Not sure but using different indicators usually doesn't work for me. I agree with the above replies, using multiple indicators makes things more confusing as, most of the times, each indicator gives a totally different results.
To be honest, am not an expert when it comes to technical analysis nor am a full time trader, but when I do I rely mostly on the market sentiment indicator more than any other indicator.
Topic: A single trading tool is not enough - page 8. (Read 1072 times)
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But if you're just learning, maybe it's better if you don't study too much in analyzing because it can make you confused in analyzing it. That's probably what beginners experience in trading because they lack information or experience using analytical tools. Maybe other people prefer to stick with one tool because they feel they can use it well rather than multiple tools that might make it difficult to analyze it. So it will depend on how good the person is at analyzing a coin.
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.
combination between several tools will give us best signal that will have less risk. first thing we must do was draw a trend line so we could open follow this trend, we could identify it using moving average indicators too. when we know market trend direction so we could open position and using support resistance by using line or fibo. this is simple trading system between trend and support resistance but most traders use complicated system that need indicators on chart. What are your own it can be beneficial to someone else.
I think you did not differentiate between the first two terms "tool" and the second "indicator".
When we talk about a trading tool, I mean the software tool with which trading takes place, whether it is manual trading in the platform or using trading bots and with different bots, programming language, execution speed and other variables.
But when we talk about indicators, we are talking about moving averages, support and resistance points, and others, which are necessary if the appropriate tools are used.
When we talk about a trading tool, I mean the software tool with which trading takes place, whether it is manual trading in the platform or using trading bots and with different bots, programming language, execution speed and other variables.
But when we talk about indicators, we are talking about moving averages, support and resistance points, and others, which are necessary if the appropriate tools are used.
Same here. I am not only using a single tool in trading and uses a lot something like on what you have posted, OP. I sometimes uses a Fibonacci retracement tool along with trend lines and Stochastic RSI and for me it is an effective strategy for scalping but with just using one tool like the Fib retracement, I think it is not enough.
Use the Bitcoin Fear and Greed index and try to apply the advice "Being greed when others are fearful, and being fearful when others are greed"
- https://alternative.me/crypto/fear-and-greed-index/
- https://www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/
- Now, it is time to be greed according to the chart. Price can fall down more but it is a good range of price to do accumulation
If you have been trading for awhile, you will try learning more indicators you can use to verify what other indicator is telling you and so the reason there are more indicators that traders are using. They won't rely on just one indicator and execute what it says because it leaves so much room for errors.
Some of them even have 2 or 3 monitors just to see what others indicators so and test some pairs, if its telling the same message.
Don't rely on single tool, if you have a Tradingview, you might try other platforms too if possible like Robinhood or Metatrader, its what a friend taught me to do.
Some of them even have 2 or 3 monitors just to see what others indicators so and test some pairs, if its telling the same message.
Don't rely on single tool, if you have a Tradingview, you might try other platforms too if possible like Robinhood or Metatrader, its what a friend taught me to do.
Do not forget about reading news. They can be useful indicators too for specific cryptos that you're holding or trading, they set a sign if there's going to be a shorting or if someone has to see that it should set a bullish pattern. Well, nothing beats having multiple tools and indicators in checking out the market.
But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.
But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.
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.
Some will consider using more than 1 trading tool gives them great results but for the other traders, ain't never works. Even for me, If I was been satisfied with the result upon using a sing trading tool, I certainly don't look for another as this is not necessary anymore. Sometimes, the use of different trading tools will only confuse us and lead to a wrong decision. What are your own it can be beneficial to someone else.
Of course, we can try, at least we can see what would be the result. But as a beginner, we aim to focus on one.
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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.
I have always taken indicator with a grain of salt. Because I feel that you dont need indicators too much if you are trading long term, charts are enough to suffice and give you S/R levels. Instantaneous changes in the market will not affect you too much unless you are putting a large volume at stake at day trading - trust me, it is illogical to do that even if the projected profit is very high.Beyond that Moving averages and RSI are enough to make a general prediction. Dont forget that these are predictions and not facts therefore they are always 50% correct.
Too many tools lead to analysis paralysis in my opinion, but if it works for you then you should keep it up.
How about multiple tools on a clean price chart. No much complexity at most two technical tools. My point here is just like multiple tools can stir confusion if it can't be properly used. Single tools on the other hand can indicate wrong signal. But sticking to what works is always the best tool the goal is making profit because single tool or multiple tools without profit is useless
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.
With the different types of trading styles out there it's actually possible to trade without tools tbh, only naked charts. Btw I don't think drawing support and resistance can be considered to be a tool, but adding moving averages and the alike these can be considered to be as such as they are in the category of indicators but they aren't as reliable if you ask me. What are your own it can be beneficial to someone else.
using several indicators may also be an option in determining the trading area, but the more indicators we use, the more confusing we will be in making decisions. therefore I think 2 or 3 indicators are enough. for example EMA, stochastic and combine it with support and resistance. but we also have to know the advantages and disadvantages of the indicators that we use, because not all the signals that are presented are not necessarily correct
It might work for you, but not to anyone including myself. However combined trading tool usually give you low risk percentages since you're combining each line to make sure your analysis are correct. Also you need to have more work and time spend since you're using many trading tools, you could miss the moment due to lot of work. Personally I only using single or two trading tools only.
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.
likewise, but i didn't relying on my tools where i can set stop loss coz automatically after placing a market order, stop loss would always be place depends on my risk reward ratio. and sometimes i didn't execute all the tools on my graph especially if i saw a clear trend in different time frames, coz it looks so messy and makes me confuse which to follow. What are your own it can be beneficial to someone else.
I too can say that using multiple indicators can get someone confused, I am not that sure about that but many traders have told me that before. Like me, I use only two or three indicators which is enough for me. I use Bollinga band to know when a market is over bought or oversold and this is very helpful, I joined it with relative Strength Index which also having similar function with Bollinga band but gives me in persentage the level of over bought or oversold market. I was not using indicators before, I have just started it and it is working than I thought. Maybe if I go further to use others, maybe trading will be better for me, but if I will have to be truthful, I have most positive results when I have been using Bollinga band and Relative Strength Index.
Using multiple indicators can get someone confused on the market direction. Using trend line is not a guarantee because it is a biase indicator since drawing the line is individual based. For example you can draw up your trend line and the next person draws placing it in a different price. However, support and resistance helps alot. Candlestick on a longtime duration can be used as trend indicator.
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 are your own it can be beneficial to someone else.
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