A single trading tool is not enough

[Oshosondy]

They don't just believe in their selves, always doing copy trading which sometimes,

Copy trading is used by beginners that just want to gamble, they will end up losing just like you have said.

Another one are trading signals, the newbies will also later end up losing because they are just taking trading as gambling and just like receiving predictions.

There is nothing better than to learn trading and have the experience, using the money you can afford to lose.

they don't know thr amount the person use in openings the trade, someone can used $2k to open a trade, unknowingly to you, copy the same trading strategy and use $200, when the market start going against you, complaints starts immediately and your accounts will get liquidated

It does not mean, either you use $200 or $2000, the liquidation price depends on the leverage used not the amount used. But your comment is still valid because no one knows the leverage the person that was copied used while the person that copy him might use a higher leverage that can get the liquidation price closer to the price he enters a position.

[Anders_Bitcoin]

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.

When trading on a decentralized wowswap exchange (I do not use centralized exchanges) I use such indicators as MA 20, 50, 100, 200 in combination with levels of support, resistance. Also I use RSI indicator and volumes. As for margin, I do not use leverage above 5x, it also depends on the volume allocated for opening a deal and its direction (long, short)

[sklopan]

It seems to me that any tool should be able to use. At the very least, it should be understood that this clearly requires attention and understanding of the essence of the process.

[Lanatsa]

It seems to me that any tool should be able to use. At the very least, it should be understood that this clearly requires attention and understanding of the essence of the process.

2 or 3 would be enough on which you could really make out some analysis with that but having a single tool or indicator then its really hard to make some reading when it comes to analysis

within the market thats why its really that relevant to make use at least 2 or more as long you do know on how to read it out then it wont matter if you do have many.

It is really just sensible that you would really be needing to have that kind of knowledge and skills on making use of it.

[sana54210]

They don't just believe in their selves, always doing copy trading which sometimes,

Copy trading is used by beginners that just want to gamble, they will end up losing just like you have said.

Another one are trading signals, the newbies will also later end up losing because they are just taking trading as gambling and just like receiving predictions.

There is nothing better than to learn trading and have the experience, using the money you can afford to lose.

The dangerous part is that sometimes they do not lose on the first days, which creates the whole problem. If they start sing on the first day, of the first hour, then they will end up stopping and looking for something else.

But, they turn their initial 1k dollar into 3k and then it becomes 80 dollars, so that 1k to 3k blurs their judgment and they end up being a bit more dangerously trading person. Copy trading doesn't give you losses right away at times, sometimes it does but at times it gives you profits, like gambling where you may earn your first few rounds but end up losing it all in the end. This is why I keep questioning the situation.

[wxa7115]

They don't just believe in their selves, always doing copy trading which sometimes,

Copy trading is used by beginners that just want to gamble, they will end up losing just like you have said.

Another one are trading signals, the newbies will also later end up losing because they are just taking trading as gambling and just like receiving predictions.

There is nothing better than to learn trading and have the experience, using the money you can afford to lose.

The dangerous part is that sometimes they do not lose on the first days, which creates the whole problem. If they start sing on the first day, of the first hour, then they will end up stopping and looking for something else.

But, they turn their initial 1k dollar into 3k and then it becomes 80 dollars, so that 1k to 3k blurs their judgment and they end up being a bit more dangerously trading person. Copy trading doesn't give you losses right away at times, sometimes it does but at times it gives you profits, like gambling where you may earn your first few rounds but end up losing it all in the end. This is why I keep questioning the situation.

Without a doubt those that earn a little bit out of copy trading at the beginning are the ones that end up losing the most money, if someone were to try to use copy trading and they lost immediately then they will think it does not work and then find another way to trade.

But those that earn money at the beginning but then lose it all will think that there is in fact some potential in copy trading to allow them to make money, they just have to find the right person to copy, so they keep trying this strategy only to keep losing money to the markets.

[dunfida]

They don't just believe in their selves, always doing copy trading which sometimes,

Copy trading is used by beginners that just want to gamble, they will end up losing just like you have said.

Another one are trading signals, the newbies will also later end up losing because they are just taking trading as gambling and just like receiving predictions.

