A single trading tool is not enough - page 4.

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Quote from: wxa7115 on May 25, 2022, 01:41:34 PM

Quote from: Mr.right85 on May 21, 2022, 03:01:07 AM

Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

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.

wxa7115

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Quote from: Mr.right85 on May 21, 2022, 03:01:07 AM

Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

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.

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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.

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Quote from: Mr.right85 on May 21, 2022, 03:01:07 AM

Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

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.

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Quote from: Mpamaegbu on May 21, 2022, 06:20:24 AM

Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

Quote from: Mpamaegbu on May 09, 2022, 06:59:53 PM

~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.

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Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

Quote from: Mpamaegbu on May 09, 2022, 06:59:53 PM

~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.

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Quote from: fauzan Ichsan on May 19, 2022, 09:25:42 PM

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.

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Quote from: LUCKMCFLY on May 20, 2022, 08:55:12 PM

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

LUCKMCFLY

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Quote from: awik p on May 13, 2022, 10:31:06 AM

Quote from: Mpamaegbu on May 09, 2022, 06:59:53 PM

Quote from: stomachgrowls on May 09, 2022, 05:50:47 PM

Quote from: Mpamaegbu on May 09, 2022, 03:59:50 PM

~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.

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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

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Quote from: wxa7115 on May 19, 2022, 03:32:08 PM

Quote from: sana54210 on May 16, 2022, 05:04:52 PM

Quote from: Oshosondy on May 16, 2022, 03:38:05 AM

Quote from: martyns on May 16, 2022, 02:08:52 AM

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.

wxa7115

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Quote from: sana54210 on May 16, 2022, 05:04:52 PM

Quote from: Oshosondy on May 16, 2022, 03:38:05 AM

Quote from: martyns on May 16, 2022, 02:08:52 AM

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.

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Quote from: Oshosondy on May 16, 2022, 03:38:05 AM

Quote from: martyns on May 16, 2022, 02:08:52 AM

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.

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Quote from: sklopan on May 16, 2022, 01:27:27 PM

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.

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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.

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Quote from: Zilon on April 30, 2022, 02:26:19 AM

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)

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Quote from: martyns on May 16, 2022, 02:08:52 AM

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.

Quote from: martyns on May 16, 2022, 02:08:52 AM

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.

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Quote from: darklus123 on May 07, 2022, 01:29:48 AM

Exploring to see what fits your style is I think the best thing to do in trading. Obviously, one trading tool is not enough, and having more than 3 can be confusing as well. 3 options are enough but finding the right combination is the crucial part. It may take you some time to master your strategy and when you do you start getting your profits.

Don't just follow somebody's trading style it might work for them but maybe not for you. As I have also noticed most of them will only give a portion of information about their strat because of course it is a competition after all.

A single trading tool is never enough to use for trading, traders compact more trading tools together for the sole aim to make profits, nothing more. Traders who always do copy trading in the space might one-day end up losing or getting their trading accounts liquidated. They don't just believe in their selves, always doing copy trading which sometimes, 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 while the person you copy the trade from will still leave or opt out of the trade. The thing is just do your own strategy and believe yourself, with time you would get use to it.

wxa7115

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Quote from: Mahanton on May 07, 2022, 04:51:37 PM

Quote from: wxa7115 on May 07, 2022, 12:50:21 PM

Quote from: Zilon on April 30, 2022, 02:26:19 AM

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.

What you are describing is a trading strategy, you could use a single indicator or even no indicators to trade the market and still earn money, however by combining different indicators then you can more easily see several aspects of the market with more clarity and improve your winning rate.

However you need to be careful as adding too many indicators is a also a mistake which can end up hiding some important information or bring confusion to the trader as they receive contradictory signals.

Doesnt really matter on how many indicators you've been using as long you could able to read it out then thats what do really counts or even naked trading or having single indicator would do but of course it would
be depending on how good or knowledgeable you are but its really that hard to make out conclusions or setting up positions on just having single indicator since you would still need lots of information or
confirmation or signals which would justify your decision whether you would sell or buy.So its hard to to make decisions without proper analysis made via these indicators.
So its really important to have this one.

I really think that using too many indicators hinder your ability to trade instead of helping it, a very easy exercise to see this is true is to try to add 20 indicators on a chart and see if you can actually make any conclusion with all of that information.

Another reason is that while many indicators may seem similar they are calculated in a different manner so they will give you contradictory signals and as such it will make your trading harder than if you traded with just a few indicators or none at all.

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Quote from: darklus123 on May 07, 2022, 01:29:48 AM

Exploring to see what fits your style is I think the best thing to do in trading. Obviously, one trading tool is not enough, and having more than 3 can be confusing as well. 3 options are enough but finding the right combination is the crucial part. It may take you some time to master your strategy and when you do you start getting your profits.

Don't just follow somebody's trading style it might work for them but maybe not for you. As I have also noticed most of them will only give a portion of information about their strat because of course it is a competition after all.

Yes, I agree, you can learn how you can act in the market if you have had a good mentor, but you have to have more alternatives, because every mentor has their flaws and is not perfect, for me we all have many flaws, and sometimes you have to follow our instinct about the market, why? in Jesse Livermore's books he always listened to his instinct about the market, the reason is simple, when he had a feeling he listened to it, because it was something out of the ordinary, luckily for him what turned out in his favor I imagine, so it's not so bad to go with the hunches or small premonitions.

Topic: A single trading tool is not enough - page 4. (Read 1070 times)