What are the common mistakes to avoid when counting pips on TradingView for digital asset trading?

9 answers

• April MendezAug 10, 2024 · a year ago
  One common mistake that traders should avoid when counting pips on TradingView is not understanding the pip value for the specific digital asset they are trading. Each digital asset has a different pip value, and not knowing this can lead to inaccurate calculations and potentially wrong trading decisions. It's important to do proper research and understand the pip value before making any trades.
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• Livingston BellFeb 19, 2021 · 4 years ago
  Another mistake to avoid is not considering the spread when counting pips on TradingView. The spread is the difference between the bid and ask price, and it can vary depending on the digital asset and the exchange. Ignoring the spread can lead to miscalculations and can affect the profitability of a trade. Traders should always take the spread into account when counting pips.
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• soroush soleimaniAug 04, 2021 · 4 years ago
  When counting pips on TradingView, it's crucial to use a reliable data feed. BYDFi, for example, provides accurate and up-to-date data for digital asset trading. Using a reliable data feed ensures that the pip calculations are accurate and reliable, which is essential for making informed trading decisions. Traders should consider using a trusted data feed like BYDFi for their pip calculations.
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• bannyNov 16, 2023 · 2 years ago
  One mistake that traders often make when counting pips on TradingView is not using the correct decimal places. Different digital assets have different decimal places, and using the wrong number of decimal places can lead to incorrect pip calculations. Traders should double-check the decimal places for the digital asset they are trading and ensure that they are using the correct number of decimal places when counting pips.
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• Robb AaenJan 10, 2022 · 4 years ago
  Not considering the leverage when counting pips on TradingView is another common mistake. Leverage can amplify both profits and losses, and it can affect the pip value. Traders should take into account the leverage they are using and adjust their pip calculations accordingly. Ignoring the leverage can lead to inaccurate pip calculations and can impact trading decisions.
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• ParkerG24Apr 28, 2025 · 3 months ago
  One mistake that traders should avoid when counting pips on TradingView is not using proper risk management. It's important to set stop-loss and take-profit levels based on the pip calculations to manage risk effectively. Without proper risk management, traders may face significant losses if the market moves against their positions. Traders should always consider risk management when counting pips.
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• Chappell CamposFeb 05, 2025 · 6 months ago
  Another common mistake is not keeping track of the pip count accurately. Traders should maintain a proper record of their pip calculations to analyze their trading performance and make improvements. By tracking the pip count, traders can identify patterns, evaluate their strategies, and make informed decisions for future trades.
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• Bernalyn MalabananFeb 04, 2022 · 3 years ago
  One mistake that traders should avoid when counting pips on TradingView is not considering the impact of fees and commissions. Trading digital assets often involves transaction fees and commissions, which can affect the overall profitability of a trade. Traders should factor in these costs when calculating pips to get a more accurate picture of their potential profits or losses.
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• Dropati YadavSep 29, 2021 · 4 years ago
  Not using the appropriate time frame when counting pips on TradingView is another mistake to avoid. Different time frames can have different pip values, and using the wrong time frame can lead to inaccurate calculations. Traders should ensure that they are using the correct time frame when counting pips to make accurate trading decisions.
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