Topic: Is Technical analysis a must know in crypto trading? - page 7. (Read 1044 times)

Of course, if you consider yourself a trader and do not have a crystal ball to predict the price, then technical analysis will be useful to you. But to trade and make a profit, it is not enough just to look at the chart, you need to understand what is happening in the market.

You are right about the analysis. I often mix fundamental analysis and technical analysis for trading, so both serve the same purpose and it depends on who is relying on one or the other. Analyze charts is technical analysis, it can help the OP get an idea of ​​when he can enter to buy and when to sell. But when it comes to investment plans, I think we can also combine the two analyses.

Both analyzes are important, the trend depends only on your plans and of course on which analysis has helped you the most so far.

I think chart reading also involves technical analysis and you must understand technical analysis if not interested in fundamentals. However, fundamentals are more important because a slight news can make a big change in crypto and you can get chances where you can make good profits. Latest example was the Twitter logo change to a 🐶, and Doge spiked up. And then it fell down even badly. These were the opportunities that can be tracked if you are active online, another example was an attorney saying that FTX will start its operations again and FTT saw a big pump.

Before answering your questions I have to know actually what types of trading you wanna do ,  Because technical analysis and fundamental analysis both are very important for doing trading. Technical analysis is basically detailed technical analysis with charts and candles. And it is more active for short-term trading, if you are a professional short-term trader then I will tell you that technical analysis is a very necessary tool for you. On the other hand if you are a long term trader then I will tell you to learn fundamental analysis it is more effective than technical analysis for long term trading.

I will encourage newbie traders not to fuss too much about learning technical analysis. I am not trying to downplay the crucial role of technical analysis in trading but I would pick fundamental analysis over it. My reason for this is because coinbase¹ put it very well "Fundamental analysis is a “big picture” approach that examines financials, user community, and future real-world utility."
However, I think the learning path a individual chooses to follow depends on who is his initial influence, mentor, model advised. Especially their trading style.

1. https://www.coinbase.com/learn/crypto-basics/what-are-technical-analysis-and-fundamental-analysis#:~:text=Technical%20analysis%20looks%20at%20patterns,and%20future%20real%2Dworld%20utility.

In social media, you see a lot of that type of trader. They proclaim themselves as mentors to others but they don't really trade at all. They know the basics of trading and strategies with it but they don't actively trade and apply what they say.
It's because they're not profitable traders and just stayed to be like an influencer but don't really do trades at all and that's how they find the bread and butter for themselves because that seems to be an effective way for them to earn some money out of the market without doing actual trades.

For me yes, Except you want to be a blind investor into Bitcoin and cryptocurrency without understanding the market. In the other hands you need the knowledge to navigate successfully in this industry, basically to know the right time you should start buying/selling. However, not just only Technical Analysis, you also need pay attention to Fundamentals events of the market because they are the actual drivers of the market, while all the events can be seen in the chart.

Scalping is having shorter durations for opening and closing positios than day trading. With scalping, you only need some seconds to some minutes to open and close position. It requires technical analysis too.

Swing trading is what we can consider as long term trading in which you can open a position for days up to a week or more. Swing trading also requires technical analysis too unless the market drop significantly to the point that you know that if you open a position, you will be favoured as the market go just in your direction taken of your opened a position.

Which only means the person is not a professional trader. Some people can consider themselves as a professional traders until they learn more to know that they know nothing before. You now what ignorance is.

You probably means investors, not traders. Some investors even still check the chart before investing. Good traders can not do without technical analysis.

Technical Analysis is vital in trading and a must to know prior to starting trading. Might it find hard and not work great at first but you will know later how important it was when fully engage in the market volatility. But yes, even you know TA, don't make yourself very confident that you are totally safe and not incur losses because whether you like it or not, this will happen to any of us. But if we talk about how useful is this in trading, this is one tool for our success. 

Welcome aboard iloveegusi, i hope you may grow, prosper and learn a lot though this forum, No you are not breaking any law by posting any topic here, but you have to keep the types of your post in your mind before posting it on any thread, like i can see, you posted a question bout technical analysis on the trading discussion which is a good sing that you have introduced yourself with the forum rules. And i have a jumbo tip for you, Do not plagiarism on this platform.

Now coming back to your query, of is Technical analysis is necessary or not. it is damn necessary, actually most of the traders use two types of analysis before hand when they took entry in any kind of assets or digital currency. Which is Fundamental analysis and Technical analysis. In the first one (fundamental analysis) person get familiar with all the economical events and observe all the News cycle and try to find behavior on big whales accounts bia tools, to understand the broad image of crypto market. And after getting a good sign to take entry,

You further goes to technical analysis, in which you observe charts of the specific token, asset or security you have chosen to buy, sell, or hold whatever. You observe the charts, and apply different tools to deduct decision making patterns out of those charts. you must have good skill on it because it the main heart of the body. Overall, it's not that difficult and AFAIK, it is more predictable than fundamental ones. because charts depend on fundamental and fundamental depends on news cycle, government's steps towards crypto, rule and regulations, etc. which are unpredictable at some points.