There is nothing better than to learn trading and have the experience, using the money you can afford to lose.

The dangerous part is that sometimes they do not lose on the first days, which creates the whole problem. If they start sing on the first day, of the first hour, then they will end up stopping and looking for something else.

But, they turn their initial 1k dollar into 3k and then it becomes 80 dollars, so that 1k to 3k blurs their judgment and they end up being a bit more dangerously trading person. Copy trading doesn't give you losses right away at times, sometimes it does but at times it gives you profits, like gambling where you may earn your first few rounds but end up losing it all in the end. This is why I keep questioning the situation.

Without a doubt those that earn a little bit out of copy trading at the beginning are the ones that end up losing the most money, if someone were to try to use copy trading and they lost immediately then they will think it does not work and then find another way to trade.

But those that earn money at the beginning but then lose it all will think that there is in fact some potential in copy trading to allow them to make money, they just have to find the right person to copy, so they keep trying this strategy only to keep losing money to the markets.

When you are tending to make copy trades then you should really be that mindful or be serious on learning up something even when you are just following because not like  forever you would really be making yourself

on following into someone and also there's nothing that could beat off where you do know on how to trade for yourself without relying anyone in terms on making tradition positions.

As for indicator or tool then one wont really be enough where there are specific uses of some indicators which would really be needing up some combinations.

[fauzan Ichsan]

I think it depends on the traders themselves, where is their habit and comfort to make a trade with their expertise. we can see that many traders do not use indicators and clean chart screens, but by looking at the candles they can conclude where the market is going. whatever technique is used as long as the trader is comfortable and can make a profit, I think it doesn't matter. but there are also traders who use more than one indicator to validate the signals they provide, only then can they conclude the analysis

[LUCKMCFLY]

~snipped~

which does simply shows that you would really be needing a couple or 3 or 4 depending on what you do need.

You're on point for seeking extra confirmation. There's every tendency that whenever two or three indis confirm the same direction, it gives a higher level of confidence to take a trade than when only one confirms. However, we've to be very careful loading our charts with indicators that we don't even get to use. That's my point. Traders who do that hardly get better results than those who use a few. The reason being that one could be missing out on trades because of conflicting signals from the so many indis on the chart. Whatever we do, it's better to keep it simple anyway.

I think 2 indicators or 3 indicators are enough to start trading, indeed between indicators sometimes have conflicting signals, if they are contradictory and we have doubts, then you should not make transactions, because of course the three indi will have the same signal within a certain time . I think the EMA, stoch, and rsi indicators are enough

For me 3 indicators are also enough, because when analyzing a chart two lines called EMA or any other can be used to see the behavior while another indicator can give us an idea of the possible trend to agree, of course those who have tradingview or any other another platform that they use to see or study a chart and that is paid, I would advise that they use the volume profile, since it gives in real time what is happening in each temporality and decisions can be made more easily, at least I have verified this each Whenever I analyze the market, I work more accurately when it is short term.

[Mr.right85]

For me 3 indicators are also enough, because when analyzing a chart two lines called EMA or any other can be used to see the behavior while another indicator can give us an idea of the possible trend to agree, of course those who have tradingview or any other another platform that they use to see or study a chart and that is paid,

Yeah, 3-4 indicators serves just right. You put a trendline, RSI, EMA and maybe any other available indicator that gives you some clear picture of whatvis happening in the market. 3-4 is the most gor me as any thkng more would make the charts seem so cloudy and confusing. With 3-4 you get to narrow your views and could easily pick up the changes in the market behaviour on an indicator.
Although, you don't have to trade solely on indicator expressed constraints of the market bit you can as well give ear to other elements to an analysis as, indicator trading is mostly of a technical aspect. Fundamental analysis can also play a big role

[ScamViruS]

I think it depends on the traders themselves, where is their habit and comfort to make a trade with their expertise. we can see that many traders do not use indicators and clean chart screens, but by looking at the candles they can conclude where the market is going. whatever technique is used as long as the trader is comfortable and can make a profit, I think it doesn't matter. but there are also traders who use more than one indicator to validate the signals they provide, only then can they conclude the analysis

All traders have a different view of the market. All traders create trading strategies according to their advantage and try to take maximum advantage from the market. I think the most important thing in trading is how you look at the market, because you can use the indicators to understand the market or you can find the market trends without any kind of indicator.

