Is Technical analysis a must know in crypto trading? - page 4.

Chainsmokers

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Quote from: NotHatinJustTrollin on April 30, 2023, 01:05:29 PM

Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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.

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Quote from: Zilon on May 01, 2023, 08:22:10 AM

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.

Zilon

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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.

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Quote from: NotHatinJustTrollin on April 30, 2023, 01:05:29 PM

-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.

NotHatinJustTrollin

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Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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.

RockBell

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Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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.

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Quote from: irhact on April 17, 2023, 05:43:34 PM

Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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.

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It's not an absolute must-know, but it's definitely helpful. By studying past market data like price movement and trading volume, we can make better decisions about potential future price movements, identify trends, and decide when to buy or sell.

However, traders who focus more on fundamental analysis tend to be more succefull, which looks at the underlying value of an asset, considering factors like project development, adoption, and market sentiment. In the end, whether you use technical analysis, fundamental analysis, or a mix of both really depends on your individual trading style and preferences.

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Quote from: savetheFORUM on April 20, 2023, 01:54:14 AM

Quote from: wxa7115 on April 19, 2023, 03:36:19 AM

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.

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Technical analysis is a good tools that traders had been using in trading for so long before now and we need to make sure that we as a trader we need to know what technical analysis is and how to use it. This is a big topic in the market as a trader we need to know what we are doing or else we might not have good understanding about the market. Technical analysis constitute a lot to information we need to know about market structure and how they tend to form and give the market what it look like on a normal day.

TheGreatPython

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Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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

main points are Technical analysis is also a must in the crypto market and it is a principles also applied, For me I use it to learn what the emotion of the market is and how the price cap of crypto currencies will be affected.

Though emotions and market sentiments play their role too, technical price analysis is an integral part of trading cryptocurrencies or any other asset or commodity. One who is interested in trading cryptocurrencies will definitely need to learn all the ways and techniques that one can use to gain more profits or have an idea of when to buy and sell.

Going only with market sentiments might turn out to be negative sometimes, so combining both market sentiments with technical analysis can give you an understanding of how the price can react and where it will move next.

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Quote from: South Park on April 20, 2023, 05:57:47 PM

Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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

Would you dare to fly a plane without going through pilot school, practice on simulators and practice your flying skills with a teacher? If your answer is no then why is that the case? Because you will crash, right? Now imagine the same when it comes to trading and technical analysis and you will have your answer, if you want to become a trader you have no other option but to learn how to read the charts and learn how to combine the different indicators into some coherent strategy, otherwise you will have no hope of success at all.

Would I dare venture into piloting without flight school, simulators, or practice, given my vertigo on a humble seesaw? I reckon that's a deafening no. But trading? Oh, my confidence soars. Sure, no "trader academy" or countless hours dissecting charts and technical analysis for me. But who requires that when armed with a fortuitous rabbit's foot and gut instincts, right?

Alright, I jsut kidding (sort of). Truth be told, there's no express lane to triumph in trading. Similar to aviation, it demands time and dedication to hone skills and acquire knowledge. Mastering chart interpretation and technical indicators, you can concoct a logical strategy, elevating success chances. Undoubtedly, risk is inescapable, but the proper tactics minimize losses and amplify gains.

So, trading enthusiasts, ditch luck and intuition. Embrace hard work, acquire prowess, and rocket toward prosperity!

Natalim

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And one way for a trader to become successful in this carrier is to prepare themselves.
- learning TA
- chart reading
- time-frame

There are a lot of things that we need to do OP but the important thing that we need to master is to learn Technical Analysis as it weights more than any trading tools.

Perhaps, you can try OP without TA. Maybe in this way you could appreciate how important it was when you are in actual trading.

South Park

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Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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

Would you dare to fly a plane without going through pilot school, practice on simulators and practice your flying skills with a teacher? If your answer is no then why is that the case? Because you will crash, right? Now imagine the same when it comes to trading and technical analysis and you will have your answer, if you want to become a trader you have no other option but to learn how to read the charts and learn how to combine the different indicators into some coherent strategy, otherwise you will have no hope of success at all.

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Quote from: sana54210 on April 20, 2023, 12:30:50 PM

Quote from: Bushdark on April 19, 2023, 05:50:17 AM

Quote from: Yamifoud on April 16, 2023, 04:01:56 AM

Well, if we want to succeed and reach our goal in trading, then we have to learn many crypto trading tools and so we should have to learn TA.
It has to note that TA is one of the vital tools in trading. We don't have to do it instantly but we can learn this somehow gradually as we are in actual trading. We don't have to be perfect on TA as it was also impossible but at least having this stuff will help us a lot as to we have an idea of what we gonna do next - when to buy and when to sell.

