TRADING TOOLS? useful/useless

[DimitrisLodirogas]

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!

[mk4]

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.

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

[DoublerHunter]

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.

[kolonel_x]

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.

[Pearls Before Swine]

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.

[Mahanton]

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!

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.

[ChrisPop]

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.

[NathanJB]

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!

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.

[Yaunfitda]

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.

[adroitful_one]

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.

[atoshi]

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

[teosanru]

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!

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.

[Wexnident]

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.

[bhabygrim]

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 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.

[Ridwan Fauzi]

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.

[Suslived]

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!

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!

[supercanada1]

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 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.

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.

[lobat999]

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!

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 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.

[Ryker1]

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!

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 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.

[abel1337]

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!

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 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.

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.