I do not use any kind of indicator in trading, without any kind of indicator I can get an idea about the market trends.

[Mpamaegbu]

~snipped~

I work more accurately when it is short term.

It's good you've developed a pattern you work with. By long term you mean trend change or timeframe? Also, are you highly profitable using this method of making analysis based on a short term? Can you twerk your pattern to see if it works long term also? I asked those questions because I've done short term timeframes and have seen how it can mess up one's mind. It will seem easy and profitable for a while but during chopping market the strategy is likely to collapse. I'm all in for longer term strategy. It gives me enough room to plan and do other stuff offline, and also keep my mind at rest.

[Oilacris]

~snipped~

I work more accurately when it is short term.

It's good you've developed a pattern you work with. By long term you mean trend change or timeframe? Also, are you highly profitable using this method of making analysis based on a short term? Can you twerk your pattern to see if it works long term also? I asked those questions because I've done short term timeframes and have seen how it can mess up one's mind. It will seem easy and profitable for a while but during chopping market the strategy is likely to collapse. I'm all in for longer term strategy. It gives me enough room to plan and do other stuff offline, and also keep my mind at rest.

You are the ones who would really be making out patterns via those real experience of yours because you cant really able to make one if you wont really be making out combinations.
Single tool wont be enough when you are really following technical analysis which it would really be lacking since it wont really be that complete for you to read up.
If you are just focusing for technicals and wont really be reading or reacting to fundamentals then it would be hard because not all the times where the market does have
some news.

[slaman29]

For me 3 indicators are also enough, because when analyzing a chart two lines called EMA or any other can be used to see the behavior while another indicator can give us an idea of the possible trend to agree, of course those who have tradingview or any other another platform that they use to see or study a chart and that is paid,

Yeah, 3-4 indicators serves just right. You put a trendline, RSI, EMA and maybe any other available indicator that gives you some clear picture of whatvis happening in the market. 3-4 is the most gor me as any thkng more would make the charts seem so cloudy and confusing. With 3-4 you get to narrow your views and could easily pick up the changes in the market behaviour on an indicator.
Although, you don't have to trade solely on indicator expressed constraints of the market bit you can as well give ear to other elements to an analysis as, indicator trading is mostly of a technical aspect. Fundamental analysis can also play a big role

I know people who use many indicators but only trust 1. They just use the others to back up what they find on the main one. RSI used to be my personal favorite also (even after I stopped trading just to follow the prices). But in 2018 and 2019 RSI was one of the shittiest performers in my charts. Kept screaming buy signals when markets went even lower.

Especially bad for altcoins/shitcoins.

[so98nn]

These days everyone is failing. Do whatever kind of analysis but peeps are always failing at right prediction due to world wide economic crisis. Whether it’s cereals, or gold or bitcoin everything is crushed down badly. Food is getting costly at one end while currencies are weakening against dollar and what not! Seriously traders are predicting something at one end and the news slaps everything out of it and change the path of trading. Things are tough these days.

[wxa7115]

For me 3 indicators are also enough, because when analyzing a chart two lines called EMA or any other can be used to see the behavior while another indicator can give us an idea of the possible trend to agree, of course those who have tradingview or any other another platform that they use to see or study a chart and that is paid,

Yeah, 3-4 indicators serves just right. You put a trendline, RSI, EMA and maybe any other available indicator that gives you some clear picture of whatvis happening in the market. 3-4 is the most gor me as any thkng more would make the charts seem so cloudy and confusing. With 3-4 you get to narrow your views and could easily pick up the changes in the market behaviour on an indicator.
Although, you don't have to trade solely on indicator expressed constraints of the market bit you can as well give ear to other elements to an analysis as, indicator trading is mostly of a technical aspect. Fundamental analysis can also play a big role

Using 3 or 4 indicators seems like the ideal number to me, fewer indicators than that and most likely you are overlooking some aspect of the market, more indicators than that and you are most likely using more than one indicator for the same thing and that is not a good idea as you may get confused about which indicator to use.

