Bitcoin Forum

Greetings to everyone in the space.

I have been following a lot of crypto analysts and have become very interested in doing this for myself. I have learned quite a bit about chart patterns and indicators by watching them and reading whatever related material I can come across.

What is truly frustrating though, is how these analysts never seem to disclose how exactly they know what points to enter, exit, what leverage to use, what range place a stop loss and what is a reasonable profit target. Additionally, I’m not sure how to analyze charts by timeframes ie 1 hour, 4 hour, daily, weekly.

My goal is to be able to do this semi full time. Actually, to start I'm just trying to make back what I lost following a so called "pro trader" (full tragic story here https://forflieslies.wordpress.com/2018/10/09/the-truth-about-forflies-sami-loyal/)  I am not aiming to become a millionaire with this endeavor, just to make modest yet steady income like so many these days are doing. Can any of you experienced individuals guide me in the direction of some material that can eventually show me how to do this step by step? I have found that information unreasonably hard to come by.

Thank you for any advise you are willing to lend me

There are no such ways or informations to be disclosed about when it comes to trading.Actually I had read up that article and the things I do read about
relying on someones Trading signals and if you do lose up money then you would only realize that you have made the wrong decision on following them.
Too much in a hurry to make big profits isn't really good,id rather choose to lose my money on my own analysis rather than on following someones advice
with a fee. Theres no proper TA on trading which would be precise on any entry or exits of each order.

First of all let me say that you have chosen a really hard way to try to make money. Not only is it hard, but it is stressful too. Some 90 percent of traders actually lose mone. Following other people analysis is not enough. Yes you have to absorb every piece of information out there, but that is not enough. You have to engage in trading with your money at stake. Nothing can prepare you for the harsh world of trading, nothing but getting your hand dirty and possibly losing money at the beginning. It is as much a psychological battle with yourself as it is matter of technical analysis. Good luck man.

As much as I appreciate your responses, that's not at all what I have asked.

I want to learn how to do good technical analysis, so that I may learn and practice on my own.

I have seen technical analysts, I have seen people discussing technical analysis, but I cannot find the information on how to properly learn it to save my dog.

I am asking for guidance on where to start, how to learn how to use the pertinent indicators and where to look for patterns.

I did understand your question, but what you are asking is usually not being offered for free. You want to be guided every step on the way, I get it, but I haven't be able to find such a course or free tutorial lessons so far. The closest that I've been able to find to what you are asking is this youtube channel: https://www.youtube.com/channel/UC-dLWl8etTtPSGdbbcYffGw Hope it helps.

Thanks!

I'll definitely spend some time on this channel

We have on the samr boat. Those who I followed enthusiasts before were not really helping. Thus, leading us on a wrong track. They are sharing just a hint but absolutely never shared their whole knowledge about it. And most of them are pursuing us to join on their telegram group and subscribe for $100. I haven't joined any of their telegram and discord group.

Now, I am just gripping on my own TA and knowledge. Lucky me, their is someone who is willing to teach me about margin trading if I've got confused.

The thing a lot of people usually do not understand is that trading is something you just do not delve into without at least having the knowledge to make some decisions.

For instance, you want to perform surgery on someone, how on earth will you know where to cut through skin layers, or know what you want to be performing if you do not even have the basic knowledge, or the experience of being a surgeon based on the learnings you have acquired.

Nothing comes easy as long as it is a profession and trading is a profession as well, which means if you want to know all these things as an individual, you really do need to learn, practice, develop and build on a strategy and you will be able to make decisions yourself in the long run, but always ensure you do not rush into things until you are certain you are good enough and in such cases, you first want to be practicing your strategy on the likes of Bitmex demo platform before even moving in real life.

Trust me, no trader developed the knowledge of knowing where to buy, sell or stop loss from their sleep, they all learned and practiced to get better.

Try being an attractive female Youtuber...

That is why the idea of learning should always be paramount to every individual. You cannot know how they know what points to enter, exit, what leverage to use, what range place a stop loss and what is a reasonable profit target as long as you have no single idea or knowledge on some of these things yourself in the basic line of trading.

Learning is not something you just get to do in a short period of time, it is something that has to do with patience and how ready you are to it, which most times, a lot of people are always in haste. Everyone's strategy is always going to be different in most cases, so you really do need to learn as much as possible to be able to get the best from trading and make decisions yourself.

I think most of them check out all of them. Like historical data as well, you do not just check 1 hour or 4 hour or 24 hour, none of them can be enough by just looking at that only, nothing, definitely no indicator or no time spread is enough if you narrow it down too much.

Hence you need to prepare yourself for all kinds of possible indicators, from bollinger bands to RSI from macd to anything you can think of and in the end if all of them shows you the same thing for 1 hour or for 4 hours or for 24 hours than and only than you can be sure that the price is doing what you imagine it will be doing. Hence I would suggest not to narrow your indicators and try to widen them, also check out other peoples works on how it worked and try to backtest for it as well, that helps. Use tradingview and you can see all the info

I'm feeling like I didn't make myself entirely clear at this point, although I'm not certain how to edit my original post in order to clarify.

