Bitcoin Forum

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

It depends. What websites and services specifically?

Anyway, though I'm not completely sure, if you're just going to do technical analysis for your trades, TradingView[1] should probably the only platform(besides the exchange you're going to use) that you're going to need.

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[1] https://www.tradingview.com/

That will depend on you because we had a different perspective. Trading tools for me are very useful, coin tracker and I am using blockfolio app and trading tools just like an automated trading bot. I used Gunbot and it works fine for me. If you are good at technical, fundamental or what so ever analysis wou will know these tools may a great help for you. Probably you need to study very well first before in trading because it needs more knowledge to understand the crypto market.

For arbitrage tools, I always look for the right information or in the blockfolio application, sometimes I always see tokens for arbitration. For any bot, I never use them, but I often open more than 5 exchange every day to look for tokens that are effective.

I don't know what tools op is referring to, but trading tools are all based on technical analysis and I view that as pseudoscience at best, much like astrology or numerology.  I wouldn't say that such tools are 100% ineffective, but I don't think they work the way the people who use them think they do and I wouldn't spend any money buying a software package.

Staring at charts goes back to the early 1900's at least and probably well before that.  And yet the most successful investors are the ones who have the ability to find things which are undervalued.  The traders who follow trends might make some profit, but its nowhere near what fundamental analysis can produce.  But this is bitcoin and there really aren't any fundamentals to analyze, are there?  The only thing you have to go by is charts and the hope that bitcoin or altcoins are going to go the way you think they are...and ultimately that  becomes a guessing game.

You should elaborate on what you are trying to seek on or what kind of trading system you would tend to use up.There are lots of Technical indicators which you can use up
when you do tend to use it up on charting. Coin tracking? CMC would already be enough even checking correlation on prices. Arbitrage? Hardest part to spot on yet change of prices are way too volatile so its up to your own hard work on how to spot these chances. Just like what being suggested above you can use up Tradingview for plotting out something.

If you know how to use the arbitrage tools of course they are useful. But remember that there are a lot of people doing arbitrage with maybe much more powerful and sophisticated hardware and software that can calculate and enter orders on the market much faster than you. Obviously there is a piece of the pie for everyone, but you need to learn how to profit from that. Arbitrage is not a set and forget thing. If it was, everybody would be doing and getting rich just by watching a bot do the work for them.

The thing here is that it is not the tools you are using. It is what you are making of those tools. Those tools that you mentioned are there for your perusal. How good are you with those is another story. If you are good enough then you will probably hit the right price range for your orders. But if not, you will expect that those tools will be useless to you.

Trading bots are the only tools that I'm aware of, but literally there are hundreds around so I wouldn't recommend which one is the best. Also, why are you looking for arbitrage tools when you are still in a beginner in crypto trading?

I mean it doesn't make sense because you need deep knowledge to just operate a trading bot because it has so many parameters and setting that only a experience trader can harness it? just saying.

Token Spread is really useful for arbitrage. It lists a few different coins/tokens/fiat pairs and the prices they are exchanging for on different exchanges in order to find arbitrage opportunities and it's completely free. For keeping track of coins, coinmarketcap is pretty good. Along with Tradingview for charting out a coins price history. All of these are extremely useful.

You haven't tried https://coinalyze.net/ perhaps

I think the main tool which could actually help you is nothing but your own wisdom and knowledge. The best tool is risk management technique which you can be learned easily but practicing it can be cumbersome. Risk management is technically a very tedious but a very rewarding job. No tool, no arbitrage, no strategy can help you get profits in longer term than risk management. No matter what market it is this strategy can be applied to any markets and can be combined with any type of technical analysis.

In general, well, you could call these so called tools as helpful. An example would be tradebot which you can set aa to which time it buys BTC or time it sells BTC. It is entirely dependent on your way of life or how you invest in determining if these tools are helpful to you.
You can depend on these tools, but it's a lot better if you create your own with the same concept that you would like to ensure a 100% accuracy in what you want to happen.

It all depends on how you use it and if you know how to use it properly,
So the answer for this is simple it is both useful and useless it only depends on it's user, If one doesn't know how to operate or use it then it is very useless for them.
They have been created to help us but it couldn't operate on it's own so we should also know how to use them properly.

