Bitcoin Forum

Hi everyone :)

Tell us your experience with different tools and services to analyze the cryptocurrency market

Which ones helped and which ones,on the contrary,made the situation with trading worse

-Sincerely,xanto

I would probably get a premium TradingView account but honestly it's not really needed, I haven't paid mine in a while and I can work just fine with the default features. There are good indicators you can get for free. There are no magic tools anyway, having a job that pays well is the most important part as you can just invest bigger chunks and assume less risks which should make you more money long term than trying to guess what's going to happen next at all times.

I have quite a trading experience, and I am sure that what the so-called premium indicators and tools would give is what the default indicators and tools that are free would also give. It's the same function as the default trading tools that were reconfigured to look different from the premium versions. People might not know this, but those of us that have stayed in the business longer can surely decipher them.

So, I am glad you have concluded to use the free version instead of wasting your money on the trading tools that you can access for free.

For me, if you are starting to learn. Go with the basics first, and identify the basics of trading.
Like on every coin; identify first how trade works, candlesticks, and timeframes. What tools you can use, there are a lot of free tools on how to check charts, if you are already in some trading platform, they have their own tool for that, or some of them use trading view embedded in their platform.

Next, go with indicators, the technical part. Start with basic indicators, like volume indicators, momentum indicators, supports, and resistance.

Apart from all those indicators (which are laggy), have a fundamental knowledge about the coin such as  miner capitulation area (for btc I suppose 16k was miner loss zone and hence a great buy despite all bad vibes in the market), keep a note of all the upcoming fed announcements, cpi/ppi data dates, because on these days btc goes wild and volatile so you gotta trade with low lev or avoid trading in these days since no indicator is going to help you from those insane wicks up and down.
And regarding indicators, my most faviourite one is ichimoku indicator combined with 50/200 simple moving averages.

Firstly, indicator is among the tools many traders used to monitor the crypto market to know if it's time to fall in love with the current price in the market or not to embrace the current price at the moment not to experience loss at the end of the investment. Secondly, patience is among the tools potential traders used to plot a huge amount of money from their long investment, because that is the best way for traders to fulfill their financial breakthrough in the community. Thirdly, personal research is among the tools use to analysis crypto market which is the best strategy both the long traders and short traders used to defeat lost in the future.

  -   Maybe this link may give help for the trading beginners
Basic Trading (https://bitcointalk.org/index.php?topic=5425940.msg61400045#msg61400045) and  Different style of Trading (https://bitcointalk.org/index.php?topic=5429784.msg61458099#msg61458099) all of us here want to become a good trader so that we can earn good profit here in the cryptocurrency.

Besides, there are a lot of options for us to learn trading So, just always do the basic, and always control our emotions in
a proper way so that in the end our assets will not be loss or in danger.

Primary indicators, I like BB, EMA and MA
Secondary indicators, I like RSI, but there are other oscillators that you may also prefer

But you have to take note that indicators may fail, this is very important to know.

Tradingview premium can be more useful, example is when you use bollinger band, you can set it in a way you can set a notification if the candle stick hit the upper band or lower band. Another example is the RSI, you can set it to send you notification when it reach certain number, like 20 to 30 for oversold while 70 to 80 for over bought. But I understood you though, you do not have to pay for indicators before you will make money from trading, that is true.

The first time i tried MACD and RSI i ended up in a big mess. I recorded my biggest loss that day. It was tested on a 1D candle chart. Before now it has been SMA 50 and trend line it was semi good. Trend line is my best working tool because it is simple for me and less complex.

OP, it's not the tool, it's YOU. We plebs can suggest every different tool available from the internet from you to use in your day-trading, but it can't change the fact that WE plebs might not have the necessary resources/capital and the necessary qualities to trade against the traders that have the capital and the qualities. BUT if you truly want a suggestion for "a tool", obviously the most common suggestion that's free, and very useful to start learning Technical Analysis is Trading View.

Before I choose a tool or indicators I always try to make assumptions. Regarding Bitcoin I made two assumptions long time ago:

• Bitcoin will not loose it's value (whatever price it has)
• Whenever Bitcoin's price will go down, it will go up later and vice versa

I do not choose cryptos (or other goods) for trading which do not follow at least these two simple assumptions. For me it doesn't really matter who or what influences the price of bitcoin - I always know it's value and therefore I feel quite save. Of course there is no 100%.
Following this I choose my Indicators.

• First Indicator is the macroeconomy. Listen what's happening in the world and what's happening with bitcoin. Look at it's cycle. I need no tool to do that.
• Next on the short run I take some simple Indicators like MA (7/25 in my case), or 50/200 on a longer run. Only taken for buying. The nature of bitcoin is deflationary or at least stable. My conclusion on this is: His value will increase over time. So it's no problem at all if I can't sell a position, because I know bitcoin's price will rise back again.