One indicator for trends, an oscillator, a volatility indicator and volume indicator should be more than enough to create a coherent strategy that allows you to make money in the markets.

[milewilda]

For me 3 indicators are also enough, because when analyzing a chart two lines called EMA or any other can be used to see the behavior while another indicator can give us an idea of the possible trend to agree, of course those who have tradingview or any other another platform that they use to see or study a chart and that is paid,

Yeah, 3-4 indicators serves just right. You put a trendline, RSI, EMA and maybe any other available indicator that gives you some clear picture of whatvis happening in the market. 3-4 is the most gor me as any thkng more would make the charts seem so cloudy and confusing. With 3-4 you get to narrow your views and could easily pick up the changes in the market behaviour on an indicator.
Although, you don't have to trade solely on indicator expressed constraints of the market bit you can as well give ear to other elements to an analysis as, indicator trading is mostly of a technical aspect. Fundamental analysis can also play a big role

Using 3 or 4 indicators seems like the ideal number to me, fewer indicators than that and most likely you are overlooking some aspect of the market, more indicators than that and you are most likely using more than one indicator for the same thing and that is not a good idea as you may get confused about which indicator to use.

One indicator for trends, an oscillator, a volatility indicator and volume indicator should be more than enough to create a coherent strategy that allows you to make money in the markets.

3-4 would be enough based on real experience and its true that having 1 wont really be that sufficient nor ideal nor complete if you are really tending to make use of technical analysis.
We cant really deny that there are indicators which would really be that needed for you to read up trend change or situations where you could really able to make yourself to position
whether you would buy or sell basing up on the situation that you are into.You would able to notice out for yourself if you do test single indicator to be used
which analysis wont really be that complete no matter what you do.

[LUCKMCFLY]

I think it depends on the traders themselves, where is their habit and comfort to make a trade with their expertise. we can see that many traders do not use indicators and clean chart screens, but by looking at the candles they can conclude where the market is going. whatever technique is used as long as the trader is comfortable and can make a profit, I think it doesn't matter. but there are also traders who use more than one indicator to validate the signals they provide, only then can they conclude the analysis

I am not one to do much technical analysis because I use indicators very little, but I consider that the few that I know have helped me a lot, especially to have more precision when placing an order because it is much more millimetric when it comes to short-term or even in the medium term, I consider it good for that reason, obviously when it is in the short term I do not dare to do it because firstly I have no experience and secondly because I think that in the short term or very short term the market is so volatile that I do not know if In this temporality, the market uses mathematical indicators much more and they have more functionality.

[TheGreatPython]

I am not one to do much technical analysis because I use indicators very little, but I consider that the few that I know have helped me a lot, especially to have more precision when placing an order because it is much more millimetric when it comes to short-term or even in the medium term, I consider it good for that reason, obviously when it is in the short term I do not dare to do it because firstly I have no experience and secondly because I think that in the short term or very short term the market is so volatile that I do not know if In this temporality, the market uses mathematical indicators much more and they have more functionality.

It's actually more important to do fundamental analysis these days than TA because new tokens are being created in big numbers every day and you must know which one is fundamentally strong and all these charts and markets and hype can be faked and manipulated very easily. You hire a few influencers and get the hype and similarly you throw $100k and get a massive momentum as well. But all these things can't still change the fundamentals of a project. No matter how much hype is there behind dogecoin but is and will always be a meme coin and is fundamentally hollow.

All these so called influencers are highly deceptive and paid most of the times. Once you learn FA and somehow combine it with TA on top, you are ready to rock the market.

[GeorgeJohn]

Same here. I am not only using a single tool in trading and uses a lot something like on what you have posted, OP. I sometimes uses a Fibonacci retracement tool along with trend lines and Stochastic RSI and for me it is an effective strategy for scalping but with just using one tool like the Fib retracement, I think it is not enough.

I think using diversification of tools is good actually, but the basic thing is that to know the tool that will be profitable and the one will not lead into distraction and mismanagement of fund's, actually if you are a trader what you will be inquisitive of is monitoring the movement of cryptocurrency chart, with the candle sticks navigation i think you will be able to know the when you are suppose to trade and to know when you are in the right track to trade and not to trade.