Tools for analysis - page 2. | Bitcointalksearch.org

Jody.Drummer

hero member

Activity: 1498

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Leading Crypto Sports Betting & Casino Platform

Quote from: GreatArkansas on January 29, 2023, 08:59:44 PM

For me, if you are starting to learn. Go with the basics first, and identify the basics of trading.
Like on every coin; identify first how trade works, candlesticks, and timeframes. What tools you can use, there are a lot of free tools on how to check charts, if you are already in some trading platform, they have their own tool for that, or some of them use trading view embedded in their platform.

Next, go with indicators, the technical part. Start with basic indicators, like volume indicators, momentum indicators, supports, and resistance.

Yes I agree with what you say. There are stages that we must know before actually applying the tool or whatever it's called to analyze the market. Don't let us take the wrong step, I mean prioritize which one we should know first from this trade. What I know is that people who are just getting into the world of trading want to find out quickly, which should not be the time to find out. It would be nice for us to start with the most basic things first before knowing the complicated things, believe me it will help a lot in our trading later.

xSkylarx

hero member

Activity: 2352

Merit: 593

Just basic indicators like MACD, RSI, MA, EMA, and Trendline are the most commonly used tools or indicators; I'm not sure of others, but the data of backtesting is also needed if you want to test your strategy, but it is already available. I'm not sure what other people use, but that's what I use, along with planning things out, such as keeping notes on how to execute a trade and what the confirmations are. Those traders also have some sort of calculator to calculate the probability of winning, and I am sure they are really smart guys.

gunhell16

sr. member

Activity: 1666

Merit: 453

Quote from: xanto on January 29, 2023, 02:41:35 PM

Hi everyone

Tell us your experience with different tools and services to analyze the cryptocurrency market

Which ones helped and which ones,on the contrary,made the situation with trading worse

-Sincerely,xanto

You don't know the tools? But you've been doing trade for a couple years now? Don't tell me you don't know the several
ways for us to apply trading in the actual exchange platform. Doing trade here in the cryptocurrency is equivalent of your investing an
assets where you believe it has a future and can give a nice opportunity savings in the future.

Maybe you can start with the volume of the coins, time frame, candlestick and others.

Danydee72

full member

Activity: 189

Merit: 168

Before I choose a tool or indicators I always try to make assumptions. Regarding Bitcoin I made two assumptions long time ago:

Bitcoin will not loose it's value (whatever price it has)
Whenever Bitcoin's price will go down, it will go up later and vice versa

I do not choose cryptos (or other goods) for trading which do not follow at least these two simple assumptions. For me it doesn't really matter who or what influences the price of bitcoin - I always know it's value and therefore I feel quite save. Of course there is no 100%.
Following this I choose my Indicators.

First Indicator is the macroeconomy. Listen what's happening in the world and what's happening with bitcoin. Look at it's cycle. I need no tool to do that.
Next on the short run I take some simple Indicators like MA (7/25 in my case), or 50/200 on a longer run. Only taken for buying. The nature of bitcoin is deflationary or at least stable. My conclusion on this is: His value will increase over time. So it's no problem at all if I can't sell a position, because I know bitcoin's price will rise back again.

I know there are more sophisticated ways to do trading / investing. But I like to keep my greed factor as low as possible and just getting some profits every day. It's like driving a car. You don't have to drive too fast, just keep a stable average speed to arrive soon and save.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

OP, it's not the tool, it's YOU. We plebs can suggest every different tool available from the internet from you to use in your day-trading, but it can't change the fact that WE plebs might not have the necessary resources/capital and the necessary qualities to trade against the traders that have the capital and the qualities. BUT if you truly want a suggestion for "a tool", obviously the most common suggestion that's free, and very useful to start learning Technical Analysis is Trading View.

Alisha-k

member

Activity: 840

Merit: 23

The first time i tried MACD and RSI i ended up in a big mess. I recorded my biggest loss that day. It was tested on a 1D candle chart. Before now it has been SMA 50 and trend line it was semi good. Trend line is my best working tool because it is simple for me and less complex.

Oshosondy

legendary

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...gambling responsibly. Do not be addicted.

Quote from: xanto on January 29, 2023, 02:41:35 PM

Tell us your experience with different tools and services to analyze the cryptocurrency market

Which ones helped and which ones,on the contrary,made the situation with trading worse

Primary indicators, I like BB, EMA and MA
Secondary indicators, I like RSI, but there are other oscillators that you may also prefer

But you have to take note that indicators may fail, this is very important to know.

Quote from: EarnOnVictor on January 29, 2023, 05:21:22 PM

I have quite a trading experience, and I am sure that what the so-called premium indicators and tools would give is what the default indicators and tools that are free would also give. It's the same function as the default trading tools that were reconfigured to look different from the premium versions. People might not know this, but those of us that have stayed in the business longer can surely decipher them.