Technical analysis is a basic thing that needs to be learned in trading; i mean, most tutorials have this as this is where we start, like with the proper usage of indicators and how to integrate them into our strategy, or even just our strategy and additional gut or feeling, but there are also others who do naked trading and just trade based on a candlestick pattern. But you as a newbie, it is better to learn it too. I mean, it is a tool for you in trading, and you should also try it, and if it isn't working on you (which is impossible), then try fundamentals.

It appears that one cannot be referred to as a professional trader if he is not actively trading. Because, as a professional trader, he should be active because it is his primary source of income, and he has demonstrated that his trading strategy is profitable. So he is not a skilled trader; he is most likely a trader who is losing money, so he started a mentorship program to earn money instead of trading. As a result, he can only teach his mentees the basics.

I urge that you acquire a mentor when you start trading because I don't want you to be like others who ruined their careers due to "self-learning". Just make sure you find a mentor who is truly profitable and who will educate you from the heart, not just to take your money.

Technical anal6is a must for us to learn how to trade. Just like we have the forex market that solely dependent on technical and fundamental analysis. In cryptocurrency the market does not only depend on the fundamental rather the technical analysis that gives us clue of the possible direction the market is intending to go.

Trading is one aspect we need to know thoroughly for us to be able to keep making consistent profits from the market. Technical analysis include the indicators, price patterns, and other constituents of the market that is different from the fundamental.

Technical analysis is a must know for cryptocurrency traders that want to go a long way in the market or want to have outstanding knowledge about crypto trading. Do you know why?
Technical analysis help trader develops trading strategies and makes knowledgeable decisions by combining historical market data, like price, trend, and volume to make the right decision it will also help the reading of chart and candlesticks uses.

You can learn it on your own and there are a lot of video materials where you can learn it for free or even pdf files that you can start reading which are given for free as well.
There's a different between learning it to a professional but they'll also just teach you the basics of it and most likely, they're not active traders anymore but just stayed as an educator that aims to help new traders that are on their way. And of course, it could come with some fee and it might not be free. One of the best teachers is to learn it with actual trading as you try to read and make your own TA also, do not forget that no TA can beat the market.

If you are really that having zero knowledge in trading and if you do wanted to have a good grasps when it comes to technical indicators then it wouldnt really be t hat bad on finishing up the course which is
on BABYPIPS.COM.

This might be particularly focusing on FOREX but this is something that do share up on the same idea on how technical indicators should be used and should really be treated up.
Dont make yourself that having that feeling sorry or whatsoever because this is a free market.You can do everything you do want and make or use of your own ways
and its none others business on what you would be doing.

It is not a must if you are a long term investor like me, but it is good to learn if you have the time. I mean there is really no reason not to learn it, how you can learn it is on google and youtube and free for all, so there is absolutely no reason not to learn it. After you learn it ,there is this added bonus that you will be better at trading as well, but you could still do long term investment if you want to.

I personally learned it and still do long term investment but sometimes I try trading here and there, whenever I feel like it. That is why it is better to have it and no reason not to, which is why it would be great to focus on something like that. I am not sure if it will be a good idea to go along without learning it.

As for your question on technical analysis - well, picture it like using a map to traverse a jungle. You could meander aimlessly, fingers crossed, but why gamble?

Naturally, it hinges on your trading approach. If intuition is your jam, TA might not be your brew. But for risk reduction and informed decisions, a dose of TA works wonders.

Imagine TA as training wheels on a bicycle. You could ditch 'em, but why court scraped knees? A little practice, and you'll be pedaling like a champ.

Give it a whirl. Who knows - you might astonish even yourself.

In cryptocurrency trading, we have technical analysis and fundamental analysis. While some people believe that fundamental analysis is the real and needed analysis to excel in the crypto-currency market some other people believe that it is the technical analysis that is the main analysis that drives the market but in my own opinion both technical and fundamental analysis augment each other and they do not contradict each other.
Whatever happens in the fundamental is what is represented in the technical. So having the knowledge of both will be exceptional for you to excel in cryptocurrency day trading.

today you just watch just about anything on video-sharing sites and learn technical analysis by watching tutorials is somewhat ideal for everyone who has a phone.

all there is to have is an interest to learn to trade. which is also difficult to have when you have nothing to invest though. you definitely need some push and money to play around as capital.