Trading is beyond technical analysis

[WilliamCarter]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

[citywise2]

This is for beginners traders because I now old traders like know these already.

You set indicators, the market fall to where you supposed to buy, like in an oversold market, you buy the coin, thinking the price will start rising. The market show as if the price will start rising but the later continue to fall and fall the more. In the process, your money got liquidated. Your tried it for overbought market but the same thing happened and your money got liquidated.

All of us that are old traders know this, so you really need to make use of strategies that can help you not to lose much and that can lead to possible recovery not avoid martingale.

Trade with the money that you can afford to lose to help you fight emotions
Do not use leverage or use very low leverage like 1.5x
Avoid most altcoins
Averaging is good but martingale is your enemy
Risk management is important
Money management is also very important
Do not trade in a way that you will always watch the screen in panic
Fundamental analyses can help in knowing when to buy at times but still be careful because it is also not enough just like technical analyses.

Old traders,  if you need to give advise, what are they?

Well said! To add  a thing, there is something called liquidity. When for instance a whale wants to buy a coin, they always buy it cheaper. First  they push the price down below where many  traders - newbies and amateur, supposedly placed their stop loss . Now they have gotten all the liquidity they needed and right before your very eyes, the market move as you have originally targeted but unfortunately your trade was taken off by your stop loss.

 It's no crime, that is how the entire financial market works and you may not see it in text book, but have to experience it live. Bottom-line is,  get a mentor, he has been many times to the place you are planning on going.  Watch how he trades live,  that is hand-on experience with the market conditions because you are going to need them tomorrow plus  whatsoever you were able to gather on your own. That is a sure way to save time and money and then make more.

[YOSHIE]

Old traders,  if you need to give advise, what are they?

Doing crypto trading is not just about having money and then entering the market to trade, there are many other factors that can determine someone's success in trading, like the way we manage risk management, for example, don't use money for daily living needs.

Likewise with how we control emotions and psychology such as panic, fear and greed, that is the reason crypto trading requires more than graphic analysis to be successful in trading activities, Likewise, fundamental analysis is also the main benchmark so that users understand the type of coin they want to trade as well as global regulations and also the developer of the coin itself so that we don't get caught drowning, Prioritize the points above that we understand crypto trading not just by understanding technical analysis, we consider other factors that can make us successful.

[Baki202]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

It sounds funny, but it's not funny because, in most cases, trading is not something you want to rush because doing so will only put you in a very difficult situation because it was all about charts. I'm confident that no one will lose their money, so it would be best for them to just accept that relying on charts does not guarantee that you will be winning when it comes to trading  it's a skill because there are people who don't even know how to interpret charts, which is where the majority of the problem arises. So this is a matter of knowledge and experience the two works hand in hand.

And when it comes to trading, you can't just be overconfident; you have to know exactly what you're doing. You can't do guesswork; you have to be precise. For this reason, trading is a game of time that requires a thorough understanding; if you can't trade, it's better to just concentrate on investing.

[Karl_3000]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

I have just noticed this reply since August but I will like to still post something. You are very right, but I just want to make some corrections, if you noticed that you are still losing as you are trading since it is more than two months ago, it is just better you stop trading. Trading is very similar to gambling in a way that most people that are traders are losing, the best can just be to hodl.

[RockBell]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

One thing that today's traders fail to realize is that no matter how confident you are, the market will humble you because even with experience, you will still lose money. For this reason, when you are trading, you simply need to be calm and not rush things because that is the mistake people make when they first start trading. Therefore, it is best to understand what trading is about from the beginning because if you don't have the right orientation, it will become a big problem because most people are still perplexed as to why they aren't making money.

And everything depends on how well you understand trading. Based on your experience, you've discovered that sometimes all you need to do to improve is to learn from your failures.

[nelson4lov]

One thing that today's traders fail to realize is that no matter how confident you are, the market will humble you because even with experience, you will still lose money. For this reason, when you are trading, you simply need to be calm and not rush things because that is the mistake people make when they first start trading. Therefore, it is best to understand what trading is about from the beginning because if you don't have the right orientation, it will become a big problem because most people are still perplexed as to why they aren't making money.