It is very good when we learn the necessary things we need to know for us to be a good trader in the crypto market. There are many things to learn from the market and if we are too much of a hurry, we might not get the full knowledge that is a prerequisites for us to be a good traders. It is good for us to have a strong knowledge in technical analysis so that we are not going to be confused about the market and what the market is currently doing. Technical analysis is a must to learn as a trader in the market because is containsost it the vital things we need to know.

I agree, if you want to make money right away then you are going to lose money right away. There are too many people who do not understand that as a concept. You need to take your time and make a profit whenever you can and that should be the common thing for you.

If you end up not making any money that is because you rushed into it. However, if you decide to take your time and focus on what you could do with what you have, then you could make a lot more profit. Just learn TA and learn anything else you can, learn everything you can, and you will gradually become better and better. In that situation when you start to trade for real, then you will know what to do and you will be able to make an income from it as well.

When you are on haste or simply being hasty on whatever you've been dealing with then you are really that susceptible into lots of errors and mistakes which would case up lose of money and this is why you should really be that mindful on using up things which would really be relevant in towards onto the career that you are pursuing ex. trading on which it would really be that relevant that you would make use of
technical indicators because you cant really just simply trade on this market without having these kind of consideration of using up these tools and indicators which it would be simply be pertaining that you are
just playing gambling all along. Its not something that you can just simply put up a position and wait for some positive results, it doesnt work on that way.

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If you want to go a little deeper into technical analysis, I recommend reading such useful books as:
"Currency Trading For Dummies" by Brian Dolan;
"Trading Chaos: Maximize Profits with Proven Technical Techniques" by Justine Gregory-Williams and Bill M. Williams;
"Trend Following: How to Make a Fortune in Bull, Bear, and Black Swan Markets" by Michael W. Covel.

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Quote from: Bushdark on April 19, 2023, 05:50:17 AM

Quote from: Yamifoud on April 16, 2023, 04:01:56 AM

Well, if we want to succeed and reach our goal in trading, then we have to learn many crypto trading tools and so we should have to learn TA.
It has to note that TA is one of the vital tools in trading. We don't have to do it instantly but we can learn this somehow gradually as we are in actual trading. We don't have to be perfect on TA as it was also impossible but at least having this stuff will help us a lot as to we have an idea of what we gonna do next - when to buy and when to sell.

It is very good when we learn the necessary things we need to know for us to be a good trader in the crypto market. There are many things to learn from the market and if we are too much of a hurry, we might not get the full knowledge that is a prerequisites for us to be a good traders. It is good for us to have a strong knowledge in technical analysis so that we are not going to be confused about the market and what the market is currently doing. Technical analysis is a must to learn as a trader in the market because is containsost it the vital things we need to know.

I agree, if you want to make money right away then you are going to lose money right away. There are too many people who do not understand that as a concept. You need to take your time and make a profit whenever you can and that should be the common thing for you.

If you end up not making any money that is because you rushed into it. However, if you decide to take your time and focus on what you could do with what you have, then you could make a lot more profit. Just learn TA and learn anything else you can, learn everything you can, and you will gradually become better and better. In that situation when you start to trade for real, then you will know what to do and you will be able to make an income from it as well.

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Quote from: Iloveegusi on April 12, 2023, 07:14:01 PM

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

I'm sure there is a lot of advice given to you through posting on your topic and it is very important (technical analysis) apart from that another thing that is very important in trading is the fundamental factor, this is to prevent you from making investments that are not as they should be and You can read a little about the fundamental factors in the article below;

Quote

Cryptocurrency investing can be a great way to diversify investments, but figuring out which cryptocurrency is suitable and which isn’t can be challenging. To make an informed investment decision, it is important to know how to analyze cryptocurrencies.

source--

technical + fundamental analysis are two very important things in trading (not only bitcoin trading but altcoins trading too) so don't get tired of continuing to learn and increase your knowledge about trading because everything that is successful in trading now comes from zero knowledge.

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Quote from: wxa7115 on April 19, 2023, 03:36:19 AM

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...

A beginner has to pay for his ignorance. And he faces a dilemma, either spending his money on training, or paying off each time on transactions that have brought a loss. And despite the fact that the answer is obvious here, the beginner is still trying to do self-study, since he is still confident that this way he will save his money.

savetheFORUM

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Quote from: wxa7115 on April 19, 2023, 03:36:19 AM

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.

Topic: Is Technical analysis a must know in crypto trading? - page 4. (Read 1094 times)