Is Technical analysis a must know in crypto trading?

[LUCKMCFLY]

market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

Trading with just gut feelings is a very wrong way to trade cryptocurrency market, you're trading with emotions by doing so and we're advised against trading with our emotions as it can make you lose money very easily. If you understand charts then you should be able to predict the movement of the market, concentrate on understanding the charts.

If you're able to make predictions from the charts then you can go far trading but you'll need more to become a professional. Technical analysis are very important to understand as that's what differential most traders from the average traders just using their gut feeling to gamble as trading.

Among the things that I have read the most from the books that are most relevant to Livermore,he says that sometimes you have to follow your intuition (not all the time) but Sometimes and if it works, of course this is something that has to be Taken as a of the things that should be done but know how to do them, and you only have to do them when you have enough experience in the market and when the person believes and sees fit to do it,so it's not bad at all, the bad thing is to abuse your intuition and always go by intuition and not by analysis, both for fundamental and technical analysis.

[RockBell]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

The use of technical analysis, although not obligatory can substantially help traders by enabling them to recognize market patterns and make wise trading decisions. Nevertheless, since TA is not impermeable and the cryptocurrency market can be extremely volatile, relying solely on it is not recommended. It is crucial to be aware of this instability and to exercise caution. The choice to use technical analysis ultimately rests with the trader. using analysis requires a lot of time to master but is a good tool.

[NotHatinJustTrollin]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

Technical analysis is an important tool for traders as it helps identify trends in the market and potential entry and exit points for trades. While not everyone uses technical analysis as their primary means of making trading decisions, it can provide valuable insights and help reduce risks by providing a clearer picture of market movements.

However, it's important to remember that technical analysis is not foolproof and can only provide a guide for trading decisions. Other factors such as fundamental analysis and news events can also influence the market and affect your trades.

[taufik123]

-snip-
However, it's important to remember that technical analysis is not foolproof and can only provide a guide for trading decisions. Other factors such as fundamental analysis and news events can also influence the market and affect your trades.

And also don't forget some strategy and management will also be a factor that determines trading profits.
Technical analysis and Fundamental analysis become one unit and will say the same thing about market movements that occur.

But for beginners, it is not easy to master Technical and Fundamentals, it takes a lot of effort to understand how the market works and how to understand each tool used for technical analysis and research with fundamentals.

There are many guides that provide knowledge about technical analysis. But also be careful looking for tutorials, never believe in instant results.
It is better to learn gradually starting from Basic and then proceeding to more expert learning.
Everything requires a process, and that process will determine how far you learn.

[Zilon]

Technical analysis is vital but it is not a must. It is only an added advantage. A fundamental trader might not needed TA to make decision on the market but if both TA and FA are used in confluence it will definitely improve the analysis and spot out possible error in our analysis. A good trader will make sure both TA and FA are making similar prediction before taking action. Having either of them is good but having both as a trader makes the trader even better. But if a trader has neither TA or FA skills then they have no business making decisions in the market because they will end up losing their funds.

[Mpamaegbu]

Technical analysis is vital but it is not a must. It is only an added advantage.

Understandably, those I bolded are apt to the issue at hand. However, your last sentence captures it for me. That added advantage is what I always seek. A trader with that advantage will worry less than the one without it. The TA is one area I dwell on whenever I'm teaching interested minds the intricacies of trading because I know many a trader may not have the luxury of watching or listening to news which constitutes FA. If one got the TA right, one is more than 50% profitable in trading already.

[Chainsmokers]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

Technical analysis is an important tool for traders as it helps identify trends in the market and potential entry and exit points for trades. While not everyone uses technical analysis as their primary means of making trading decisions, it can provide valuable insights and help reduce risks by providing a clearer picture of market movements.

However, it's important to remember that technical analysis is not foolproof and can only provide a guide for trading decisions. Other factors such as fundamental analysis and news events can also influence the market and affect your trades.

It would be better to use technical analysis and fundamental analysis,
surely it's not an easy thing and not everyone can do that,
the most important thing is to make the best decision by considering many things.