And everything depends on how well you understand trading. Based on your experience, you've discovered that sometimes all you need to do to improve is to learn from your failures.

I don't know if you trade but what you said is true. As a trader, I have learnt from top traders that there is really one way to improve in trading which is to document and journal everything including mistakes, habits, patterns that lead to wins or losses, etc such that when reviewed, active steps can be taken to work on issues. In some cases, it would be more beneficial to focus more on what works and less on what doesn't work. Some people don't even record their execution mistakes so they can improve on it.

[Donk1]

Well if I may say trading has to do with a lot of precision and experience. And as a new trader, when you have lost too many times in the market because you thought the trend was just a normal ups and downs candlestick pattern at some point, that's how it may seem until you put in effort. And with practice, you will understand fundamental analysis, the different types of market, using support and resistance, identifying candles, and what shadows mean, using TP and SL to minimise risks, and so on. All this comes in due process and as time goes you wouldn't only rely on your knowledge, but also you will rely on your experience with the market, which triggers a sense of awareness of certain spikes that indicates trend reversal. But instead of fear, greed, or panic, it becomes instinct, whereby after a lot of experience most times you just have to close the order before it reaches your TP because your mind is telling you that there would be a trend reversal. So yeah instincts help avoid total / minimises loss too. To me the outcome of trading is unpredictable and everyone has their share of experience, so you just have to be committed, that's all.....

[Cryptmuster]

I don't know if you trade but what you said is true. As a trader, I have learnt from top traders that there is really one way to improve in trading which is to document and journal everything including mistakes, habits, patterns that lead to wins or losses, etc such that when reviewed, active steps can be taken to work on issues. In some cases, it would be more beneficial to focus more on what works and less on what doesn't work. Some people don't even record their execution mistakes so they can improve on it.

For some people, a journal where they write down all their mistakes and strengths might work more effectively. But I think the main points should be turned into rules and put on the first page, so that you see them every time you open your journal. I believe it’s this list of rules that will work best for you, rules that you consistently follow. If someone tends to repeat the same mistake over and over again, they will never become a successful trader.

[Wind_FURY]

I don't know if you trade but what you said is true. As a trader, I have learnt from top traders that there is really one way to improve in trading which is to document and journal everything including mistakes, habits, patterns that lead to wins or losses, etc such that when reviewed, active steps can be taken to work on issues. In some cases, it would be more beneficial to focus more on what works and less on what doesn't work. Some people don't even record their execution mistakes so they can improve on it.

For some people, a journal where they write down all their mistakes and strengths might work more effectively. But I think the main points should be turned into rules and put on the first page, so that you see them every time you open your journal. I believe it’s this list of rules that will work best for you, rules that you consistently follow. If someone tends to repeat the same mistake over and over again, they will never become a successful trader.

How did that work for you as a "trader"? Do you actually believe that would be enough to help you become a very profitable trader to beat Bitcoin's performance during the Bull Cycle?

Because why "trade" and waste your time/money if you could add more value/profit to your capital merely by HODLing/denominating your money in Bitcoin?

[hedgeh0g]

Old traders,  if you need to give advise, what are they?

Technical analysis is a very unprovable phenomenon, as a result of which it is very easy to start doubting its effectiveness. And every time you wake up thinking: Am I missing something and misunderstanding, or is this thing not working? And it would seem that you can compare trading with gambling, but you can't compare it.
Because I am absolutely sure that in trading it is really possible to manage your trading position if it is a spot. There are many techniques like trading averaging and banal holding. All this, given the technical analysis, can lead a trader to success. The main thing is not to forget about the rules of money management and not to be greedy

[oll]

Old traders,  if you need to give advise, what are they?