Yeah it is depend on you, I mean how you overcome them. If you has been overcome those tools and you know the ins and out of them you will have an assessment by yourself. The useful thing or the useless thing will comes if you have known it and you have tried it.

Sometimes I used some of the trading tool that you mentioned, I looked for the ins and out of the tool first and trying it and yeah it is work for me. You can try them all and pick just one which you thinking it is suitable with your strategy/fashion.

If you're into technical analysis and research (which is vitally important in crypto trading) i'd suggest taking a look at the TradingView website. Basically the idea is you "follow" experts that post their opinions of crypto trends and you either follow their advise and trade based on that or you don't.

Hope this helps!

In order to use these tools and gadgets properly, one must have a good knowledge regarding his asset and profession In the world of trading, the skill that matters the most is being able to make right predictions. Only this way, one can take right decision at right time. To make this possible, he must learn a lot. Trading tools cannot really help otherwise. If this was wrong, then all traders would have been rich.

Of course these  tools are useful for any trader but beware not all of them can provide more accurate data to guide in your trading decision making. So I think its best to follow up reviews of these tools that you will be using and try to test them and see what fits your needs.

For example, as in my case, I find coin tracking apps like Blockfolio and Delta very effective in providing me realtime feedback on my portfolio that is why I prefer to use them. I you want more in depth  trading tools, then  Algory (https://algory.io/) might be for you - which is a set of tools for traders that is free to use as of the moment. Maybe you might want to test it out but please be cautious and use it at your own risk.

Well, the Blockfolio tool in tracking your coins in trading is very useful because it is very handy when you are monitoring your coins even though you are Away From Keyboard. I like also to use a trading bot and I tried that before but unfortunately, that was free. Maybe if I can afford I will purchase Gunbot since it is a very trusted and well-known trading tool. You can check it here a list of trading bots, https://www.finder.com/cryptocurrency-trading-bots.

Blockfolio is one of my very used app that is connected to trading, I almost use it every day since 2017 when Blockfolio is just a small application. Most of us now know Blockfolio is a reliable application that tracks most of our crypto, As time passes they add new features like exchange connections that let you track and monitor your trades. It's a very handy app.

the good way for it just research by your own.
basically all of what u say its usefull for people know what they needed from that.
and if u newcomers, of course u need research before joining,even use it.
what u looking for , what a basic price for some altcoins and etc.

It will depend of which tool that you are going to choose but trading tool is good only good to help us and to guide us in our trades as they are not accurate in which our analytical skill should be always be our main tool for all of our decisions. I used  blockfolio apps for so many years but still i suggest that you do more research with the other tools that will suit your needs.

This is very important for most of the new comers in trading, others neglect the basic ways to deal with trading specially on their first time. When they find market has gone through lots of bounce and surges, they desire to purchase an asset for their holdings. Without knowing the impact, after spikes declined when panic sellers grab the small opportunity just to take their profit gains. Much better use the basic tools and ideas, the more complex tools you use; the more possible risk you'll going to face.

For me personally trading tools are very useful to get the information I need right in making decisions when trading. Various trading
tools that I have used to make profit in trading, but remember not to rely too much 100% decisions from trading tools. Sometimes
the results of trading tools analysis are not accurate, so before making a decision the end needs to be checked again briefly the results
of information obtained by trading tools. Among them I use trading bot, arbitrage tools, and also trading view to see coins price movements.

Yes i'm aggree, those tools are only useful when the people who use it understand what they're doing.
As a newbie traders we should learn the basic of the trade first, and experiencing market by ourself.

Aside from using Blockfolio, maybe you could also use Delta (https://play.google.com/store/apps/details?id=io.getdelta.android&hl=en) simultaneously since some coins that aren't listed on Blockfolio can be found on Delta and also, it has  great features comparable to that of Blockfolio which makes it a great alternative app in coin and portfolio tracking. :)

What are tools? Things that help us to do something better.

I think all tools are useful and useless,,, depending on the person who uses them. In trading, if you have a good strategy that works, your tool can help you automate those and help you make fewer mistakes. But if your strategy is bad, your tool will only help you bust faster.