[Litzki1990]

Technical analysis is not required for trading, only certain ideas and experience related to trading can be achieved in trading. Different people usually have different ideas and experiences about trading. There is no specific way to learn about trading. That is, we usually study as different professions, ie for studying doctor and engineering, we have to study a specific subject, in the case of trading, there is no such specific subject. Trading is a specific platform but there are different ways to learn about it and gain experience, usually trading in the way that is easier for them.

[Franctoshi]

Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

You are on the right track, as for me it is necessary you have the knowledge about technical analysis as a trader as well as an investor before starting trading or investing, as it gives you an edge over knowing what to do at any given time, basically when to buy and sell in the market.

No Technical Analysis its not the most important thing in crypto space.

Try to read chart in 1hour chart on TradingView and learn about candlesticks, then if u think ur good at it try to combine it with Ema 200 and RSI index and Stochastic RSI.
Try to guess whats price its gonna be after 4hours.

Lolz, when reading Charts, learning about candle sticks as you've mentioned and using RSI index and Stochastic RSI indicators, what do you think you are doing?, Simply technically analysing the market because those tools are Technical indicators meant for technical analysis, As technical analysis involves market analysis using Chart patterns, indicators and historical data to analyze the market.

[Bushdark]

Technical analysis is not required for trading, only certain ideas and experience related to trading can be achieved in trading. Different people usually have different ideas and experiences about trading. There is no specific way to learn about trading. That is, we usually study as different professions, ie for studying doctor and engineering, we have to study a specific subject, in the case of trading, there is no such specific subject. Trading is a specific platform but there are different ways to learn about it and gain experience, usually trading in the way that is easier for them.

  We may think that technical analysis is not required to trade in the Cryptocurrency market because most time the market is mostly based on pump and down which is most majority of the whales in the market does to make severe profits from the market.
Technical analysis is a most for a trader to trade the cryptocurrency market apart from so many numerous group that indulge in pump and dump making some investors think that the coin is moving very well.

We need to know that cryptocurrency market is mostly manipulated by the whales that have large token portfolio in the market. Thusnhas made many traders think that having a good knowledge in technical analysis is not needed. We need to know what we are doing so that we can be able to make the right decisions.

[Josefjix]

Technical analysis is not required for trading, only certain ideas and experience related to trading can be achieved in trading. Different people usually have different ideas and experiences about trading. There is no specific way to learn about trading. That is, we usually study as different professions, ie for studying doctor and engineering, we have to study a specific subject, in the case of trading, there is no such specific subject. Trading is a specific platform but there are different ways to learn about it and gain experience, usually trading in the way that is easier for them.

Understand and the operations of the market, definitely profits will be the orders of the day. In cryptocurrency, there are two basic types of trading strategies: technical and fundamental analysis, the latter of which is only triggered by chart analysis. We learn most of the fundamentals and technicals of trading step by step, they're bulky and learning never stops, regardless of how long you've been in this field. Technical analysis is a difficult trading approach that must be studied. The majority of trading charts are formed using technical analysis, which aids in learning how to read a chart and place appropriate trades.

[Fatunad]

Technical analysis is not required for trading, only certain ideas and experience related to trading can be achieved in trading. Different people usually have different ideas and experiences about trading. There is no specific way to learn about trading. That is, we usually study as different professions, ie for studying doctor and engineering, we have to study a specific subject, in the case of trading, there is no such specific subject. Trading is a specific platform but there are different ways to learn about it and gain experience, usually trading in the way that is easier for them.

  We may think that technical analysis is not required to trade in the Cryptocurrency market because most time the market is mostly based on pump and down which is most majority of the whales in the market does to make severe profits from the market.
Technical analysis is a most for a trader to trade the cryptocurrency market apart from so many numerous group that indulge in pump and dump making some investors think that the coin is moving very well.

We need to know that cryptocurrency market is mostly manipulated by the whales that have large token portfolio in the market. Thusnhas made many traders think that having a good knowledge in technical analysis is not needed. We need to know what we are doing so that we can be able to make the right decisions.

