Topic: technical analysis is enough to be successful in trading ???? (Read 1458 times)

Definitely more analysis than luck but we can't say luck has no play in this neither. Think of it this way do you need luck or skill to be a good actor? Now you can be the luckiest man on earth but if you have no talent than you can't be a movie star, you can play here and there but in the end you will not be making it very long.

However, if you are a great actor with no luck you can actually grind your way into the business, play here and there and people will love you and than you will play in bigger things, you may never be a blockbuster success but you will at least make your money that way until you retire. Hence same with analysis, if you are a good analysis of sorts than you can eventually make money, if you are however lucky you can make profit just once or twice but you can't get lucky forever.

Technical Analysis is a part of trading. Arguably the easiest part of trading though some do get it wrong.

I think the OP is already on the right track on what other aspects to look for and the other comments here have added to that. The only thing I would add is you can look at correlation as that has helped me quite a bit. This involves looking at correlated instruments and making sure they are all giving you the same technical picture. This provides a greater edge and helps in finding more meaningful moves.

From my experience, the most difficult aspect of trading is what most refer to as trading psychology. Basically, we are not programmed to lose, but successful traders take losses all the time. The key is to have more winners than losses. OR to have bigger gains on winning trades. A combination of the two works as well. I find new traders will often put on a really big trade after losing a bunch of trades in hopes of 'making it back quickly'. This IMO is the greatest risk to a trader.

Currently the market has a lot of good books on financial management and long-term investments but it does not help you much in trading in the crypto market.
I think you should only update the news faster and more to understand the trend of the market, from which you will get a brighter vision and make a better decision.
Our market has only grown a few years ago, so we do not have much support from many sources. Experience is the most important.

Journal report that i read to answer my own question.

• Factors Influencing Cryptocurrency Prices: Evidence from Bitcoin, Ethereum, Dash, Litcoin, and Monero
• What Are the Main Drivers of the Bitcoin Price? Evidence from Wavelet Coherence Analysis

You may not know the technical analysis and trade successfully. It is possible. But you must have something that replaces technical analysis. For example, you are well acquainted with the crypto project team. Or understand the movement of money in this market. But it’s better to study technical analysis. It is not difficult.You can easily understand basic things.

I believe technical analysis alone will not create a successful trading in the end because traders should also learn how to be patient especially when sudden price changes occur.And learn how to trade without involving your emotions can be of great help too.

Technical analysis alone is not enough for successful trading. But technical analysis is an excellent basis for becoming successful.
In addition to technical analysis, you must work on your psychological state. Also practice constantly.

A technical analysis must be done daily, but just having this analysis you won’t get many results, For this you need a basis that supports the technical analysis and really gives the possibilities you want and thus obtain results and profits. You must employ a fundamental analysis that is well founded in the long term, in this way your market evaluation will be a little more precise and you will be able to carry out your operations with lower risks.

Did you try using crypto trading bots or some other tools? Sometimes they can really make the trading process a bit easier. For example, I have recently installed CEX Info Bot (https://t.me/CexIoInfoBot) on my Telegram account and tested it. Based on my experience, that it's a good tool that will monitor the crypto market and its changes, and inform you about them in the form of notifications. So, if you haven't tried it yet, maybe you should check how t will work for you.

Yes, you are right. Moreover, some traders have so cool intuition that it works better than TA.

However, technical analysis is needed also. Not all traders use it, but finally, even these guys understand its benefits. Technical analysis, surely, when it is used correctly, explains market sentiment, and helps to make weighted forecasts. However, very few traders can work with TA.

This is a great question!

There is a saying in the finance world..
Fundamental analysis tells you what to invest in, while Technical Analysis shows you when 

There is some truth to that!
TA is very beneficial for identifying the strong levels of buy or sell sensitivity within a particular zone for any asset.

Traders and investors are looking at these zones, and that is what makes them valid. Its the market participants all seeing the same area in a chart that makes a "support" or "resistance". When these zones get broken, the confidence in either the bulls or bears get lost and that is when we see a sudden shift in supply & demand. We call these breakouts!

So in short, TA is powerful, but it is just one part of being a profitable trader.

Understanding risk management, position-sizing, and personal/market psychology play a major role in trading success.

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We are a team of cryptocurrency traders that share a love for trading, as well as teaching people the basics of blockchain, technical analysis, economics, and much more!

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Not only technical analysis can be 100% successful, but if you use technical analysis with absolute discipline, you absolutely have a chance to succeed.

Although technical analysis is an indispensable element if you want to succeed in trading, you still need more skills to win in this market. In addition to technical analysis you also need to monitor the market, analyze psychological investment and spend a lot of time researching in depth about the coins you want to invest.

Of course, if a trader already knows how to make a technical analysis of a particular coin, he will be able to understand how to make the right choice.  In any case, without certain knowledge and experience, it will be very difficult to achieve real results in trade.

I agree, while a strong foundation on TA is needed there are many other factors that influence your results, probably one of the most important is your confidence, many traders begin to use a trading system not knowing if it will make them money over the long term, and if you do not know that then how can you effectively trade your system? So one of the most important aspects for a trader to consider is to backtest his strategy which is something very few traders do.

No, it's not enough. You are a human being, not a machine and you have to use your brain, your past experience and your emotions too, pure technical data are not enough.
If things were that simple then everyone could be successful in trading. It's could be very helpful though and you should take it into consideration when making decisions but you can't fully rely only on technical data.

Fundamental analysis is another aspect that is closely associated with Technical analysis, news around the cryptosphere will have a significant impact on the price of cryptos recalled president Donald Trump recent derogatory remarks on bitcoin and Libra will fundamentally have some impact on price of cryptos thus a good trader will take some profits after the pronouncement obviously envisaging a price dump while indicators too plays a major role in price movement although they lag behind price in addition emotions and psychological effect of trading should also be considered for a successful trading.

Technical analysis helped me a lot to become a great trader. But there are still indicators that we have to learned in our own way and we have to find such indicators that suited our understanding and that fits our trading style. So far, I only use 3 simple indicators like Moving Average, RSI and stoch RSI. Those help me to still get profits with my own TA and predictions.

Yes, analyzing is very important but it alone is not the way for one to be successful. You have to be balanced with doing things and that is where I prefer Trading Tools, as that’s how you are able to figure out things relatively easily and something that benefits. I don’t think it’s all that easy but with hard work and putting up efforts consistently and regularly helps for sure. But in all in all, it’s about combination of things that makes you succeed.

my advice is just read "Trading in the Zone" by Mark Douglas
then read it twice and when you will finish it... just do it ONCE again
thank me later