Technical analysis is a very unprovable phenomenon, as a result of which it is very easy to start doubting its effectiveness. And every time you wake up thinking: Am I missing something and misunderstanding, or is this thing not working? And it would seem that you can compare trading with gambling, but you can't compare it.
Because I am absolutely sure that in trading it is really possible to manage your trading position if it is a spot. There are many techniques like trading averaging and banal holding. All this, given the technical analysis, can lead a trader to success. The main thing is not to forget about the rules of money management and not to be greedy

There are opinions that all technical analysis is just a wrapper, luring traders into this world of gambling and big money. And of course, there are correspondingly large losses. And such opinions are based on the fact that technical analysis is already widely known, which means it does not work. Supposedly, the point of this analysis is to anticipate the action of a minority. But if you act like the majority based on technical analysis, does that mean it's working against you? There is something to think about . It turns out to be a bluff, which can be a double bluff and so on. That's why opinions about technical analysis are so diverse.

[Wind_FURY]

Old traders,  if you need to give advise, what are they?

Technical analysis is a very unprovable phenomenon, as a result of which it is very easy to start doubting its effectiveness. And every time you wake up thinking: Am I missing something and misunderstanding, or is this thing not working? And it would seem that you can compare trading with gambling, but you can't compare it.

Because I am absolutely sure that in trading it is really possible to manage your trading position if it is a spot. There are many techniques like trading averaging and banal holding. All this, given the technical analysis, can lead a trader to success. The main thing is not to forget about the rules of money management and not to be greedy

Another "trading" advice from a fellow PLEB like us who obviously isn't an actual trader who does it professionally.

To the people who keep giving "trading" advice. You must prove that you could outperform Bitcoin's price performance cycle after cycle before giving them to our fellow PLEBS.

Be honest with yourselves, sers.

[PERtua]

I would add one thing to that and that is that risk management should begin prior to the opening of the trade and not after you are trading against the trade. A trader can have a good setup, but can still lose if they place too big of a trade. I believe it is best to determine the maximum loss before, and then determine the size of position based on that, and the invalidation level. Then you start your thinking about technical analysis by asking yourself What would make my idea wrong? rather than Will price go up?? and then How much would I be willing to lose if it happens? This attitude can stop just one losing trade from turning into a losing streak that may become a major problem for an account.

[Big Dirams]

Old traders,  if you need to give advise, what are they?

Technical analysis is a very unprovable phenomenon, as a result of which it is very easy to start doubting its effectiveness. And every time you wake up thinking: Am I missing something and misunderstanding, or is this thing not working? And it would seem that you can compare trading with gambling, but you can't compare it.
Because I am absolutely sure that in trading it is really possible to manage your trading position if it is a spot. There are many techniques like trading averaging and banal holding. All this, given the technical analysis, can lead a trader to success. The main thing is not to forget about the rules of money management and not to be greedy

There are opinions that all technical analysis is just a wrapper, luring traders into this world of gambling and big money. And of course, there are correspondingly large losses. And such opinions are based on the fact that technical analysis is already widely known, which means it does not work. Supposedly, the point of this analysis is to anticipate the action of a minority. But if you act like the majority based on technical analysis, does that mean it's working against you? There is something to think about . It turns out to be a bluff, which can be a double bluff and so on. That's why opinions about technical analysis are so diverse.

I actually do understand your points and it sounds convincing that TA are just like clothing hiding trading from looking like gambling  but l don’t agree with your opinions.
 You maybe right almost every trader knowns technical analysis if not 90% of traders but it not just about knowing it, Are they applying the technical analysis in right way. Are they using the indicators at the right time and appropriate place?
They are some things needed to be consider about this technical analysis and many traders are getting them wrong so this mistakes are what the experience traders takes advantage of and make money from same entries others traders took.

 However even if everyone are relying on same support and resistance level the market can break through it and experience traders make plans for that also but many retail traders just rely on that resistance and support level like it guarantees without no back up plans. You can see some mistakes that traders make right. We might be doing same thing but we might be losing and some will be making profits.
Experience are important too because experience passes  each other and so is the skills. We can’t compare our knowledge to those that have been in the system longer than us. Hope you are convinced enough that trading differs from gambling a lot.

[Webutxo]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

You can do this with forex trading but I'm not sure you can make money from crypto alone when you focus on technical analysis alone. In fact, you need to study how the market is manipulated. If you study about fundamental of the projects, you need to study who are the holders of the coin and how the team plan to release the coin, then you need to study the technical analysis and sometimes you need to look for opinion of the community.

