A single trading tool is not enough

[Awwal08]

A single trading tool is not a smart idea because it can take a long time to recover. As a result, diversify your assets between reputable Coin. Because if one falls, the other will rise in its place.

[stomachgrowls]

A single trading tool is not a smart idea because it can take a long time to recover. As a result, diversify your assets between reputable Coin. Because if one falls, the other will rise in its place.

Dont know on what you do mean about long time to recover on having a single tool to be used.I do rather believe that single indicator or tool wont really be enough on reading up a chart and made out

some analysis out of it thats why its really hard to having one because it would be incomplete or something which you cant read up basing with technical aspects.
We know that TA's arent that precise on this market but at least having knowledge and skills about on using it would really be having difference.

3-4 would be enough i would say but it does vary on someones choice or awareness on how they would be making use of it.

[Desscount]

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.

trading crypto with only 1 tool?, I didn't even use 1 tool at all and it worked,
many ways to trade without you having to buy a trading robot, or even expensive tools,
just use a good and correct strategy, such as using the MACD indicator , RSI or MA, EMA,
and don't be greedy, because greed will destroy you

[okorieemmanuel]

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.

This is the simplest question I've gotten in trading.
In trading, understand the indicator. If all your indicator point to the same direction, then you can enter the trade. Please note, you MUST check the news update before using this indicator. A typical list of indicators and their values can be viewed on https://m.investing.com/indices/bitcoin-real-time-technical . All indicators such as MACD, WILLIAMS e.tc are there.

[sklopan]

In general, I am a supporter of the idea that you need to use several methods for work. This should be done tritely for the reason that not all of them always work.

[tygeade]

This is the simplest question I've gotten in trading.
In trading, understand the indicator. If all your indicator point to the same direction, then you can enter the trade. Please note, you MUST check the news update before using this indicator. A typical list of indicators and their values can be viewed on https://m.investing.com/indices/bitcoin-real-time-technical . All indicators such as MACD, WILLIAMS e.tc are there.

If all of your indicators are showing downside, that usually means that it will go down, but if they all show upside, that doesn't always mean that it will go up. The problem there is that bitcoin market is fragile, when going up, people are afraid that it may start to go down, it goes up 2x? Then people say it is time for it to start going down, when in fact it could do another 3x on top of it. Don't believe me?

Check topics when it went from 10k to 20k in 2020, it then went to 68k at peak but during 20k many said it will start to go down. However, when it is going down, people do not think it will reverse, they think it could go on going down even further, which often does because of it.

[okorieemmanuel]

This is the simplest question I've gotten in trading.
In trading, understand the indicator. If all your indicator point to the same direction, then you can enter the trade. Please note, you MUST check the news update before using this indicator. A typical list of indicators and their values can be viewed on https://m.investing.com/indices/bitcoin-real-time-technical . All indicators such as MACD, WILLIAMS e.tc are there.

If all of your indicators are showing downside, that usually means that it will go down, but if they all show upside, that doesn't always mean that it will go up. The problem there is that bitcoin market is fragile, when going up, people are afraid that it may start to go down, it goes up 2x? Then people say it is time for it to start going down, when in fact it could do another 3x on top of it. Don't believe me?

Check topics when it went from 10k to 20k in 2020, it then went to 68k at peak but during 20k many said it will start to go down. However, when it is going down, people do not think it will reverse, they think it could go on going down even further, which often does because of it.

Its true that bitcoin market is volatile and that's why I clearly mentioned that you must check the news before using those indicators. If you do, your success rate would increase. Speculation can change the market sometimes but most times, the information is not always true so people don't rely on it.

[Kimonoe]

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 it depends on the user. everyone has their own preferences for using trading tools. even I've read that there are some traders who don't use it, of course they have their own technique to see the market and analyze it to determine targets and stop losses, therefore we must explore our abilities to find the right technique for ourselves, of course by increasing trading experience and keep a journal

[GatotKaca]

just use a good and correct strategy, such as using the MACD indicator , RSI or MA, EMA,

the indicators you use are also part of the tools provided by the exchange. all the tools are as the OP intended. you are lucky you can use it well. because without a good understanding, many of the tools used will not produce anything. it's all just speculation.

[okorieemmanuel]

just use a good and correct strategy, such as using the MACD indicator , RSI or MA, EMA,

the indicators you use are also part of the tools provided by the exchange. all the tools are as the OP intended. you are lucky you can use it well. because without a good understanding, many of the tools used will not produce anything. it's all just speculation.

My friend, this tool is a standard tool although there are little variation. The same tool is used by many traders on trading view website. Take a look at it here



https://www.tradingview.com/symbols/BTCUSD/technicals/

[sklopan]

It should be understood that the market is a rather complicated thing. It seems to me that with the right approach, a trader should be able to work with different instruments. At least now you really need to be able to use different strategies and tools.

[lixer]

This is the simplest question I've gotten in trading.
In trading, understand the indicator. If all your indicator point to the same direction, then you can enter the trade. Please note, you MUST check the news update before using this indicator. A typical list of indicators and their values can be viewed on https://m.investing.com/indices/bitcoin-real-time-technical . All indicators such as MACD, WILLIAMS e.tc are there.

