A single trading tool is not enough

[palle11]

but with just using one tool like the Fib retracement, I think it is not enough.

Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.

[boris singer]

What are your own it can be beneficial to someone else.

Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag.

[taufik123]

-snip-

The general indicators you mention also depend on the suitability of each trader. Every trader does have their own indicator guidelines. Using Bollinger Bands, MACD, Fibonacci etc can be combined. Every trader will find out what indicators really suit their trading style.
Not only technical analysis, fundamental analysis is also important to balance the TA indicators that have been used.

[Alisha-k]

Too many analysis tool box will make a messy chart and make interpreting coin moves cumbersome. A simple and single tool is enough to interpret a coin direction and if it's not clear enough the news is always there to add to the signal provided it goes in direction with the market moves at that particular time of trade. Too many tools is not good for a traders especially newbies

[Hamphser]

To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.

What are your own it can be beneficial to someone else.

Doesnt matter on what indicators or tools you would be using when you do make trades neither it would be combination or would be using a few ones to make your chart to look clean as possible.

When you are already experienced then you could eventually make some support and resistance lines on a on spot manner on where you arent putting it literally and im like that honestly.

If you dont like to miss out then its not wrong on putting how many indicators as much as you can as long you could able to read it then thats what matter the most.

[strunberg]

What are your own it can be beneficial to someone else.

Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag.

support and resistance could combine with many indicator tools , this is the basic from all analisys. by identifying support and resistance level, we will find in which place we could put our order with low risk. each traders should understand how to put support and resistance level, or their position not precisely.

[The Cryptovator]

Trading is a thing that you have to decide for yourself during the trade. Most of the time I just follow the candle line and take entry accordingly, especially once the market dump. I don't trade regularly now due to being short of funds. So just take advantage of volatility and wait for the dump before taking entry. I have been following when the red candle becomes too long, which means it will be green in the next few hours or a day. Very rarely do red candles last longer. So that's how I am Trading lately. If there is news then it's a different matter. We may take risks sometimes.

[DoublerHunter]

What are your own it can be beneficial to someone else.

Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag.

^ You may use all indicators that you may want as long as you should stick to one plan. It is better to have different preferences so that there is a comparison in your trading preferences and choose the good one. Many people think that trading is very easy to make money but in fact, it is not. There are too many tools and indicators to be used and if you are using all of them just wanted to be sure of your trading activity, you may be confused also which is a better one. Just stick on your own and stop-loss should always be there.

[rhomelmabini]

Using Bollinger Bands and other default indicators that you can find on charts of exchange is the best indicators to use since its the common indicator that most traders viewing. In able for a TA to highly happened is when people see it and use it as there guide for there trading. Some Analyst use different strategy which is very hard to understand and sometimes they are just adjusting there lines just to make it look like it really happening.

I believe on the simplest and common indicators for TA is the most effective above all.

Bollinger Bands is a great indicator but tbh this isn't a newbie friendly indicator as it confusing and it requires a different indicator as well to be near perfect on execution of a trade. No tools are perfect so it's perfectly just fine if you're master of a few indicator the main thing is to record your accuracy and the percentage of the indicator/s you usually used.

[Yamifoud]

but with just using one tool like the Fib retracement, I think it is not enough.

Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.

The use of many indicators is not a good idea and indeed it was confusing which only leads to a wrong decision. Having the chart is enough for me, it already gives us some view of the market and enough to predict what possibly happens in the incoming. In fact, we can draw analysis from that, and perhaps, I was seeing positive results compared to the time that I use different indicators.

What is the best thing is that we can perform better trade and profit as these trading tools are not all effective.

[Lanatsa]

To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.

What are your own it can be beneficial to someone else.

Making your chart as clean as possible but i do agree that no matter how many indicators or tools that you are putting on as long you could
able to read and make  analysis from it.

Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.

This is actually basing on your own preference on what suits you on.

[Freeveto]

I look out for area of liquidity grab and break of structure coupled with 200 EMA, Fibonacci retracement and RSI.
Though the indicators lag , in that case of that I pay a lot of attention to the market structures and pattern.
In order not to get things too complicated ,Once this stuffs gives me the confluence I need, I'm in.

[justdimin]

Do not forget about reading news. They can be useful indicators too for specific cryptos that you're holding or trading, they set a sign if there's going to be a shorting or if someone has to see that it should set a bullish pattern. Well, nothing beats having multiple tools and indicators in checking out the market.
But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.

This is quite important for the crypto world, it is basically what you do in order to get better. I personally believe that if you know what you are doing then you should be making a profit, but if you do not follow news then even if you are a veteran of trading then you will not take advantage of the countless profits you could have made.