Most times you need to follow insider and the updates they have on a projects that's how you make profit from projects. If there is anything you are going to avoid from this market, please avoid meme coins. There is absolutely nothing about meme coins that will make you profit if you want to rely on any of the things I mentioned, they don't follow technical, fundamental, just hype and vibes to rug each other mostly by insiders.

[Makus]

Knowing how to analyze is important as a trader but that doesn't mean that you will be a profitable trader if you don't control your emotions, this is why it is important to learn market psychology so you can know when to exit a trade. The biggest mistake traders make is continuing to chase the market even after making profit and as a result of that they end up running into losses in the long run.

If you are the type of trader that doesn't know when to take a break to reevaluate your strategies no matter how good you might be you are always going to incur losses if you don't practice risk management or trade with discipline there's no way technical analysis can be of help to you.

[Wind_FURY]

Knowing how to analyze is important as a trader but that doesn't mean that you will be a profitable trader if you don't control your emotions, this is why it is important to learn market psychology so you can know when to exit a trade. The biggest mistake traders make is continuing to chase the market even after making profit and as a result of that they end up running into losses in the long run.

If you are the type of trader that doesn't know when to take a break to reevaluate your strategies no matter how good you might be you are always going to incur losses if you don't practice risk management or trade with discipline there's no way technical analysis can be of help to you.

   

I'm not trying to offend you, ser. But your post looks like another one, like many other posts about "trading" in BitcoinTalk, that was merely copied from a book.

You're a fellow PLEB, like me and many other users in the forum. Who are we, as PLEBS, to give advice about "trading" to our fellow PLEBS? You ser, and like me, are not better than your fellow PLEBS to give that advice.

[Arenga pinnata]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.

Actually, I think that if you focus on charts and indicators, you can also succeed in your trading. As long as you can truly read the chart patterns accurately, which are usually combined with several indicators as supporting tools. However, what makes someone look foolish is when they appear to be doing technical analysis, trying to draw lines and using many indicators but they themselves don’t really understand the purpose of each indicator correctly. And I’ve encountered many beginners who use more than three indicators but don’t truly understand the purpose of those indicators themselves.

Technical analysis is crucial for finding the right position to place an order, determining take-profit points, and so on. However, determining the right time to act must be supported by fundamental analysis and sentiment analysis first. This is because crypto market sentiment sometimes reacts very quickly to news. As a result, there are times when our analysis becomes useless when new news breaks that immediately creates sentimental pressure and rapidly changes the market’s direction. So, the bottom line is that it’s not enough to rely solely on technical analysis; it must be supplemented with other types of analysis.

[Wind_FURY]

back when i started out i was glued to charts and indicators like a complete mug thinking ta was some holy grail, only to get my account wiped out by that exact blind overconfidence. market doesn't give a toss about ur drawing lines or fancy tools when it decides to flip, at the end of the day the only thing keeping u alive is proper risk control and the discipline to swallow a loss before it eats u alive.
 

Actually, I think that if you focus on charts and indicators, you can also succeed in your trading. As long as you can truly read the chart patterns accurately, which are usually combined with several indicators as supporting tools. However, what makes someone look foolish is when they appear to be doing technical analysis, trying to draw lines and using many indicators but they themselves don’t really understand the purpose of each indicator correctly. And I’ve encountered many beginners who use more than three indicators but don’t truly understand the purpose of those indicators themselves.

Technical analysis is crucial for finding the right position to place an order, determining take-profit points, and so on. However, determining the right time to act must be supported by fundamental analysis and sentiment analysis first. This is because crypto market sentiment sometimes reacts very quickly to news. As a result, there are times when our analysis becomes useless when new news breaks that immediately creates sentimental pressure and rapidly changes the market’s direction. So, the bottom line is that it’s not enough to rely solely on technical analysis; it must be supplemented with other types of analysis.

Another fellow PLEB who pretends who know something everything about "trading", but he/she actually doesn't have the qualifications to give his/her advice to the other fellow PLEBS.

Why aren't you honest with yourselves and keep pretending to be "good traders"? We're PLEBS! There's nothing wrong with that.

    ¯\_(ツ)_/¯