I guess you need to explain what tools you want to ask. Tools for trading are useful for traders to analyze the market position, where the trend wants to go, and when we can enter the market. Without having or mastering the tools, you cannot get the right time to trade, and you only get a loss because you don't know when to enter the market. That will work the same for arbitrage trading because the arbitrage trading will need more than just to analyze the price and the market. You need to choose what coin that doesn't have a long time to arrive in the target exchange so you can sell to make a profit.

Usually, I choose the two coins at two exchanges. Then I will compare the price for both exchange, and if I can see that the price have a big gap, later I will try to send some amount to test, but that will depend on the coin itself. If I already know that the coin has the fastest confirming of the transaction and it doesn't need too long to arrive, then I will buy a large amount and then send it to the target exchange. But now, I think it's not recommended to do arbitrage trading because the market still searching for a better position for a while, so perhaps, you could do usual trading than arbitrage trading.

While some uses it, there are circumstances that it is not helpful especially if there are news or fud spreading depending on that coin,being updated in news while trading will be much better for me and just graphs in coinmarketcap than using too much tools. Well it all depends on our basis and what makes us earn more.

Such applications in my opinion are very useful for those who are lazy to learn about the world of trading or the like they choose the fast track compared to the very heavy path, they can only use the application without knowing how the application works, but everyone's opinions differ, it's in my own opinion.

Gunbot looks interesting, pity they don't offer a free package since i can't afford it at the moment...

Makes sense. I'll probably just abandon arbitrage for few nex months on focus on other things! Thank you for help!

Explain me like i'm five: Risk management technique
Sorry i'm new to crypto :(

I like the comparison with astrology (astronomy's my passion). I'll probably just stick to learning and analyzing tradingview..for now.
THank you for help!

Tools from different providers or from one? I was looking at a platform from Newscrypto.io since them seem to offer 5 free tools (or at least they look for free for now, 3 days). Is trading view the best choice for chart analysing?

For me it is still not the best way to earn money, yes it can help but it is not that profitable. If you are the creator of such bot would you prefer selling it rather than using it on your own interest, or just selling it to your friends and family. Still the best way to learn is from our own experience.

trading tools result depend on trader that used.if they know how it work, advantages and disadvantages i am sure their trading result will good.but for beginners they will get bad result althoug used modified tools.we know some trading platform provide custome tools .trading tool or technical analisys need to combine with news or fundamental that will support it.

I don't really know what tools are available for crypto trading, but I've known one person who used software packages for trading in the stock market.  They're all based on TA, which I think is a bunch of psuedoscientific voodoo magic fairy dust--and I know lots of folks here would disagree with me about that. 

My impression has always been that the makers of such software are the only ones who profit, and the users of it get screwed when their trades go sour.  The guy I knew in particular never made a profit, and he was trying his hand at day trading.  I suppose you could get lucky, but I don't think it would be worth it to actually buy one of these things.

I haven't been using any trading tool and I'm only applying the basic way of trading instead. However, those tools depend on your trading strategy. If you would want to have those tools as your guide then it will surely be an advantage for you to use it. If you find it confusing or if you're just a trading beginner, then try to apply the basics first. Tools or signals will only be useful depending on how you appreciate and use it.

You are also right, for newcomers to trading, more tools just make them more confused in choices and analysis, it can even make their judgments wrong because as you said, each tool serves different purposes, different strategies, applies too much, we will go in the wrong direction and fail. I also rarely use trading tools, most of the time I spend on basic analysis, looking for suitable indicators in the market, the tool is only a method for me to increase the accuracy in analysis and decision making

Trading tools are very useful for me, I have never used arbitrage tools. useful or not trading tools depend on how to use it, then usefull if you can use it, useless if you can't use it. In fact, there are many platform who have trust, just which I think tradingview.com most commonly used.

Let's just put it this way you have the skills and knowledge but this tools could make it a lot more easier and faster,
Don't you think that they are useful?
This tools are created to make it a pot more easier for those who couldn't trade properly or doesn't have much time because they are busy.

