A single trading tool is not enough

[lixer]

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.

Honestly if you are a smart trader you can make money even from bear markets just by being smart and calculated with your moves. I give you an example I saw how people made money even when everyone else was losing money to the Luna attack or scam whatever. So smart traders knew the price will plummet and they opened short positions against Luna and as the price continued to drop they made thousands and millions of dollars just by repeating it.

We do need to understand that it's not that easy and that is why I didn't try it myself but if you have some knowledge and experience and know-how and when to short and long a particular coin, you can actually make a decent chink of money. Maybe start with a small amount and learn how it's done and then once you feel you have mastered the art of leverage and futures trading, go big.

[1715361195]

1715361195

[TimeTeller]

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.

Honestly if you are a smart trader you can make money even from bear markets just by being smart and calculated with your moves. I give you an example I saw how people made money even when everyone else was losing money to the Luna attack or scam whatever. So smart traders knew the price will plummet and they opened short positions against Luna and as the price continued to drop they made thousands and millions of dollars just by repeating it.

We do need to understand that it's not that easy and that is why I didn't try it myself but if you have some knowledge and experience and know-how and when to short and long a particular coin, you can actually make a decent chink of money. Maybe start with a small amount and learn how it's done and then once you feel you have mastered the art of leverage and futures trading, go big.

That is true, even in the bear market, a trader can still make money.
However, it takes skills and experience how to attack the market.
Also, you need to know the background and current situation of the coin itself.
Because you can't predict the market trend just by looking at the graphs alone.
You also need to check and understand what is going on with the coin, their developments and updates.
If nothing is moving and no hint from their social media channels, are you going to expect that they will pump in the market?

[sklopan]

I think that sometimes it makes sense for the market to use several instruments. This is more reliable and can bring more noticeable results.

[thecryptogandalf]

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.

I think a tight stop loss with not much wiggle room can be closed by normal market movements and you may miss a trade that could have potentially been profitable. A wide stop loss placed too far could require entering a position so small, that the potential profit might be too insignificant.

I usually use indicator like macd, psar and ema together for opening my position and closing my positions as well in order to filter out the ranging market I use ADX indicator. So in chart I have these indicators.

I always set multiple stop loss and take profits and see where they are and how their position fit the current market thanks to chart trader. I have an understanding of RRR for each SL or TP level before opening the position.

Another thing is I always replay my position history on the chart in real-time, I can see what I need to improve and check if any of my conditions are rushing or lagging behind. It gives me tremendous insight on how to go with the way I trade and constantly improve myself.

I implement these on a trading platform called cleo.finance btw.

[cheezcarls]

Yes we have to be open in terms of using other trading tools that would definitely help us in making critical decisions whether to short or long our trades.

I usually use Newscrypto’s platform for my trading decisions as they have multiple tools that are integrated with AI like the Moonlines (identifying multiple support and resistance lines in different scenarios), correlation, arbitrage, whale alerts, indicators, etc., along with some educational content. It makes our trading decisions much easier since they offer a wide variety of tools rather than just using a single one.
 

[milewilda]

Yes we have to be open in terms of using other trading tools that would definitely help us in making critical decisions whether to short or long our trades.

I usually use Newscrypto’s platform for my trading decisions as they have multiple tools that are integrated with AI like the Moonlines (identifying multiple support and resistance lines in different scenarios), correlation, arbitrage, whale alerts, indicators, etc., along with some educational content. It makes our trading decisions much easier since they offer a wide variety of tools rather than just using a single one.
 

Be having that open-mindedness when it comes to possible ways or methods which might really be able on being helpful on your trading career.Single trading tool wouldnt really be enough i would say.
If you could do naked trading then its good but most of the time this would be particularly be into those experienced traders in the market. All of possible tools had already existed on the market
whether you  do make use of it or not but it would really be depending on you because it would really be lots of trial and error.
Its up to you on which one do works for you and do engage and adapt easily on sudden changes.

[fullhdpixel]

I think that sometimes it makes sense for the market to use several instruments. This is more reliable and can bring more noticeable results.

Depends on your trading pattern as well.

If you are a long term investor who buys assets that have a long term value then yes you have to use multiple tools to make sure the project is fundamentally strong, can sustain bear markets & has a scalable model. For example, Ethereum had everything but scalability is a bit of a problem as the network is now congested and they have to upgrade to Eth 2.0

If you are trading short term then all you need to ensure is market movement because you will ideally want to buy the dip and sell the tip but it's not that easy. You need tools that indicate the market movement and you need to act quickly and sharply to sell and buy on those points.

So based on how you trade and what strategy you use, certain tools are required.

[wiss19]

Some very good points made but I always felt and still feel that trading around major market news is always a benefit. I don't know much about indicators, signals, chart movements, and technical analysis but follow the simple formula that when the price is down you just have to buy no matter what and when the price is pumped up, you need to sell and not be greedy. Just following these two things in trading can almost always guarantee you will not lose money.

I understand there are more methodological traders in here and all those candles and tools have their meaning, not sidelining them but no matter how much you analyze, the market will always trick your analysis and that's because there are whales who know what others are thinking and have that insane ability to manipulate the market opposite of what an average trader is anticipating and eat up their balance.

[FanEagle]

Honestly if you are a smart trader you can make money even from bear markets just by being smart and calculated with your moves. I give you an example I saw how people made money even when everyone else was losing money to the Luna attack or scam whatever. So smart traders knew the price will plummet and they opened short positions against Luna and as the price continued to drop they made thousands and millions of dollars just by repeating it.

We do need to understand that it's not that easy and that is why I didn't try it myself but if you have some knowledge and experience and know-how and when to short and long a particular coin, you can actually make a decent chink of money. Maybe start with a small amount and learn how it's done and then once you feel you have mastered the art of leverage and futures trading, go big.

