Automating TradingView alerts for KuCoin
When it comes to using TradingView alerts on KuCoin, the best way to build a good automated strategy is to use signals in conjunction with a reliable automation service provider such as WunderTrading. Alerts can be used manually, but their value diminishes as active retail traders usually don’t need reminders to enter a market position if they spend a sufficient amount of time in the market.
On the other hand, people who want to run complex trading systems like statistical arbitrage or feel that they do not have enough spare time to actively trade on their own will think that automation is a game-changer which it is.
Here are some reasons why you might want to use automated trading systems for crypto KuCoin alerts received from the TradingView platform:
- Bots do not need to rest or sleep. It means that they can be operations around the clock 7 days of the week. In a market that never stops trading, this quality is often decisive and allows bots to outperform the market.
- Many people struggle to achieve consistent results due to our inherent inconsistency. Our mood depends on a variety of factors. We may feel confident and decisive on Monday and second-guess every decision on Tuesday. Bots do not hesitate or make mistakes, they just follow instructions.
- The API connection between an automation vendor and exchange allows for instantaneous communication, fast-paced order placement, and improved efficiency. While human traders have to deal with the user interface thus losing time, bots can bypass it to place it order just in time to not miss out on an opportunity.
How to use TradingView alerts with KuCoin?
We will use the WunderTrading platform as the main example of how to build an automated trading system using KuCoin TradingView alerts. These platforms work very well together and do not have any technological or architectural conflicts. You will have a pleasant, seamless experience tying them together and building a well-performing bot.
Here’s a short version of a step-by-step guide to launch a bot for KuCoin using the TradingView alert system:
1. You will need active accounts with WunderTrading, KuCoin, and TradingView.
2. Go to KuCoin and obtain an API key to connect a certain trading balance with WunderTrading.
3. Go to WunderTrading and connect your account at KuCoin.
4. In the WunderTrading dashboard look for “My Bots” and “Create a bot”.
5. Adjust the settings according to your strategy and take note of the “TradingView alert details” section.
6. Deploy a trading system that you like on a TradingView chart and set up alert conditions.
7. Use comments from the “TradingView alert details” section at WunderTrading.
8. Launch the bot.
You can read further about alert conditions and how to get web hooks to connect TradingView with WunderTrading on either platform. Many tutorials are in the video format allowing you to quickly get a grasp on how to build automated trading system without the need to extensively learn a completely new skill.
You can automate virtually any trading strategy using technical analysis methods as a baseline. The WunderTrading platform can use alerts to trigger multiple bots at the same time if your strategy demands it.
How to maximize profits with TradingView alerts on KuCoin
It is possible to create a highly efficient and consistently performing automated trading system using signals generated by a sophisticated technical analysis strategy deployed on a TradingView chart. However, some of these systems will work better on certain exchanges and using very specific asset pairs.
Here are some tips if you want to get TradingView alerts on KuCoin and maximize their efficiency and decrease the share of false positives:
- Focus on trading assets that have high volume and liquidity at KuCoin. $USDT, $BTC, $WLD, $KCS, and $ETH are all good options that enjoy popularity among traders and regularly surpass $5 million in daily trading volume.
- Make sure to protect your portfolio from excess risks. Every individual retail trader has their own risk style. Use various tools offered by the WunderTrading platform to adjust the risk level and ensure that you won’t suffer significant losses.
- Search for sophisticated technical analysis strategies approved by the community at TradingView. Many power users post their ideas and analytical approaches for free. Users can test them. They often comment on how well their experiments went. Choose strategies that were verified by the community as reliable and consistent.
- Iterate regularly and update your strategy while trading. It is a good idea to use the strategy testing feature on TradingView and the back-testing functionality at WunderTrading to check whether a strategy has potential before launching it in the real market. On the other hand, you can continue iterating and making adjustments as you gather data on the performance of your strategy.
Customizing TradingView alerts for KuCoin success
You can build a technical analysis strategy tailored specifically for this centralized exchange. The TradingView platform has all the necessary functionality in its toolkit.
Here are ways you can make a trading system work better on KuCoin:
- To get KuCoin alerts that are relevant to the exchange, use it as the main source of market data. You can choose sources of information in the “Symbol Search” window at TradingView. Simply click on “all sources” and type in the search field KuCoin. You will see the list of asset pairs and derivatives featured on the KuCoin exchange.
- Pick asset pairs that are on the balance of the centralized exchange to ensure that the market never runs out of liquidity. KuCoin holds large reserves of multiple tokens including Tether ($USDT), KuCoin ($KCS), Bitcoin ($BTC), Ethereum ($ETH), and USD Coin ($USDC).
- You can activate your bots during times of peak trading activity at KuCoin. The exchange is highly popular in Asia, Africa, and South America. You cannot trade from the US or Canada as well as some other countries where KuCoin does not operate.
The best settings for effective TradingView alerts on KuCoin
Many retail traders believe that the ability to customize your automated trading system is the most important advantage provided by the contemporary financial automation industry. At WunderTrading you can use a myriad of ways to ensure that your KuCoin TradingView alerts settings are finely tuned for excellent performance.
Below are some parameters that you should tinker with to adjust bots as you see fit:
- First and foremost, use meta information like bot name, description, target exchange, and target asset pair. You will improve your workflow and make it easier to build advanced trading systems in the future. Managing your automation portfolio will be also much more convenient if you spend a couple of minutes naming everything and ensuring that bots know where to trade.
- Selecting the right time frame is hugely important. It must match the settings at TradingView and also reflect the level of risk that you are willing to take. Working with the 1H time frame can be very challenging and dangerous while increasing the time frame will gradually reduce the risk level as you will have more time to react and adapt or contemplate your next moves.
- Make sure to limit the amount of funds available to your bot. It is a crucial step as it limits the exposure of your total portfolio to risks. Do not allow bots to use everything. The commonly used ratio is about 10% of the portfolio for any given market position. You can also set up a specific value to ensure that bots never exceed a certain position size.
- The number of simultaneously active positions must be kept in check at all times. Some strategies assume the use of multiple coexisting market positions (DCA, GRID, some arbitrage systems, etc.), but if you do not run such a system, do not allow bots to open more than one market position at a time.
- Use take profit and stop loss orders to further protect your positions from volatility risks. Many experts believe that using 1:2 or 1:3 ratios is the best approach to setting up TP/SL. The ratio is the SL limit to TP limit. For example, when you have a 10% SL order, use 20% or 30% for your TP order.
FAQ — frequently asked questions about KuCoin alerts
What are TradingView Alerts with KuCoin?
TradingView alerts for KuCoin are signals that can be used for manual or automated trading at the KuCoin exchange.
How do I set up TradingView Alerts on KuCoin?
You can use a variety of ways to ensure that your price charts opened in the TradingView Superchart terminal receive only relevant market data from KuCoin. Use this exchange as the primary source of information in the “Symbol Search” menu.
Are TradingView Alerts on KuCoin customizable?
You can use any type of conditions for BUY or SELL orders when editing a technical analysis strategy on the TradingView platform. The WunderTrading website also allows you to customize the way your bots are set up.
Can I receive TradingView Alerts via email on KuCoin?
TradingView allows users to receive notifications via multiple forms of communication including social media, Telegram, e-mail, and browser notifications.
What assets can I receive alerts for on KuCoin?
As of august 2023, the KuCoin exchange supports 717 different coins and 1249 trading pairs. With a massive trading volume ranging between $200 and $400 million, the liquidity for many assets is sufficient to run any trading system.