TRADING TOOLS? useful/useless

[ashmodeus]

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.

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[jaocoincrypto18]

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.

[AliMan]

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.

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.

[Shasha80]

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.

[wajik-tempe]

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.

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.

[lobat999]

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.

Aside from using Blockfolio, maybe you could also use Delta 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.

[leea-1334]

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.

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.

[maydna]

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 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.

[Beparanf]

Trading tools are proven helpful when it comes to analyzing coins, which is good to trade or not, if this was useless then expert will for sure will not use it and will tell that it is not advisable to use it. But, of course, we should not just rely on it, we should also consider some factors such as the current event of certain project and other factors.

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.

[erickastella]

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.

[conex]

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.

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

[DimitrisLodirogas]

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.

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

[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!

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.

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

[DimitrisLodirogas]

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.

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!

[DimitrisLodirogas]

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.

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?

[JC btc]

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.

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.

[NewRanger]

Trading tools are proven helpful when it comes to analyzing coins, which is good to trade or not, if this was useless then expert will for sure will not use it and will tell that it is not advisable to use it. But, of course, we should not just rely on it, we should also consider some factors such as the current event of certain project and other factors.

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.

[The Sceptical Chymist]

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.

[Genemind]

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.

[Andrews193]

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