You have a good point, and It’s quite similar to what the OP is saying though – making sure that we are applying or making use of different indicators at the same time so that we can be very hundred percent sure that we are entering the market at the right time.

Using different indicators can be helpful for us as traders to clear every doubt that we may have. Originally, we all know that the market is volatile and risky, but that’s not to say that we should lack discipline.

[Rufsilf]

It should be understood that the market is a rather complicated thing. It seems to me that with the right approach, a trader should be able to work with different instruments. At least now you really need to be able to use different strategies and tools.

It is absolutely complicated if we don't adapt to the nature of the market, we have to do otherwise.

A lot of trading tools are available, yet some of them are less effective or even nothing depending on our strategies and market approach. It has to know that trading results varies on how we manage our trade. Some say it was difficult and that was true but we don't just let this thing bother our mind, instead we have to face it and find a solution. We have to be proactive rather than thinking negative as this will never help us to improve.

[Digital_Lord]

I assume that adopting a few or even just one trading tool is sufficient because it is simple to manage and applying a lot of equipment might lead to mistakes in trading. Basically, it varies from the individual to what extent he is satisfied with the type of instrument, whether he wants to use one or just desires to use more. However, in my opinion, employing different programs will stop you from receiving what one should be equipped to offer under these circumstances.

[carlfebz2]

I assume that adopting a few or even just one trading tool is sufficient because it is simple to manage and applying a lot of equipment might lead to mistakes in trading. Basically, it varies from the individual to what extent he is satisfied with the type of instrument, whether he wants to use one or just desires to use more. However, in my opinion, employing different programs will stop you from receiving what you should be equipped to offer under these circumstances.

I certainly agree with you. A trader's focus shouldn't only be on tools because having more than one can only lead to confusion which can affect even the decision-making. We can't deny the fact that trading tools have different functions but we can pick the most useful one which can help us trade and deal with every market situation. It is more important if we'll be more equipped with knowledge so that we don't have to rely too much on trading tools.

Only make use of tools which is necessary or something that you could able to read on and not just putting it there just because someone do say that you should do so.It would really just make out a mess on your

chart specially if you wont really able to read it.Unlike when you are just using the right amount of indicators or tools which it would really be that precisely helpful on creating trading analysis.

Its up on someones preference since there are people who do really love to make use of lots of indicators but well it doesnt matter as long you do see for it to be
relevant then thats what counts.

[Rigon]

With a single strategy on the trading platform you can never profit from the trading platform.You need to use different strategies to profit from the trading platform When you go into trading you need to be a good market analyst.Each candle must be understood. Stop loss strategy should be used. By using stop loss system you will never fall into loss.And use Take Profit to automatically sell whenever you move into a certain price range.If you can trade with such different strategies then you can definitely benefit from the training platform.

[ItsCrafty]

The different types of trading require different trading strategies, such as different ones for day trading and new and modified trading strategies for other types of trading. One strategy is big a problem because these are the means by which customers can make money in such unstable occasions. So do not work by just a unique and unchanged tool.

[Hamza2424]

Agreed dude, Depending on the single indicator or source of the information for the analysis can be a huge risk for your trade always analyze as much as you can i boost you confidence and the efficiency of the trade. Better to check one by one and then analyze the data and variation between them which will help you figure out a decent result. in risk management these tips will try to help you.

[carlfebz2]

Agreed dude, Depending on the single indicator or source of the information for the analysis can be a huge risk for your trade always analyze as much as you can i boost you confidence and the efficiency of the trade. Better to check one by one and then analyze the data and variation between them which will help you figure out a decent result. in risk management these tips will try to help you.

This would be a never ending trial and error when it comes to analysis that you are making.It is true that one indicator or trading tool wouldnt really be that enough because there are lots of variations and market

conditions which you would really be needing to have certain indicators which would really be helpful for you to read up at least on whats going on with the market..It might not be that precise but it is way

more better rather than making yourself making out positions and decisions without any basis.Its up to you on what you should really gonna make use depending on certain conditions.

[Rengga Jati]

Agreed dude, Depending on the single indicator or source of the information for the analysis can be a huge risk for your trade always analyze as much as you can...

Exactly, researching and analysis the market cannot be only seen from one trading tool. There must be supports that will lead you to analyze more effectively and efficiently (but not tools that make it more complicated and dizzy enough). Additionally, trading analysis is also based also on how the TA and FA combination, is not only based on singular analsyis. This is to minimize or decrease the risks of changing the market suddenly.
There actually several complex things that must be analyzed and considered when doing trading activities, moreover trading in the Future market. That is why this may not fit the newbies or someone who cannot do the analysis carefully, smartly, and wisely (or only by those who only follow and use trading signals only).
Although we use the analyses, they will also not guarantee us to always profits and not losing, no, it cannot guarantee it. But at elast by doing some analsyis, we can press the risk probabilities.