That was a risky move though, because even though the price of Luna dropped, there were times when it spiked high for a while, it was instant of course and responded with a bigger crash, but that would mean that all of your short positions to be filled and gone.

Tons of Long futures people took advantage of that as well, they did long positions on something they knew would go down, but they knew that they could have increased it just enough to make profit from the short positions before they sold it all. So even if you are a veteran of crypto doing the right thing, you may end up with a problem in your hands if you do not time your trades right.

[Alisha-k]

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.

Excess tools = confusion, two to three tools = confluence but a single tool =noise. Multiple tools are nice if and only it doesn't exceed three anything outside this makes the chat too busy and confusing because it will warrant interpreting more than three indicators and at the end you get even more confused than someone using a single tool

[sklopan]

For me, trading in general is a rather complex work that requires the right approach, and most importantly, the correct organization of this work. Otherwise, the result is not easy to achieve.

[dunfida]

For me, trading in general is a rather complex work that requires the right approach, and most importantly, the correct organization of this work. Otherwise, the result is not easy to achieve.

Trading is never been easy and it would really be requiring that much knowledge and skills for you to handle out market conditions and since we've been dealing with buy and sell thats why we do really need several

tools and indicators which would really be helpful on your trading and everything would be varying on how well you do make use of it even though its not that precise on using them but its better rather than

having nothing at all or making out some wild guess on where price could possibly go.Its up to someone on how they would really be setting out theirselves into the market.

[Findingnemo]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

[Sebas.tian]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

Exactly, carry out more analysis before trading  will really help you to avoid losses from the market. Using indicators and other tools to monitor the market price will really help you to go far in crypto trading, because a lot of professional traders made used of those tools to monitor the movement of the market price to know when to sell to make a huge amount of money, and when not to sell not to experience losses at the end of the market. I think, it is very difficult for those using  two indicators to monitor the price to experience losses at the end of the bear market because it help them to follow up with the current market price at the moment.

[SirLancelot]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

You have a point with that because we can do trade with a simple buy low sell high. We know what price we bought our coins so we also know if what price is ideal to sell it to make a profit. Some traders only use tools like the two that you mention only to help them predict the market better. They can then decide if they will sell/buy immediately or if they will wait a little longer.

Good thing for you that you still manage to learn 3 indicators but so many traders still find it hard to use indicators so they skip this part but they can look at the charts to see the movements of the price. A single trading tool may not be enough but that is better than nothing.

[Hamphser]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

You have a point with that because we can do trade with a simple buy low sell high. We know what price we bought our coins so we also know if what price is ideal to sell it to make a profit. Some traders only use tools like the two that you mention only to help them predict the market better. They can then decide if they will sell/buy immediately or if they will wait a little longer.

Good thing for you that you still manage to learn 3 indicators but so many traders still find it hard to use indicators so they skip this part but they can look at the charts to see the movements of the price. A single trading tool may not be enough but that is better than nothing.

Buy low sell high might be easy but when you are on the actual situation then making out decision is something the hardest thing to be done.Yes, the concept or the whole idea on how to make profits is easy but

making yourself get involved on actual manner then this is where you do realize that things arent easy or simple as it sounds.When it comes to trading tool then of course you would really be needing several
indicators or tools for you to be able to read up the current market condition even though its not precise but its better rather than going some wild guess with  your trades or investment.

[jostorres]

even though the price of Luna dropped, there were times when it spiked high for a while, it was instant of course and responded with a bigger crash, but that would mean that all of your short positions to be filled and gone.

Tons of Long futures people took advantage of that as well, they did long positions on something they knew would go down, but they knew that they could have increased it just enough to make profit from the short positions before they sold it all. So even if you are a veteran of crypto doing the right thing, you may end up with a problem in your hands if you do not time your trades right.

When you are leverage trading, you know what you are getting into and how you should approach it. I personally believe that we should not even consider leverage trading because it is a very risky thing, but if people are doing it, then they are aware of the risks that it entails.

So, if you are doing it on something that you are 100% sure that will fall, then you need to make sure that you are always on top of it, and instead of getting liquidated, you could end up putting a stop loss where you get out with some loss, even if 50% loss that would be fine. And when doing it, you should be always online and check it, that would allow you to make some profit.

[Zilon]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

What do you use in setting your targets? If you just jump into trades without analysis be it short term or scalping it is similar to gambling. Indicators are like guides they are not the main base for taking investment decision but they serve as conformational tools especially if you are using it with the news. The market on it's own is even more confusing without an indicator it might make investors guess on market trends and expect the market obey their own predictions

[Findingnemo]

Using tools like charts and indicators are not really mandatory to do trades, we can set our target price and leave it until it reaches but for short term traders they have to do more analysis on the movements that is where the importance of indicators and other trading tools comes but it also doesn't ensure the market movement just a kind of prediction and expect it to happen. Long time back when I am actively doing day trades I used to use 3 indicators only because too much if indicators also will give more confusion which doesn't let us to conclude the things.

What do you use in setting your targets? If you just jump into trades without analysis be it short term or scalping it is similar to gambling. Indicators are like guides they are not the main base for taking investment decision but they serve as conformational tools especially if you are using it with the news. The market on it's own is even more confusing without an indicator it might make investors guess on market trends and expect the market obey their own predictions

Yes, more or less I just do as gambling because most of the time I go with my instincts based on the news and to be honest I was right most of the time also I set realistic targets like 3 to 5% but not everyday once I achieve I like to take a break then start fresh and just goes on.

[sklopan]

It is important to understand that often during work you need different tools, and you need to be able to work with them correctly. I think this aspect is quite important.