You cant really be that ending up on being that profitable nor sustaining on this market if you do have this kind of approach on which you are really that making yourself on being a gambler because you do believe that
trading is really just that up and down thing but it doesnt really look that way on which it would really be just that right that you should really be that mindful about on how to sustain yourself on trading.
This isnt something like that you could deal with up easily which you could just simply position  yourself without any basis. TA + FA is really that relevant for you to learn because
if you dont then what are the things that you've been using? Pure guess or speculation? This isnt how to deal up with this market.

Dealing up with an unpredictable market should really be taken seriously and not really just like on having that kind of behavior on just like when you do play gambling. This isnt the right approach
because if you do come into this kind of point then we do have that kind of assumptions on what would be the results.

[MIner1448]

If you use technical analysis, then it can help you make more informed trading decisions based on the analysis of price charts and other data. Technical analysis can help you determine price direction, support and resistance levels, and when to buy and sell.
However, if you prefer fundamental analysis, then technical analysis may not be that important to you. Fundamental analysis focuses on factors that affect the market, such as company news, events, and financial statements, and can help you determine which assets may be overvalued or undervalued.

[Fatunad]

The optimal path is to learn from someone else, as they can protect you from making a great deal of mistakes which end up costing newbies a massive amount of money.

However finding such a person is incredibly difficult, to begin with you will need someone close to you to be an expert trader, and if that was not difficult enough you will also need for that person to be willing to teach you, which is not common at all as people remember very well how much it cost them to acquire the knowledge they have and they are not willing to part with it for free.

It's obviously difficult to find someone who is willing to teach you all the tips and tricks and the special technical techniques without charging you a dime. In a world like today where people open free groups to teach people trading or give trading signals only to promote their premium groups where people will need to pay money to get so-called VIP signals.

So it's probably better if someone takes the oath to learn everything by themselves by watching videos or reading articles or other resources if they can't afford to pay the fees charged by the mentors.

I did that, I mean I didn't do the teaching, I did the learning part. I met with a friend via crypto, and he helped me learn about it all. I hate learning from videos or from texts, because I can never learn anything about it. But when it comes down to learning from someone? Like actually being able to ask questions to that person when you do not understand something, that is a totally different situation.

With text or video there is no return, I may not understand something and all I can do is read it again or watch it again, but when there is another person then you can ask the question and they will answer you properly, or find another angle to help you. This is why learning from someone is much better if you trust they are actually good.

We know that not all the time we do have a friend that knows about trading and if theres one then there's no assurance that they would really be teaching you from top until into the bottom or surely does have the intent on teaching you everything and we know that it does really require that ample time and effort them to teach up someone who doesnt really have that idea on what really it is.Yes  it is true that on the time that you would really be having some questions then if you do have someone who you could asks to then it would be good to have those kind of realtime interaction whereas you do compare it out when you do learn on your own but we know that not all we do have a friend like that. This is why we dont really have other options but to learn on our own since everything could really be found or searched up on internet and the rest of the learning would really getting from real experience and this is where it would vary whether you would really be handling yourself well or not.

Technical analysis learning is really that needed or really that crucial when it comes to trading because we know that this market isnt really always having the news or fundamental which we could really depend on.
This is why it is really that crucial or needed.

[LastKiss]

If you use technical analysis, then it can help you make more informed trading decisions based on the analysis of price charts and other data. Technical analysis can help you determine price direction, support and resistance levels, and when to buy and sell.
However, if you prefer fundamental analysis, then technical analysis may not be that important to you. Fundamental analysis focuses on factors that affect the market, such as company news, events, and financial statements, and can help you determine which assets may be overvalued or undervalued.

Both can be combined and if we do that we can get better results, We can also copy other people's strategies if I'm not wrong for those people who don't want to learn technical analysis. Well, learning won't be easy at first but if we have that knowledge our trading results definitely different rather than not using it.

[Timmzzy]

We dont just have that alone in the foundation of trading any financial MARKETS be it crypto,forex, and stocks. we have sentimental analysis, fundamental analysis as well but with all of these they are just 10% confluence to trading. The most of it all is RISK MANAGEMENT. having a good risk management gives u and edge to technical analysis in any situation, and you most learn to control emotions and have patience.