I know there are more sophisticated ways to do trading / investing. But I like to keep my greed factor as low as possible and just getting some profits every day. It's like driving a car. You don't have to drive too fast, just keep a stable average speed to arrive soon and save.

You don't know the tools? But you've been doing trade for a couple years now? Don't tell me you don't know the several
ways for us to apply trading in the actual exchange platform. Doing trade here in the cryptocurrency is equivalent of your investing an
assets where you believe it has a future and can give a nice opportunity savings in the future.

Maybe you can start with the volume of the coins, time frame, candlestick and others.

Just basic indicators like MACD, RSI, MA, EMA, and Trendline are the most commonly used tools or indicators; I'm not sure of others, but the data of backtesting is also needed if you want to test your strategy, but it is already available. I'm not sure what other people use, but that's what I use, along with planning things out, such as keeping notes on how to execute a trade and what the confirmations are. Those traders also have some sort of calculator to calculate the probability of winning, and I am sure they are really smart guys.

Yes I agree with what you say. There are stages that we must know before actually applying the tool or whatever it's called to analyze the market. Don't let us take the wrong step, I mean prioritize which one we should know first from this trade. What I know is that people who are just getting into the world of trading want to find out quickly, which should not be the time to find out. It would be nice for us to start with the most basic things first before knowing the complicated things, believe me it will help a lot in our trading later.

The basic cryptocurrency trading indicators are good tools for market analysis but there result is also useless at some point so it's better to also have fundamental knowledge about the crypto market, and things that impact the market (an example is mining difficulty which always influences the price of Bitcoin market and its the thing the result to the current bullish in the price we see in Bitcoin market).

One day candles should be for swing trading, but indicators can fail at anytime, you need a better strategy to make trading works for you.

See 2022, the year was bad for bitcoin price as it decreased further from ATH in November 2021 to $15500 in 2022 and stayed at some prices above $16000 before 2023, but mining difficulty reached ATH several times in 2022 and the mining difficulty increased.

No, I believe they are not, especially if there's too many people who are looking at the same indicators, making their trades more "transparent" then therefore easier to counter-trade by the smarter traders.

OP, I read your PM in my inbox. I believe the best strategy for us plebs is to make our investments by HODLing them very long term in mind. We make less mistakes, and some of the mistakes can be corrected through dollar-cost-averaging. But if you want a more active trading strategy, I suggest "Index Building". There was a Cryptocurrency Indexing Building site before called Panda Analytics, but it's currently down. Find an alternative, and post it in the topic if you find one.

No I don't think indicators market analysis produce useless results if only you understand it. Indicators are not studied in isolation from charts and if you can do a proper analysis, you can understand it. Although sometimes fundamental can change the charts map but you should also know how to tackle the fundamental as a trader. If you are over staying in the market after you have made reasonable gains then you can be taken away by the winds of fundamental if you are not trading with stop lose.

Yes, the 2022 downtrend was a huge blow to the majority of investors of Bitcoin but if you noticed you'll see that the dump was triggered by the Bitcoin mining difficulty level and a lot of miners decide to sell while some decide to stop mining due to losses. This is the reason why I consider mining difficulty to be one of the tools for market analysis.

Is not about what you think or believe it is about the trend the market chooses to pose that market the analysis result is inaccurate.

That doesn't matter even the most experienced crypto trader in the world knows the analysis result is not always accurate that's what I mean by useless.

Two key things involved with market Analysis is all about Identifying the Demand and Supply zones, which we call support and resistance (accumulation & distribution). Note: only M, W, D1 time frame can stand as a strong support and resistance, i.e using this time frames in identifying the lowest level and highest level in the market.
 
And too the Market structures: If you master this two things every other tools out there we use is just a guide, Therefore once you've identified a market direction upwards or downwards,  apply the two things.

Pay attention to Chart patterns- M & W patterns popularly known as double top and double bottom, H&S and Inverse H&S patterns are basically for trend reversal, And valid set up can best be found using the major 3 higher times frames mentioned above.

I’ll stick with the exchange tools since I can use everything there and its easy for me to trade right after my analysis, so for conveniency I choose the tools in the exchange that I’m already using. Using different tools might consume you a lot of time so better to stick to one and have a good analysis with different indicators, you have to maximize your analysis time to avoid any late action, timing is very important in trading.

Its ok to have different platform, for you trading plan and for your active trading.
I user a different platform every time I trade, though yes its available in exchanges but I’m using a platform where I can also analyze the trend of stock market and crypto at the same time, its a local platform that offers a lot of services for free and its more convenient if you see an app like this.

The only thing i can implies on this, is that many people have different tool or different method of surviving in trading but they will not like to disclose their own methodology. So i believe that when you devote out time in something they is every tendency that you will know the possible escape root to follow.

It seems that until now I have never done an analysis using tools or similar services which are widely available, because I myself don't really trust it. always try to use my own analysis predictions, even though they may not be completely reliable, they can add confidence to continue to hone better in the future.
I'm really sorry I can't share what you want, but I'll also try to see what other friends share and want to analyze first whether it's really useful.......

I have mentioned this many times on this forum, that newbie traders should always know that indicators can be helpful, but they can also fail, but more accurate with larger time range. Depending fully on indicators can fail traders, they need strategies, other type of analysis and risk management to be able to make money from trading.

What kind of tools and indicators will they not want to disclose? Trading is risky and they want to use it to make money is not easy to learn, but a consistent trader will learn more as he continue to trade. There is nothing hard in trading if you look for better strategies that can help while common indicators are enough along side with it.

You do not trust what you do not learn and know about, that is wrong. You have your own way of analysing the market? But no way to be 100 percent accurate, no matter how good the analysis, there are sometimes it may fail, trading is more than just using indicators.

Few of basics like pattern recognition in line chart and candlesticks always proved as a better one in higher time frames. But, we need multiple confirmations to take any trading decisions which is the reason I always go with pivot point analysis along with RSI oscillator. These are all more effective when combined and for higher time frames. If you want to use these for day-trading signals then you may end up losing for sure.

Usually all trading tools are too good for decision making in long term trading. I am always preferring holding still I do risk on riding on trends in long term and for this I go with larger time framed signals which are comparatively effective to get me better results.

trading is easy to learn and also easy to comprehend all the necessary protocols, but factor that will make a trader to have courage for continuous practicing trading is your ability to bear your lose. And for you to know more about trading through a consistent trading, you most have undergoes disadvantages in trading, which in a nutshell you have experience a lose in trading. So in trading you most experience lost to enable you to know the basic things about trading risk.

What else do you trade with if not indicators or are they your personal robots? Even if they are robots, they are also built or founded through indicators. Indicators are just guidelines that we use to have a trace of where the market could move to. So whether you are using default indicators or those that you have built you are still having a clue from the market to analyse.

Back in the day, I used to play with Poocoin and Tabtrader as platforms to monitor trades and do my analysis, technically. I still take a peep at them till date but I've since moved over to MetaTrader5. It's easier to chart on Meta5 and demarcate the daily since I also use it for other trading businesses and engagements. I once tried to monitor my trades on Tradingview but couldn't find it any better. On the part of indicators used, I like staying with leading indicators of Support & Resistance, Pivots, Trendlines or any other indicator that doesn't repaint.

I don't think he uses robots or bots because he said he is not into tools but he prefers to do it on hand or manually. Maybe he was a newbie trader because those newbies don't like to complicate things and they think they can still be successful in trading only by a simple buy low sell high and trusting their own instincts. Some of them can be lucky but it will be better to learn the advance techniques to be able to grow as a trader.

Anyone can share the tools that they use but it will still depend on the ability of those who will try it and also on their luck. We need to practice on using them first to have a better judgment if they are really working or not.

I'm using a tool called Gunbot (https://gunbot.ph). There are a lot of features packed into it, and it would be helpful for traders like you and me.

• Trading 24/7 - Maximizing the market potential
• Consistent trading - The bot will follow rules that you have set, and it will be consistent and efficient
• Backtesting - You can backtest your trading strategies then you can evaluate the best strategy that you have
• TradingView Charting Tools

Make sure to know that you will have to set the parameters etc.

My suggestion is to learn about smart money concepts and volume analysis. Then you will understand how Institutional Traders will behave. 
If you want to learn how retail traders will behave, then you can use the other indicators and tools in the trading view.

1. Smart Money concepts
2. Volume Analysis

In addition to that, you can try out the RSI, Moving Average indicators.

Today there are a lot of resources on the internet, better to learn first the basic fundamentals of trading so you can now understand how it works such as the terminologies, and you can check the execution of the trades online and afterwards learn to use a trading tool, I prefer with the Trading view before using the Binance for the execution of position. The trading view is already has a lot of features you can use for your trades that you've watch in the videos. I do always make a plan, test and execute if make mistake make it analyze and avoid mistakes again..

This is good, before trading you should try to understand each concept that refers to the theory, now, once you can understand certain concepts, it is best to try to understand certain market movements, this to then mess with the analysis tools technical and the corresponding indicators, because what I believe is the following, many who want to start trading only dedicate themselves to technical analysis and only go down that path, and it is not bad at all, only that the market does not move by mathematics or Because an indicator can say, the market is moved by emotions, by fundamentals, among others.