I use cryptopanic which is a crypto news channel where you see all of them and it gives you all the brand new things going on in the crypto world and that means you will be able to react as quickly as anyone else. Definitely a good way to trade if you follow news because crypto gets emotional at all times.

[milewilda]

but with just using one tool like the Fib retracement, I think it is not enough.

Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.

The use of many indicators is not a good idea and indeed it was confusing which only leads to a wrong decision. Having the chart is enough for me, it already gives us some view of the market and enough to predict what possibly happens in the incoming. In fact, we can draw analysis from that, and perhaps, I was seeing positive results compared to the time that I use different indicators.

What is the best thing is that we can perform better trade and profit as these trading tools are not all effective.

Confusing for some but if you are the ones who do set out those indicators then you wouldnt really make yourself lost or get confused since you do know on how to read them up which means
that it would vary on someone or person or trader on how many indicators that they would be using on.Each does have corresponding functions.So it would vary
because there are some who do make naked trading and there are some who do use lots of indicators to check out about price signals or patterns.

[Scripture]

Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.

This is actually basing on your own preference on what suits you on.

This can be a good indicators to use every time you trade, it compliments the other indicators and you can get more effective result if you do follow these indicators. I've been using a lot of indicators lately because the market is not moving that much and its hard to get the correct data if you are just going to base on a single tool. Knowing the best indicators to use is a must, you should focus on that and learn how to create a good strategy using that indicators.

[CaVO32]

Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.

This is actually basing on your own preference on what suits you on.

This can be a good indicators to use every time you trade, it compliments the other indicators and you can get more effective result if you do follow these indicators. I've been using a lot of indicators lately because the market is not moving that much and its hard to get the correct data if you are just going to base on a single tool. Knowing the best indicators to use is a must, you should focus on that and learn how to create a good strategy using that indicators.

If I may add, to learn more about the coin you are trading with, aside from those indicators, you can visit their social media threads or channels and read what is going on. In most cases, these devs won't publish on their official site about the updates, but they will post it within their social media groups. Because those indicators and other TAs are useless, if for example, the team is planning to do a pump and dump strategy. It may be too late for you to discard the coins you have on hand. But all along, they are giving hints to their social media community that they are about to exit this market.

[yhiaali3]

Support and resistance are among the most important tools of technical analysis, but in my opinion that is not enough because analysts differ a lot in their analyzes and often make mistakes, so in my opinion several types of analyzes must be mixed together to get a satisfactory result. It is also important to study the market situation in general and the big news Influencing the market because it can reverse the trend at any time, so it is necessary to use fundamental analysis along with technical analysis.

[cabron]

Do not forget about reading news. They can be useful indicators too for specific cryptos that you're holding or trading, they set a sign if there's going to be a shorting or if someone has to see that it should set a bullish pattern. Well, nothing beats having multiple tools and indicators in checking out the market.
But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.

This is quite important for the crypto world, it is basically what you do in order to get better. I personally believe that if you know what you are doing then you should be making a profit, but if you do not follow news then even if you are a veteran of trading then you will not take advantage of the countless profits you could have made.

I use cryptopanic which is a crypto news channel where you see all of them and it gives you all the brand new things going on in the crypto world and that means you will be able to react as quickly as anyone else. Definitely a good way to trade if you follow news because crypto gets emotional at all times.

The fundamental factor will just spike the price but when the news cool down the  prices goes back to where it was before it. Its good to ride the news though but that is if you can do it in timely manner. Most of the time its the TA that works, this is where you can tell that what goes up will really come down and all you just need is patience to wait for the bottom. Those who speculated  it right, makes money and the tools are already given to identify when is the right time to buy and sell.

[GeorgeJohn]

Using multiple indicators can get someone confused on the market direction. Using trend line is not a guarantee because it is a biase indicator since drawing the line is individual based. For example you can draw up your trend line and the next person draws placing it in a different price. However, support and resistance helps alot. Candlestick on a longtime duration can be used as trend indicator.

If i should analysis a trade the best way to analyze a trade is using candle sticks, because knowing the movement of the candle sticks is what will make a trader to know exactly what and the situation of the market precisely, other indicators is deceitful indecencies that you have not know their rightful one that will bring good productivity..but using the candle sticks for those who read the chart and understand it, is the best option...i think i agreed with your opinion.

[GreatArkansas]

To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals.
(....)

There are some traders that don't have a lot of tools or indicators while analyzing the chart because it will just make your chart look messy, which I agree with.
But there are some traders who are a fan of it as long as every indicator you are using got used and is not redundant with others.
If non-chart related, other tools like the platform that tracks volume, or inflows to exchange our outflows, like some on-chain analysis or some funding rates trackers for some exchanges. I believe they are useful too as long as you know how to use them.