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Monitor your trades in your phone with one screen!
I started my spot trading journey and one of the most important is the exchanger that you will use. The common exchanger used by traders are none other than Binance because of its very helpful feature such as the indicators, the available coins and tokens, futures trading and etcetera.
However, we all know that sometimes, Binance is having a problem while we are trading and it is annoying especially when we should have a profit but ended up in nothing.
Thus, I will introduce you what I am using while doing my spot trades and how this application great and helpful when it comes to trading.
Note: I am just a newbie so expect some errors. You can correct me on the comments and I will take it gladly, even negative comments.
First, download Tab Trader on playstore I don't know if it is available on appstore. Now, you should create an account using your gmail. Actually, you can use this even if you don't have an account but you can only use it in watching and looking at the charts of your favorite cryptoccurrencies.
Open your Google authenticator and put the keys that given by Tab trader. Put the keys on a safe place because you need it when you will login your account in other device. Once you put the key, Google authenticator will send you a code for verification. Put the code in TabTrader and sign up your account. Once you signed up your account, obviously you need to log it in.
Now, we can link our Binance account on this application by doing these steps:
1. Obviously we need to log in our account in Binance, I recommend to use website because I don't know if you can't proceed to Step 2 if you will use their application because I can't find it in app so I used their website instead.
2. Now click on the icon (look at the screen, the one encircled by green).
3. There will be a navigation tab and choose API management.
Disclaimer: Sharing your API keys are risky when you are using third-party apps. Do this at your own risk.
4. Once you clicked it, it will redirect to a new page and you will see this (look at the photo). Put the label of your API. It depends on you what label that you want to put. It's just like a name (analogy). Then click create.
5. Once you clicked Create, there will be a notification that will pop up. Make sure to press Send code for verification and get the code given to you. It will send to your email and mobile number.
6. After submitting the verification code, the page will redirect again to another page. There, you can see the API list. You need to copy the API key and Security key because you will use it later.
7. Now, go to Tab Trader app. It depends on you if you will activate your 2FA. After that, go to Account.
8. You will see a plus sign simply means add account, click it.
9. Choose Binance. Once you click Binance, there is something that will pop up asking for your API key and Security key. Remember what you've listed on Step number 6? Write it or paste it there, make sure that you are putting the right keys so you don't have any problem. On the Name you can put anything you want. After putting the informations, click the check logo on the upper right corner of your screen.
10. That's it! You already linked your Binance account in Tab Trader.
If you want to look on the charts, just click the Watchlist tab and look on the chart of your favorite cryptos. Wait...not all coin pairs will appear there, in this case, you can add them manually by clicking the +Ticker on the lower right corner of your screen. The green one. You can search the coin that you want.
All you need to remember is you must have a balance or deposit on Binance. Remember, TabTrader is just an application where you can trade your coins from Binance. Meaning, you are still using your coins in Binance but you are using another application.
Let's use this photo (below) as an overview so I don't need to attach more photos. I used different colors so I can explain it easily. On this photo, I only encircled what I oftenly use features.
Red. The red circle or box is your current balance in Binance. As you can see, I don't have a BCH in my Binance because it is on my bitcoin.com wallet, I want to save them all in one wallet. Below the BCH is your USDT balance and below of USDT is the current price of BCH in USDT. (It is pumping) *whispering*
Yellow. On the side of the tools, you can see that there's a ruler logo. It is used to compute your possible PNL through percentage. All you need to do is to click the logo and hold on your starting point up to your desired price, by that you can compute your PNL by multiplying the percentage and your capital.
Example: You have $20 capital and the percentage given by the tool is 14.56% all you need to do is to multiply 20 and 14.56%. This will lead us on this formula.
•Capital x Percentage=Profit
On the example above, the result will be 2.912 so your profit is $2.912.
20 x 14.56%=2.912
Green. The logo of the pencil is where you can draw a trend line and other line that I'm not that familiar because I am still on a process of learning. You can also use it to make and put the support and resistance so you can decide where to buy and sell. Also, you can use it to put a texts or label on the chart where you buy, sell, or anything you want.
Blue/Sky blue. This is where we can see the indicators. As of now, I am using MACD, RSI, SMA and BOLL. You can also change the period of those indicators and their color andd other information, just explore the application. To be honest, I don't have enough knowledge when it comes to indicators but I am watching videos on YouTube channel on how to use it. I recommend to read this article written by Ate Eybyoung. CLICK THIS.
White. Lastly, the Timeframe. On the white color, it is the timeframe. I am currently using H1 which is 1 hour timeframe, better to look on different timeframes so you can buy and sell on the correct time. I also don't have an enough knowledge when it comes to timeframes, but I someone told me that short timeframe is for short trades and the long timeframe is for long trades.
Those are the features that I oftenly used and I can say that it is very helpful. You can explore the application once you installed it.
There's also a lot of tabs there such as Order and Trades. In Order tab, you can see your order it's either your set BUY or SELL. In Trades, you can see your Trade History.
After the little tour, let's do spot trading. If you want to do spot trading, just click on your chosen crypto. Once you clicked it, the chart will appear. You can hold your screen and there will pop up a cross like the center would be your BUY or SELL limit. If you know what's your desired price, release your finger on the screen. Click order and this will pop up.
Red. It is the price of the coin where you want to buy and sell.
Yellow. It is the amount of USDT depends on pair that you want to buy and sell.
No need to change the Limit, Good till cancelled and etc. Once you filled in the boxes, click BUY or SELL.
I can say that Tab Trader is useful. Personally, I oftenly use TabTrader compared to Binance because in TabTrader, it's easy to set your order, just hold the screen and the order form will pop up. Also, it's good to see the chart while you are setting your order. You can also use different indicators at the same time and put the support and resistance. However, in Binance we have this feature DCA where you can set BUY and SELL using percentage such as 25% 50% and etc.
If you want, you can buy their premium account and get some benefits because there's also a feature that you can only use in premium account such as some indicators. In my case, I didn't buy their premium account since I'm still a noob and it's fine to use it even in free version.