What is scalping and what kind of charting set up is best for it
Scalping is a trading method most common in forex, oil and cryptocurrency markets.
Scalping refers to trading technique of capitalizing on small price changes. Positions are typically shortly after they become profitable, collecting a small profit.
Best Tools for Scalping
In 2020, crypto markets are not profiled strongly towards either “long term trading” or “short term trading”. The crypto markets have a lot of both types of traders.
Often, crypto traders will resort to scalping during sideways markets situations.
Scalping is regarded as one of the hardest trading techniques to steadily profit from.
Short-term trading is not more difficult and does not require more skill than longer-term trading. The reason is that the fast speed of trading takes a mental toll on the trader.
There are traders who relish in scalping the fast moving market, but it does take a certain specific personality.
By all means try scalping for yourself, if you think you might be one of them.
Alternatively, you still can capitalize on these fast, small trades by using a scalping bot. The trading automation platform 3commas would be a good place to start.
Best Charting App For Scalping Crypto
Your best tool for all short-term crypto trades are TensorCharts. TensorCharts split each candle into blocks that show the price levels at which most of the transactions took place. If you learn to work with this data, it can help you a lot with short term trading.
The information you get with TensorCharts is far more complete and granular than what you get from the standard candlesticks charts.
Read our list of tools for crypto traders for more free and freemium options.