I'm not looking to learn in a short period of time. I'm not looking to get rich overnight. I simply want to know where to find the materials to where I can learn how to properly use indicators and learn how to identify and exploit chart patterns such as bullish/bearish pennants, flags, triple tops/bottoms, eliot waves, fib retracement lines, etcetera. So many people seem so familiar with all of this information, yet not a one seems to want to disclose where/how they learned it.   

For me, there is not proper Technical Analysis for any of the cryptocurrency. Sometimes crypto revolves with news and manipulators for what would they be in mind to make the market be.

I wouldn't day trade on bitmex. Just find a good position (a top or bottom) and do your move. (I mean long or short) Then wait for great movements. For example I opened a long position on ether when it was 193 dollars days ago, still waiting it to be $240 ish. I opened 10x btw :D

79%+ (https://www.google.co.uk/search?rlz=1C1CHFX_enGB506GB506&ei=263RW5NcgqTBAv7hr5AE&q=what+%25+of+derivative+traders+lose+money&oq=what+%25+of+derivative+traders+lose+money&gs_l=psy-ab.3...30742.34652.0.35378.9.9.0.0.0.0.103.857.5j4.9.0....0...1c.1.64.psy-ab..0.0.0....0.-jYSDcOAevQ) of people with this CV lose their money attempting it.

Essentially, this implies you have to learn before you earn, especially in trading. This is the first mistake a friend made when he delved into forex trading, and he lost it all. You need to acquire the skillset to be sucessful as a full a trader

There is a guy named Crypto Cred and I think these are the best tutorials out there: https://www.youtube.com/channel/UCBaU9NXRPjkLGgJy-M7RPCw
He really explains TA and various indicators in layman's terms. You can start with the risk management video because that's the first thing you need to study. Also there is a check list and step-by-step instructions on what to look at and how to plan a trade. He posts a lot on Twitter too. I have spent some time looking for tutorials and this one was the best for me. Honestly I don't know why he's still not charging money for that.

Cryptocurrency depends more on fundamental analysis than technical analysis due to the speculations from traders yet if you wish to implement technical analysis in your trading then trend lines and volume analysis can be of good help to your skills .

People should basically realize the fact that we are talking about trading as a profession here and the only way you can even be able to get anything out of it, is to at least have the basic knowledge on how to be handling some situations in most cases.

Your ability to do analysis, is dependent on the knowledge, skills and strategies you have in those areas, which is not something you will get to be able to do, unless you have been able to learn as much as possible and be patient with learning and practicing as those who rush through it, usually do not find it funny eventually.

I'd venture to guess the number is even higher. People say 90-95% of retail forex traders lose money. I suppose it's impossible to verify. But I've sure seen many new traders come and go over the years. Certainly, most do not stick around!

Outside of those who are simply talented with statistical edges, I think you truly need to love markets and enjoy chart analysis to succeed as a trader. Trading is a grind; the bad runs and long break-even stretches, the stop runs. It's really not for everyone. For me, it's almost a labor of love.......

I think the first thing you should do is study the basics fundamental. Be able to understand the main advantages and disadvantages of major projects. Know what makes the price move up or down.

For example, recently we had the case of Decred pumping a lot because it would be listed on Binance. You must understand what makes the price move by reason and how much this can be relevant in each project. You have to understand what can make the price fall too much too and where you can get that information fast.

The second part is to understand the psychology behind the market. This is much more important than most people think it is. Reading a few books about it will help you better shape your vision. Where do you want to go, how do you want to get there and how much do you want to risk it. I recommend the book: The Zurich Axioms (https://www.amazon.com/Zurich-Axioms-reward-generations-bankers/dp/1897597495)

The third, is the basics about stop loss, arbitrage, tools etc. This is critical if you want to operate on Bitmex

The last part is about understanding graphs and indicators. You should read about the indicators, why they exist, what they wanna show.

Read this = investopedia (https://www.investopedia.com/university/technical/techanalysis8.asp) This is the basic thing you should know.
Read about RSI, moving averages, trend lines, candlesticks (https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks), up and downwards channels, bull flags, breakouts and wedges. Those terms you should dominate.

https://d.stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-formation.gif

After you understand this, you could start to trade. Trade and lose is the best teacher ever. Bitmex is the best to trade, you could use my referral link if you do not have an account there yet. (https://www.bitmex.com/register/4Yl00L)

I am not good on trading and still learning. You can find useful resources here in trading discussion page and i found some that i already save it as bookmark when practising some technical analysis. You may click these link below for TA and FA ideas. Trading is not an easy task and it may take a year before you can call yourself a professional trader but don't be tired of learning  ;)

He is great indeed. I also like @Tradermayne at twitter, you can also watch his youtube videos with good information about orderblocks. Or search for the hashtag #tmtatips for his ta tips.