[palle11]

Both can be combined and if we do that we can get better results, We can also copy other people's strategies if I'm not wrong for those people who don't want to learn technical analysis.

If you don't learn the strategy to trading then how can you know if you are copying the right trade or wrong trade? Copy trading is the reason some people assume trading to be the same thing as gambling because they only rely on the success of what they have copied from even unknown source instead of taking time to study and learn the market rudiment which is technical analysis. It is important that a trader learn that even though some rely on just fundamental but which ever way it better to have one of them as a trading strategy.

[Franctoshi]

Both can be combined and if we do that we can get better results, We can also copy other people's strategies if I'm not wrong for those people who don't want to learn technical analysis.

If you don't learn the strategy to trading then how can you know if you are copying the right trade or wrong trade? Copy trading is the reason some people assume trading to be the same thing as gambling because they only rely on the success of what they have copied from even unknown source instead of taking time to study and learn the market rudiment which is technical analysis.
It is important that a trader learn that even though some rely on just fundamental but which ever way it better to have one of them as a trading strategy.

Literally, there's nothing much anyone that calls himself or herself an investor/trader can do in this crypto industry without either having the knowledge of fundamental or technical analysis side of trading, if not both, whether you are a long term, mid term or short term Bitcoin/crypto holder or investor you need this basic knowledge because I wonder how you would succeed here as an investor/trader without the knowledge, except for the fact that you hire or employ market analysts which will also cause you some money to do so.
Literally you need to know when you should enter or exit the market without relying on someone else's analysis and to tell you what to do.

[carlfebz2]

Both can be combined and if we do that we can get better results, We can also copy other people's strategies if I'm not wrong for those people who don't want to learn technical analysis.

If you don't learn the strategy to trading then how can you know if you are copying the right trade or wrong trade? Copy trading is the reason some people assume trading to be the same thing as gambling because they only rely on the success of what they have copied from even unknown source instead of taking time to study and learn the market rudiment which is technical analysis.
It is important that a trader learn that even though some rely on just fundamental but which ever way it better to have one of them as a trading strategy.

Literally, there's nothing much anyone that calls himself or herself an investor/trader can do in this crypto industry without either having the knowledge of fundamental or technical analysis side of trading, if not both, whether you are a long term, mid term or short term Bitcoin/crypto holder or investor you need this basic knowledge because I wonder how you would succeed here as an investor/trader without the knowledge, except for the fact that you hire or employ market analysts which will also cause you some money to do so.
Literally you need to know when you should enter or exit the market without relying on someone else's analysis and to tell you what to do.

You would really be normally be finding out those realizations along the way. You cant just dive in into this market without having those basic knowledge in between TA and FA which we know that it would really

be that having with relevant approach on knowing these things.This would really be helping you out on how to handle yourself with this unpredictable space on which price isnt something that it precisely
been influenced with external factors. Even though TA+FA wont really be that a precise tool but at least you do have something that been using rather than on putting up your position blindly which we
know that this is something that can be called as gambling.This isnt the right way for you to deal up with this space without having those preparations.

This is why in regarding on the question about being a must thing- Then its definitely a must thing to consider.Dealing up with this space without having these things could really lead you nowhere.
Better to have a good approach on making or having the knowledge which it would really be relevant on what you are currently dealing with.

[AakZaki]

Literally, there's nothing much anyone that calls himself or herself an investor/trader can do in this crypto industry without either having the knowledge of fundamental or technical analysis side of trading, if not both, whether you are a long term, mid term or short term Bitcoin/crypto holder or investor you need this basic knowledge because I wonder how you would succeed here as an investor/trader without the knowledge, except for the fact that you hire or employ market analysts which will also cause you some money to do so.
Literally you need to know when you should enter or exit the market without relying on someone else's analysis and to tell you what to do.

Basic knowledge of investment and trading is certainly very necessary. Without this knowledge, you will not be able to determine when to enter and when to leave. A newbie who is just getting into crypto trading is still groping about what he should do because he doesn't have the basics. If you only employ market analysts, you have to spend more money or follow other people's suggestions on Twitter or other social media. it will be more dangerous, because it is not recommended. Several cases show that most other people's suggestions are traps.