It is about what works for you as you said. What works for you can be divided into two. The first is what is working for you now and second is what will work for you on the long run. What works today might not work tomorrow and that is why there should be an alternative for backup and also for comparison. The market changes and so strategies and there should be multiple tools also.
We have strategies and we also have indicators. Even if only using one or two indicators like BB and RSI, you will still have different approaches and strategies for different time range. Scalpers can go for 15 minutes candle sticks, day traders can go for 1 hour to 4 hours candles while swing traders will prefer to go for day and week candles. But that does not mean indicators may not fail, there are still many other approaches and strategies used to make profit and minimize losses in trading which are beyond using indicators. 
Topic: A single trading tool is not enough (Read 1070 times)
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.
I just found out what Bolinger is for when doing crypto trading. It turns out to be overbuying or oversold, thank you for identifying this matter friend. Now I can add it to my practice of crypto trading via spot.
Apart from this, I also agree that the use of many tools in trading will only give confusion to anyone who tries to do it, especially if the person who makes it or uses it does not have enough knowledge in this industry. So it is more advisable to do crypto trading through spot to be safer at least compared to margin or futures trading.
that precise nor accurate but it would really be that good on having these indicators and same goes when you do make use of BB's which are really that commonly be used when finding up some
change trend or reversals.
We know that technical indicators arent precise but it would be always better if you do make out combinations just to make a good analysis on things.
Different strategies must be adopted for trading on the trading platform. You can never be considered a successful trader from a trading platform by using a trading tool.Each item has different tricks that you have to use.Just trading platform also has different strategies by using all those trading strategies you have to trade on the trading platform.One of them is that you should buy low and sell high.
The OP is talking about trading tool not trading strategy but I think a new trading tool is needed to create another new strategy. Crypto trading is like a roller coaster ride and we all know the movements of it. It doesn't stay on single place or a single line. This is why having a different strategy is a must so that it's still possible for us to earn in whatever direction the price heads to.A tool is useful but strategies are more important. If you don't have any forms of strategies then you won't never be successful. I am not sure if there are now trading platforms which came up with a free strategy for their users to use but we should learn to modify them if possible.
Since you asked, I am only a beginner, and since I don't want to get stuck in the process of racking my brain, I only use two; trend line and Moving Average Convergence Divergenceoving average. I mean the whole idea is what works for you as an individual, and what can help you place a successful trade.
It is about what works for you as you said. What works for you can be divided into two. The first is what is working for you now and second is what will work for you on the long run. What works today might not work tomorrow and that is why there should be an alternative for backup and also for comparison. The market changes and so strategies and there should be multiple tools also.
Since you asked, I am only a beginner, and since I don't want to get stuck in the process of racking my brain, I only use two; trend line and Moving Average Convergence Divergenceoving average. I mean the whole idea is what works for you as an individual, and what can help you place a successful trade.
I just found out what Bolinger is for when doing crypto trading. It turns out to be overbuying or oversold, thank you for identifying this matter friend. Now I can add it to my practice of crypto trading via spot.
Bollinger band is very good as it shows oversold and overbought market, but it would be very good if used with oscillating indicator like RSI which could help you to know more about the extent of the overbought or oversold market. We should always know that in every trade or position opened, there are chances that the indicator may fail, the reason you should manage your risk and using a very low leverage. Never use the amount you can not afford to lose unless you have become a pro expert trader.Apart from this, I also agree that the use of many tools in trading will only give confusion to anyone who tries to do it, especially if the person who makes it or uses it does not have enough knowledge in this industry. So it is more advisable to do crypto trading through spot to be safer at least compared to margin or futures trading.
I am not used to margin trading as it requires borrowing asset which do discourage me, unlike future trading. I can also be able to go long or short position in future trading. You can decide to set your margin ratio to 1x in future trading which is less risky. Future trading is riskier if using more than 1x and also if the going short. But I too can still consider spot trading to be less risky. 
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.
I just found out what Bolinger is for when doing crypto trading. It turns out to be overbuying or oversold, thank you for identifying this matter friend. Now I can add it to my practice of crypto trading via spot.
Apart from this, I also agree that the use of many tools in trading will only give confusion to anyone who tries to do it, especially if the person who makes it or uses it does not have enough knowledge in this industry. So it is more advisable to do crypto trading through spot to be safer at least compared to margin or futures trading.
A single trading tool is never enough, one needs to gather essential tools inother to get his knowledge and experience equipped. There are lots of trading strategy in the space and it takes only fast and sharp traders to adapt to them. Professionals and experts in trade can gather many length experience and knows how the market operates and they easily know the market next move. Coming up as a newbie was not an easy step but one needs to always trust the process.
Different strategies must be adopted for trading on the trading platform. You can never be considered a successful trader from a trading platform by using a trading tool.Each item has different tricks that you have to use.Just trading platform also has different strategies by using all those trading strategies you have to trade on the trading platform.One of them is that you should buy low and sell high.
successful traders or pro traders they will always be careful in every analysis before buying the coin they choose.discussing about buying cheap selling at high prices seems easy but it's not that easy, my friend. because both pro traders and successful traders have also experienced losses when they have analyzed before buying and after buying which according to him is already at a low price but the price is falling even deeper. because the analysis of the candlestick chart is only to minimize losses and not necessarily be able to get a profit because considering crypto prices fluctuate it is very difficult to predict.
so keep DYOR before buying and selling
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.
