Which tools do u use & do you trade better using them?

[Radius111]

Hello Guys and Girls, Ladies and Gentlemen.

Recently I have done some study on the following tools, I also give my opinion about them.

RSI (Relative Strength Index)
- A cool tool to see when it's most likely for a currency to have an upward/downward trend.

RSI Stochastic
- This cool tool rotates a lot quicker up/down and in my opinion this is better to be used for relatively quick daytrades. (dependent on the setting, which counts for any tool)

Bollinger Bands (with candlesticks)
- I write > with candlesticks, because that's the only version I know.
- A cool tool in which it is easy to see what the price probably does.

I used them and tried to experiment with them. Now I am going to learn how to read the different kind of candles.

On thing I like about the RSI is when you pay attention to the middle line you see that from the middle line the price alsmost always reaches the top or bottom line of the tool.

The thing I like about the RSI Stoch is kind of the same I like about the RSI.

All in all it's handy to know how to trade with tools, but in my opinion the news also has an impact.
You never know what the market is going to do.

What are the tools you use, are there any tools and techniques which are getting you the most of profits?

[1715137166]

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[1715137166]

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[jmlona]

Hello Guys and Girls, Ladies and Gentlemen.

Recently I have done some study on the following tools, I also give my opinion about them.

RSI (Relative Strength Index)
- A cool tool to see when it's most likely for a currency to have an upward/downward trend.

RSI Stochastic
- This cool tool rotates a lot quicker up/down and in my opinion this is better to be used for relatively quick daytrades. (dependent on the setting, which counts for any tool)

Bollinger Bands (with candlesticks)
- I write > with candlesticks, because that's the only version I know.
- A cool tool in which it is easy to see what the price probably does.

I used them and tried to experiment with them. Now I am going to learn how to read the different kind of candles.

On thing I like about the RSI is when you pay attention to the middle line you see that from the middle line the price alsmost always reaches the top or bottom line of the tool.

The thing I like about the RSI Stoch is kind of the same I like about the RSI.

All in all it's handy to know how to trade with tools, but in my opinion the news also has an impact.
You never know what the market is going to do.

What are the tools you use, are there any tools and techniques which are getting you the most of profits?

I do not use any tools, I prefer simply to look at a basic candle graph and let my judgment do the rest. Your intuition will always perform much better than any tool or technical analysis can do so. Understand why things are moving instead of just that they are moving and you'll go much further.

[HodorHodl]

Your intuition will always perform much better than any tool or technical analysis can do so.

I think this is awful advice. The problem with intuition is that it gets mixed with emotion.

Understand why things are moving instead of just that they are moving and you'll go much further.

This, on the other hand, is excellent advice. Whether it be news about the currency, an awareness of whale-moves, or whatever, underlying reasoning is the best indicator there is.

@OP - I am at about the same point as you at the moment, but I am trying to not just learn the basic TA stuff, I'm also trying to monitor news and announcements. This is not easy, and my success has so far been limited

[squatz1]

I mean I do use a couple of the charting tools, and I do think that they help SOMETIMES but I'm not a firm beleiver in TA as I do think that in an unregulated market like Bitcoin (and other cryptos) TA is kinda unable to predict what the whales may do at any moment, or what FUD may come our, or anything along those lines.

I've made a couple bucks off of TA though, so I'm not saying it's fully wrong. I just think it may give traders false hope and they'll end up making the wrong trades.