I would never recommend any tracking or bot related tools for trading. Because there is plenty chance to loose your money because of those thing. If you searching trading tools for increase your trade knowledge then why don't you try regular exchanges tools. It's totally safe and easy to use. As far i know Binance, Kushare, OKEx have really good quality tools for trading.

The tool is really useful when it is managed by a great trader and has the ability to adjust algorithms quickly when the market changes.
but it will definitely be very bad and cost you a lot if it's a cheap or free tool. Better yet, we should look for trading opportunities on our own and implement it on our own. That's the clever thing you need to do.

Most platforms do already provides sufficient tools for you to use when you do trading up into their platform.It will just depend on the user if he does know on how to use it.
Tracking are just for noobs and bots are somewhat just solely for automation but it isnt a good thing to consider when you are just starting up.Lots of indicators and tools
that can really be used and you will find it useful when you do know how to read and utilize its use.If not then you would just simply making some blind trades.

of course trading tools are very useful, Most professional traders use trading tools to help market analysis, the indicator uses real data in the past, and it is not a trap, sometimes the indicator gives a false signal
.

Yes, indeed, agree with you not to depend on trading tools, it should be just one of your basis, but still consider that there's still a lot of factors that we need to do and analyze before we buy one coins/tokens, yes, it is okay to use different kinds of trading tools until such a day that you can have your own analysis and strategy.

For some expert it may useless, but for beginners in trading, it really helps a lot.

Obviously TradingView is great for charts and indicators based on OHLCV data. Other than that, there are some tools that can be good for analyzing order book data, trade history, etc.

If you're on BitMEX www.coinfarm.online is solid.

For arbitrage analysis, order book superiority, trade analysis, and other things like that, www.coygo.app is good. These are really useful if you're a day trader/swing trader.

They are useful and they can guide you in helping you decide if you are going to sell, buy or hold. Even those pump and dump groups are useful in helping you know which coin will pump in the next few hours but, it doesn't mean you will buy or sell whatever coin they tell you to buy or sell. Still its just a tool to help you decide, its still you who will decide and press the buy or sell button. Much better if you use 2 or 3 tools so you can if if all have the same suggestions on what action needs to be taken.

Trading tools are very useful when you know how to do it, useless if you don't. Aside from that, it is better if you have analytical skills to interpret the results from those trading tools. Trading tools are very useful in making decisions and buying positions on your trade. Also, it can validate and confirm your assumptions on certain technical analysis.

I've only ever found good ol' technical analysis to be effective; there's plenty of software and sites out there that claim to offer a boost to your trading performance through some obscure correlations that are very weak and other similar claims, but almost all of them just don't end up working in the end. Bots can be a useful tool, and I've experienced success in using them, but you'll need to learn how to configure and modify settings in whatever trading bot you choose to use and that takes time too, in addition to having some sort of profitable strategy (using backtesting and your own testing, etc) for the bot to run.

Additionally, because of the way Bitmex contracts work, the short to long ratio will always remain 1:1 and the tools trying to estimate long-to-short superiority like Coinfarm are using multiple assumptions to arrive at the numbers they provide. Seems to be a common misconception not just here that some people think there's sometimes more longs than shorts or vice-versa on Bitmex, but there isn't.

As a newbie we referring those crypto currency tracker which may lead to our excitement when the coin that we monitor is increasing. When I was a newbie I able to used those things but in the end I must be attentive by those upcoming updates from their telegram channels or other social media connected to their projects. Much better also to search their platforms as well as the different advocacy of their project that may have a huge possibility to increase in the future which for sure tracking those coins is easy with your own perceptions.

I was engaged in trading for a long time and understood the main thing: tools are not important, the main thing is to have an understanding of the market. To do this, you must be aware of the latest market news in order to respond to them in a timely manner. I personally use the news feed at https://neironix.io/ For example, I managed to go into the long at 7600 (October 25) when I found out that China will now use blockchain. Thanks to this tool, I made +35% in 12 hours!

Hey guys, does anyone knows some nice trading bot for exchange Crex24 ?

I only think of Binance. because there are so many functions and very high volumes. and especially there are stoploss and those are my needs for a good trading platform.
but fee trading is quite high. If you are looking for an exchange with low fee trading then you can use Digifinex, Exmarket, Crex24. all about 0.1% or 0.15% only.