A custom watchlist is a valuable tool that allows traders to monitor selected financial instruments efficiently. By creating and managing a personalised watchlist, you can focus on specific assets, track price movements, and access relevant data without navigating through the entire market. This feature is commonly available in platforms like MetaTrader, TradingView, and cTrader.

Steps to Use the Custom Watchlist Feature

1. Access the Watchlist Feature

• Locate the watchlist panel in your trading platform. It is often found in the sidebar or under a dedicated “Watchlist” or “Market Watch” tab.
• If it is not visible, enable it through the platform’s menu (e.g., View > Market Watch in MetaTrader or Watchlist in TradingView).

2. Create a New Custom Watchlist

• Click on the Add Watchlist or Create Watchlist button.
• Assign a name to the watchlist, such as “Forex Majors,” “Cryptocurrencies,” or “Favourite Assets.”

3. Add Instruments to the Watchlist

• Search for the desired instruments using the platform’s search bar or symbol browser.
• Add instruments to the watchlist by clicking a “+” icon, dragging them into the list, or right-clicking and selecting Add to Watchlist.
• Example: For forex, you might add EUR/USD, GBP/JPY, or USD/CAD.

4. Organise Your Watchlist

• Rearrange the order of instruments by dragging them into your preferred sequence.
• Group related assets (e.g., forex pairs, commodities, or indices) into subcategories for better organisation.
• Use colour codes or labels (if supported) to highlight specific assets or trading priorities.

5. Customise Watchlist Columns

• Adjust the displayed data by adding or removing columns such as price, bid/ask, daily change, or percentage change.
• In platforms like TradingView or cTrader, you can also add technical indicators or custom metrics directly to the watchlist.

6. Monitor Prices and Alerts

• Use the watchlist to monitor real-time price updates and trends for your selected instruments.
• Set price alerts or notifications for individual assets to stay informed about significant movements.
• Example: Set an alert for EUR/USD if the price crosses 1.1000.

7. Use the Watchlist for Quick Navigation

• Click on an instrument in the watchlist to open its chart instantly.
• Switch between instruments in the list without having to search for each one individually.

8. Save and Sync Your Watchlist

• Save your custom watchlist for future use. Most platforms automatically save changes, but some require manual saving.
• Sync the watchlist across devices if your trading platform supports it, ensuring seamless access.

Tips for Using the Custom Watchlist Effectively

• Focus on Relevant Instruments: Include only the assets you actively trade or monitor to avoid information overload.
• Update Regularly: Review and adjust your watchlist as market conditions or your trading strategy change.
• Leverage Filters: Apply filters like volatility, trading volume, or market sector to refine your watchlist further.
• Combine with Analysis Tools: Integrate the watchlist with charting tools, indicators, and news feeds to streamline decision-making.

FAQs

What is a custom watchlist?
A custom watchlist is a personalised list of financial instruments that traders create to monitor specific markets or assets.

Can I create multiple watchlists?
Yes, most platforms allow users to create and manage multiple watchlists for different strategies or asset classes.

How do I remove instruments from a watchlist?
Right-click on the instrument and select Remove or use the delete icon next to it.

Can I share my watchlist with others?
Some platforms, like TradingView, allow sharing watchlists via links or exporting them as files.

Do watchlists sync across devices?
Many modern platforms offer cloud-based syncing, ensuring your watchlist is accessible on multiple devices.

Can I add custom columns to my watchlist?
Yes, platforms like cTrader and TradingView allow adding custom data points or indicators to the watchlist.

What instruments can I include in a watchlist?
You can include forex pairs, stocks, indices, commodities, cryptocurrencies, and other tradeable assets supported by your platform.

How often should I update my watchlist?
Update your watchlist regularly to reflect changes in market conditions or your trading focus.

Can I set alerts for assets in my watchlist?
Yes, most platforms allow setting price or indicator-based alerts directly from the watchlist.

Is a watchlist useful for beginners?
Absolutely. A watchlist helps beginners focus on selected assets, reducing the complexity of monitoring the entire market.

Conclusion
Using the custom watchlist feature in trading platforms simplifies market monitoring and enhances trading efficiency. By organising your favourite instruments, customising data views, and leveraging alerts, you can make informed decisions and streamline your trading process. Unlock your full potential with our expert-led trading courses. Gain insights, learn winning strategies, and take control of your trading journey today.