawdown? Knowing the maximum drawdown the trader has had in the past will inform you about how much risk the trader is willing to take on your account. However this metric should be discussed with your trader as they might not take on much risk at first to protect the investor's principal but then increase the risk once the account has significantly grown. Some traders will not risk any of the principal investment but are willing to risk some of the earnings already generated. 9. What are their average monthly returns? This metric should be proportionate to the maximum monthly drawdown but should also be discussed with your trader to fit your level of risk tolerance 10. How do they manage risk in times of uncertainty? Does your potential trader use stop losses, do they hedge positions, or close all trades heading into major risk events? Understanding how they manage all risk factors is critical for the life span of the account in which they will trade. 11. What are their fees? Do they charge a monthly management fee along with a performance fee? Or do they just charge a performance fee? Trader's that only charge a monthly performance fee have greater confidence in their own strategy since they only get paid if the investor makes money first. 12. Which broker are they using? Some traders want you to register with their broker so they can generate additional revenue through what's referred to as an IB program. Others allow you to use any forex broker and are more interested in generating returns for their investors and not so focused on IB commissions. Trader's that have IB accounts get paid based on the volume traded. Be cautious about traders that want you to register under their IB program with their broker. 13. How often can you request withdrawals? If you're able to withdrawal funds as often as you like, that's a bonus and again shows greater confidence.
Education
by Michael_Harding
EURGBP – Sellers on the possible win win trackWelcome to our Academy. We’re here to help you achieve what you have been looking for. Use our free analysis where you have everything you need for potencial trade ideas and profit. EURGBP – Sellers on the possible win win track Trend: Sell/ Neutral Support/Resistance: R3: 0.85361 R2: 0.84877 R1: 0.84544 S1: 0.84236 S2: 0.83643 S3: 0.82731 Price action: Market is getting power on EURGBP sell side. In this case Bears has to retrace from first resistance level at 0.84544. After this retracement market has to close on daily chart below 0.84236 support level to continue its way down and treat this trade as a bearish trade idea. The overall flow might take longer time to reach bearish targets because of bullish pull back on the left side. If bulls are able to get higher then their potencial trade will be between 0.84877 and 0.85361 resistance level which is hard to expect but possible to sell even later. Potencial trade idea: Bulls targets: T1: 0.85361 Bears targets: T1: 0.83643 T2: 0.82731 NOTE – We are trading EURGBP via the preferred trading setups Disclaimer: Martin’s views on the Chart analysis is ment as a trading advice for education terms; Education terms include: trading consistency to everyone who is reading this blog; for every advance student and for every Elite student who is using this analysis for managing his equity by Elite strategy and custom indicator. This analysis is understandable and transparent for all Elite students. This is a free content which is based from Academy in term of transparency to support and following progress to everyone. We know that there is always possible way that market can pull you out even when you follow our analysis blog and advice for a trade. We don’t publish where you have to have your risk management – Stop Loss, because, it would not be fair to Elite members, who learned this techniques in our Elite course. Keywords: Elite strategy, Custom Indicator, Fundamental Analysis , Tehnical analysis, Price action, Advanced strategies, Trading Education Good trading! Elitefxacademy
Education
by EliteFxAcademy