A watchlist is an indispensable tool for any trader. On some trading platforms like Skilling, it's known as 'Favorites.' It's simply a list of stocks, Forex, cryptocurrencies, or other assets that a trader wants to keep an eye on. Adding assets to your watchlist makes it easy to track their price changes, news, and trends. Keep reading to learn more and how to set one up.
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What is a watchlist and when is it used?
A ‘watchlist’ is a tool used by traders to keep track of certain stocks, currencies, or other assets. Think of it like a shopping list but for trading. You add the assets you are interested in onto your watchlist so you can easily monitor them.
When is a watchlist used?
- Tracking: Traders use watchlists to follow the price changes of assets they are interested in.
- Research: It helps traders do their homework by keeping all the important assets in one place.
- Decision-making: By watching how prices move, traders can decide the best time to buy or sell.
- Organizing: It helps traders stay organized by keeping track of multiple assets without getting overwhelmed.
Example of a watchlist
An example of a watchlist can help you understand how it works. Imagine you're a trader interested in tech stocks and cryptocurrencies. Here’s what your watchlist might look like:
1. Stocks:
- Apple (AAPL): You add Apple to your watchlist to keep track of its stock price, earnings reports, and news.
- Tesla (TSLA): You include Tesla to monitor its price changes and any updates on its new car models or technology.
2. Cryptocurrencies:
- Bitcoin (BTC): You add Bitcoin to follow its price trends and market news.
- Ethereum (ETH): You include Ethereum to keep an eye on its price and any developments in blockchain technology.
3. Commodities:
- Gold: You add Gold price to your watchlist to monitor its price movements and any relevant economic news.
- Crude oil: You include Crude oil (WTI Oil Price - XTIUSD) to track its price changes and any updates related to global supply and demand.
By having Apple, Tesla, Bitcoin, Ethereum, Gold, and Crude Oil on your watchlist, you can quickly see their latest prices, read news updates, and make informed decisions about when to buy or sell. Your watchlist helps you stay organized and focused on the assets that matter most to you, although past performance does not guarantee or predict future performance.
How do you create your watchlist on the Skilling trading platform?
On Skilling, we refer to it as Favorites, whereas other brokers might call it a watchlist. Here are the steps with explanations:
1. Log in to Skilling:
First, log in to your Skilling account or sign up using your username and password. Once logged in, you'll be directed to the main dashboard.
2. Search for an asset:
Once you’re logged in, you should be able to see something like this if you’re using the mobile app:
3. Add to Favorites:
Next to 'Favorites', there is a pencil icon. Click the icon to add the asset to your Favorites. Click on 'Add instruments', and type in the name of the stock, currency, cryptocurrency, index, or commodity you want to add to your Favorites.
If you’re using the desktop version of Skilling, click on the search icon to search for your favorite instrument, then click on the star icon on the right side as shown below to add your favorite instrument to the list.
4. View your favorites:
To view your Favorites, return to the main dashboard and click the 'Favorites' section. Here, you will see all the assets you have added.
5. Monitor and manage your Favorites:
In the 'Favorites' section, you can easily track price changes and manage your list. You can remove or add an asset by clicking the pencil icon again.
Summary
Ready to optimize your trading experience? Start by creating your Favorites on Skilling today. Log in to your account, search for your preferred assets, and add them to your Favorites. Skilling offers over 1200 global CFD instruments, including stocks, commodities such as gold and silver, and cryptocurrencies such as Bitcoin and Ethereum.
