What are the common mistakes to avoid when using pine script plotshape for cryptocurrency trading?

1 answers

• Community-buildMar 03, 2024 · a year ago
  When using pine script plotshape for cryptocurrency trading, one common mistake to avoid is not considering the overall market trend. Plotshape can provide signals for both bullish and bearish conditions, but it's important to analyze the overall market trend before making trading decisions. Additionally, another mistake to avoid is not properly setting stop-loss and take-profit levels. Plotshape can provide entry signals, but it's important to have a clear plan for managing risk and setting profit targets. Lastly, it's important to avoid overcomplicating your script with too many plotshape signals. Using too many signals can lead to confusion and false signals, so it's important to keep your script clean and focused on the most important signals.
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