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In this video, traders explore how setting alerts can be a crucial aspect of their trading strategies. The importance of alerts in a trading plan is emphasized, as they can play a significant role. The video is sponsored by Core Spreads, the channel sponsor, and viewers are encouraged to check out their platform. A distinction is made between a limit order and an alert - a limit order triggers automatic execution when a certain level is reached, while an alert indicates interest in monitoring market conditions at that level. Ultimately, setting alerts can be a valuable tool in informing trading decisions.