So, I am glad you have concluded to use the free version instead of wasting your money on the trading tools that you can access for free.

Tradingview premium can be more useful, example is when you use bollinger band, you can set it in a way you can set a notification if the candle stick hit the upper band or lower band. Another example is the RSI, you can set it to send you notification when it reach certain number, like 20 to 30 for oversold while 70 to 80 for over bought. But I understood you though, you do not have to pay for indicators before you will make money from trading, that is true.

Mr. Magkaisa

sr. member

Activity: 728

Merit: 282

Quote from: xanto on January 29, 2023, 02:41:35 PM

Hi everyone

Tell us your experience with different tools and services to analyze the cryptocurrency market

Which ones helped and which ones,on the contrary,made the situation with trading worse

-Sincerely,xanto

- Maybe this link may give help for the trading beginners
Basic Trading and Different style of Trading all of us here want to become a good trader so that we can earn good profit here in the cryptocurrency.

Besides, there are a lot of options for us to learn trading So, just always do the basic, and always control our emotions in
a proper way so that in the end our assets will not be loss or in danger.

Sebas.tian

full member

Activity: 1974

Merit: 147

Quote from: xanto

Tell us your experience with different tools and services to analyze the cryptocurrency market

Firstly, indicator is among the tools many traders used to monitor the crypto market to know if it's time to fall in love with the current price in the market or not to embrace the current price at the moment not to experience loss at the end of the investment. Secondly, patience is among the tools potential traders used to plot a huge amount of money from their long investment, because that is the best way for traders to fulfill their financial breakthrough in the community. Thirdly, personal research is among the tools use to analysis crypto market which is the best strategy both the long traders and short traders used to defeat lost in the future.

Edwardard

hero member

Activity: 1050

Merit: 681

Quote from: GreatArkansas on January 29, 2023, 08:59:44 PM

Next, go with indicators, the technical part. Start with basic indicators, like volume indicators, momentum indicators, supports, and resistance.

Apart from all those indicators (which are laggy), have a fundamental knowledge about the coin such as miner capitulation area (for btc I suppose 16k was miner loss zone and hence a great buy despite all bad vibes in the market), keep a note of all the upcoming fed announcements, cpi/ppi data dates, because on these days btc goes wild and volatile so you gotta trade with low lev or avoid trading in these days since no indicator is going to help you from those insane wicks up and down.
And regarding indicators, my most faviourite one is ichimoku indicator combined with 50/200 simple moving averages.

GreatArkansas

legendary

Activity: 2282

Merit: 1344

Buy/Sell crypto at BestChange

For me, if you are starting to learn. Go with the basics first, and identify the basics of trading.
Like on every coin; identify first how trade works, candlesticks, and timeframes. What tools you can use, there are a lot of free tools on how to check charts, if you are already in some trading platform, they have their own tool for that, or some of them use trading view embedded in their platform.

Next, go with indicators, the technical part. Start with basic indicators, like volume indicators, momentum indicators, supports, and resistance.

EarnOnVictor

hero member

Activity: 644

Merit: 592

Leading Crypto Sports Betting & Casino Platform

Quote from: takuma sato on January 29, 2023, 04:09:23 PM

I would probably get a premium TradingView account but honestly it's not really needed, I haven't paid mine in a while and I can work just fine with the default features. There are good indicators you can get for free. There are no magic tools anyway, having a job that pays well is the most important part as you can just invest bigger chunks and assume less risks which should make you more money long term than trying to guess what's going to happen next at all times.

I have quite a trading experience, and I am sure that what the so-called premium indicators and tools would give is what the default indicators and tools that are free would also give. It's the same function as the default trading tools that were reconfigured to look different from the premium versions. People might not know this, but those of us that have stayed in the business longer can surely decipher them.

So, I am glad you have concluded to use the free version instead of wasting your money on the trading tools that you can access for free.

takuma sato

sr. member

Activity: 281

Merit: 408

I would probably get a premium TradingView account but honestly it's not really needed, I haven't paid mine in a while and I can work just fine with the default features. There are good indicators you can get for free. There are no magic tools anyway, having a job that pays well is the most important part as you can just invest bigger chunks and assume less risks which should make you more money long term than trying to guess what's going to happen next at all times.

xanto

member

Activity: 216

Merit: 11

Hi everyone

Tell us your experience with different tools and services to analyze the cryptocurrency market

Which ones helped and which ones,on the contrary,made the situation with trading worse

-Sincerely,xanto

Topic: Tools for analysis - page 2. (Read 278 times)