Today's investors are very prudent. They try to use their common sense in trading. Strategy also plays a big role in trading. Those who can constantly change this strategy are able to achieve success very quickly. In this concern only one trading tool is not enough to do well in the trading business. What are your own it can be beneficial to someone else.
Different strategies must be adopted for trading on the trading platform. You can never be considered a successful trader from a trading platform by using a trading tool.Each item has different tricks that you have to use.Just trading platform also has different strategies by using all those trading strategies you have to trade on the trading platform.One of them is that you should buy low and sell high.
Don't overlook reading the news. They can also be helpful indications for particular cryptocurrencies that you keep or trade because they indicate when someone is planning to short a coin or when a bullish pattern should form. Well, nothing beats using a variety of instruments and indicators to analyze the market.
However, as I've already mentioned, there are still alternative options available for individuals who don't enjoy or are unsure how to use the charts.
This is the important on having knowledge in both between technical and fundamental which you could really be having the option which one you would gonna follow or make use.However, as I've already mentioned, there are still alternative options available for individuals who don't enjoy or are unsure how to use the charts.
Just like the rest been saying that single indicator wont really be that enough because there are lots of market situations with different variations which do really end up on
being unpredictable in the end of the line.
You cant just sustain yourself on the market on using up a single tool or indicator because if we do make out some picture out then
it would really be a never ending kind of learning on different paths and ways.
if you are trading alts other than btc, it is advisable to check the social media channels of these projects. as they will give you insights on where they are heading to. those indicators won't matter if the team is already on the verge of breaking up or should i say about to abandon the boat.
This is a wise advise for crypto traders that only rely on what they see to trade like using only technical analysis or graphs and never concern themselves with news or what is happening around the project. Like what happened with Luna coin could show us how some coins can just a surprise coming but as an insider, you can have the knowledge before it finally take serious effect on the coin. Reading about the coin that you are trading is very important like it is said here , some collaborators may be at the verge of disintegrating which will definitely affect the coin at the short or long time. Therefore joining the telegram groups is important for a serious trader .But if we are talking about just picking one, then I would assume that the best thing to do would be fundamentals, because it rarely upsets you and in the long run you will be profiting with it. Doesn't mean news are unimportant, it just a comparison of the two and one side is a bit more important while the other one is still important.
Don't overlook reading the news. They can also be helpful indications for particular cryptocurrencies that you keep or trade because they indicate when someone is planning to short a coin or when a bullish pattern should form. Well, nothing beats using a variety of instruments and indicators to analyze the market.
However, as I've already mentioned, there are still alternative options available for individuals who don't enjoy or are unsure how to use the charts.
However, as I've already mentioned, there are still alternative options available for individuals who don't enjoy or are unsure how to use the charts.
if you are trading alts other than btc, it is advisable to check the social media channels of these projects. as they will give you insights on where they are heading to. those indicators won't matter if the team is already on the verge of breaking up or should i say about to abandon the boat.
This is a wise advise for crypto traders that only rely on what they see to trade like using only technical analysis or graphs and never concern themselves with news or what is happening around the project. Like what happened with Luna coin could show us how some coins can just a surprise coming but as an insider, you can have the knowledge before it finally take serious effect on the coin. Reading about the coin that you are trading is very important like it is said here , some collaborators may be at the verge of disintegrating which will definitely affect the coin at the short or long time. Therefore joining the telegram groups is important for a serious trader .
considering on adding things up and this is where you would really be adding more trading tool.
Just like on what the rest of people been saying that there are various indicators or tools which you could really make use basing up on market condition.There are tools which are
good for specific use case.
You can make use all of the indicators you do want as long it would be significant into your trading involvement or engagement.
if you are trading alts other than btc, it is advisable to check the social media channels of these projects. as they will give you insights on where they are heading to. those indicators won't matter if the team is already on the verge of breaking up or should i say about to abandon the boat.
This is a wise advise for crypto traders that only rely on what they see to trade like using only technical analysis or graphs and never concern themselves with news or what is happening around the project. Like what happened with Luna coin could show us how some coins can just a surprise coming but as an insider, you can have the knowledge before it finally take serious effect on the coin. Reading about the coin that you are trading is very important like it is said here , some collaborators may be at the verge of disintegrating which will definitely affect the coin at the short or long time. Therefore joining the telegram groups is important for a serious trader .
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 marketconditions 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.
sometimes it is not because you are good in those TAs, but how good you are getting information or hints from the team. if you are trading alts other than btc, it is advisable to check the social media channels of these projects. as they will give you insights on where they are heading to. those indicators won't matter if the team is already on the verge of breaking up or should i say about to abandon the boat.
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.
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 marketconditions 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.
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.
Jump to: