TRADING TOOLS? useful/useless - page 2.

DimitrisLodirogas

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Quote from: Shasha80 on October 27, 2019, 11:33:46 PM

For me personally trading tools are very useful to get the information I need right in making decisions when trading. Various trading
tools that I have used to make profit in trading, but remember not to rely too much 100% decisions from trading tools. Sometimes
the results of trading tools analysis are not accurate, so before making a decision the end needs to be checked again briefly the results
of information obtained by trading tools. Among them I use trading bot, arbitrage tools, and also trading view to see coins price movements.

Tools from different providers or from one? I was looking at a platform from Newscrypto.io since them seem to offer 5 free tools (or at least they look for free for now, 3 days). Is trading view the best choice for chart analysing?

DimitrisLodirogas

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Quote from: Pearls Before Swine on October 25, 2019, 10:45:08 AM

I don't know what tools op is referring to, but trading tools are all based on technical analysis and I view that as pseudoscience at best, much like astrology or numerology. I wouldn't say that such tools are 100% ineffective, but I don't think they work the way the people who use them think they do and I wouldn't spend any money buying a software package.

Staring at charts goes back to the early 1900's at least and probably well before that. And yet the most successful investors are the ones who have the ability to find things which are undervalued. The traders who follow trends might make some profit, but its nowhere near what fundamental analysis can produce. But this is bitcoin and there really aren't any fundamentals to analyze, are there? The only thing you have to go by is charts and the hope that bitcoin or altcoins are going to go the way you think they are...and ultimately that becomes a guessing game.

I like the comparison with astrology (astronomy's my passion). I'll probably just stick to learning and analyzing tradingview..for now.
THank you for help!

DimitrisLodirogas

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Activity: 147

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Quote from: teosanru on October 26, 2019, 06:47:17 AM

Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

I think the main tool which could actually help you is nothing but your own wisdom and knowledge. The best tool is risk management technique which you can be learned easily but practicing it can be cumbersome. Risk management is technically a very tedious but a very rewarding job. No tool, no arbitrage, no strategy can help you get profits in longer term than risk management. No matter what market it is this strategy can be applied to any markets and can be combined with any type of technical analysis.

Explain me like i'm five: Risk management technique
Sorry i'm new to crypto Sad

DimitrisLodirogas

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Quote from: ChrisPop on October 25, 2019, 11:20:52 AM

If you know how to use the arbitrage tools of course they are useful. But remember that there are a lot of people doing arbitrage with maybe much more powerful and sophisticated hardware and software that can calculate and enter orders on the market much faster than you. Obviously there is a piece of the pie for everyone, but you need to learn how to profit from that. Arbitrage is not a set and forget thing. If it was, everybody would be doing and getting rich just by watching a bot do the work for them.

Makes sense. I'll probably just abandon arbitrage for few nex months on focus on other things! Thank you for help!

conex

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Quote from: DoublerHunter on October 25, 2019, 10:24:35 AM

That will depend on you because we had a different perspective. Trading tools for me are very useful, coin tracker and I am using blockfolio app and trading tools just like an automated trading bot. I used Gunbot and it works fine for me. If you are good at technical, fundamental or what so ever analysis wou will know these tools may a great help for you. Probably you need to study very well first before in trading because it needs more knowledge to understand the crypto market.

Gunbot looks interesting, pity they don't offer a free package since i can't afford it at the moment...

erickastella

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Such applications in my opinion are very useful for those who are lazy to learn about the world of trading or the like they choose the fast track compared to the very heavy path, they can only use the application without knowing how the application works, but everyone's opinions differ, it's in my own opinion.

Beparanf

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Quote from: ?? on ??

Trading tools are proven helpful when it comes to analyzing coins, which is good to trade or not, if this was useless then expert will for sure will not use it and will tell that it is not advisable to use it. But, of course, we should not just rely on it, we should also consider some factors such as the current event of certain project and other factors.

While some uses it, there are circumstances that it is not helpful especially if there are news or fud spreading depending on that coin,being updated in news while trading will be much better for me and just graphs in coinmarketcap than using too much tools. Well it all depends on our basis and what makes us earn more.

maydna

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Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

I guess you need to explain what tools you want to ask. Tools for trading are useful for traders to analyze the market position, where the trend wants to go, and when we can enter the market. Without having or mastering the tools, you cannot get the right time to trade, and you only get a loss because you don't know when to enter the market. That will work the same for arbitrage trading because the arbitrage trading will need more than just to analyze the price and the market. You need to choose what coin that doesn't have a long time to arrive in the target exchange so you can sell to make a profit.

Usually, I choose the two coins at two exchanges. Then I will compare the price for both exchange, and if I can see that the price have a big gap, later I will try to send some amount to test, but that will depend on the coin itself. If I already know that the coin has the fastest confirming of the transaction and it doesn't need too long to arrive, then I will buy a large amount and then send it to the target exchange. But now, I think it's not recommended to do arbitrage trading because the market still searching for a better position for a while, so perhaps, you could do usual trading than arbitrage trading.

leea-1334

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Quote from: jaocoincrypto18 on October 27, 2019, 08:51:19 PM

It will depend of which tool that you are going to choose but trading tool is good only good to help us and to guide us in our trades as they are not accurate in which our analytical skill should be always be our main tool for all of our decisions. I used blockfolio apps for so many years but still i suggest that you do more research with the other tools that will suit your needs.

What are tools? Things that help us to do something better.

I think all tools are useful and useless,,, depending on the person who uses them. In trading, if you have a good strategy that works, your tool can help you automate those and help you make fewer mistakes. But if your strategy is bad, your tool will only help you bust faster.

lobat999

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Quote from: abel1337 on October 27, 2019, 11:43:32 AM

Quote from: lobat999 on October 27, 2019, 10:39:39 AM

Blockfolio is one of my very used app that is connected to trading, I almost use it every day since 2017 when Blockfolio is just a small application. Most of us now know Blockfolio is a reliable application that tracks most of our crypto, As time passes they add new features like exchange connections that let you track and monitor your trades. It's a very handy app.

Aside from using Blockfolio, maybe you could also use Delta simultaneously since some coins that aren't listed on Blockfolio can be found on Delta and also, it has great features comparable to that of Blockfolio which makes it a great alternative app in coin and portfolio tracking.

wajik-tempe

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Quote from: ashmodeus on October 27, 2019, 08:29:24 PM

the good way for it just research by your own.
basically all of what u say its usefull for people know what they needed from that.
and if u newcomers, of course u need research before joining,even use it.
what u looking for , what a basic price for some altcoins and etc.

Yes i'm aggree, those tools are only useful when the people who use it understand what they're doing.
As a newbie traders we should learn the basic of the trade first, and experiencing market by ourself.

Shasha80

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Activity: 1876

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For me personally trading tools are very useful to get the information I need right in making decisions when trading. Various trading
tools that I have used to make profit in trading, but remember not to rely too much 100% decisions from trading tools. Sometimes
the results of trading tools analysis are not accurate, so before making a decision the end needs to be checked again briefly the results
of information obtained by trading tools. Among them I use trading bot, arbitrage tools, and also trading view to see coins price movements.

AliMan

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Quote from: ashmodeus on October 27, 2019, 08:29:24 PM

the good way for it just research by your own.
basically all of what u say its usefull for people know what they needed from that.
and if u newcomers, of course u need research before joining,even use it.
what u looking for , what a basic price for some altcoins and etc.

This is very important for most of the new comers in trading, others neglect the basic ways to deal with trading specially on their first time. When they find market has gone through lots of bounce and surges, they desire to purchase an asset for their holdings. Without knowing the impact, after spikes declined when panic sellers grab the small opportunity just to take their profit gains. Much better use the basic tools and ideas, the more complex tools you use; the more possible risk you'll going to face.

jaocoincrypto18

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It will depend of which tool that you are going to choose but trading tool is good only good to help us and to guide us in our trades as they are not accurate in which our analytical skill should be always be our main tool for all of our decisions. I used blockfolio apps for so many years but still i suggest that you do more research with the other tools that will suit your needs.

ashmodeus

hero member

Activity: 1638

Merit: 518

the good way for it just research by your own.
basically all of what u say its usefull for people know what they needed from that.
and if u newcomers, of course u need research before joining,even use it.
what u looking for , what a basic price for some altcoins and etc.

abel1337

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Quote from: lobat999 on October 27, 2019, 10:39:39 AM

Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

Of course these tools are useful for any trader but beware not all of them can provide more accurate data to guide in your trading decision making. So I think its best to follow up reviews of these tools that you will be using and try to test them and see what fits your needs.

For example, as in my case, I find coin tracking apps like Blockfolio and Delta very effective in providing me realtime feedback on my portfolio that is why I prefer to use them. I you want more in depth trading tools, then Algory might be for you - which is a set of tools for traders that is free to use as of the moment. Maybe you might want to test it out but please be cautious and use it at your own risk.

Blockfolio is one of my very used app that is connected to trading, I almost use it every day since 2017 when Blockfolio is just a small application. Most of us now know Blockfolio is a reliable application that tracks most of our crypto, As time passes they add new features like exchange connections that let you track and monitor your trades. It's a very handy app.

Ryker1

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Quote from: lobat999 on October 27, 2019, 10:39:39 AM

Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

Of course these tools are useful for any trader but beware not all of them can provide more accurate data to guide in your trading decision making. So I think its best to follow up reviews of these tools that you will be using and try to test them and see what fits your needs.

For example, as in my case, I find coin tracking apps like Blockfolio and Delta very effective in providing me realtime feedback on my portfolio that is why I prefer to use them. I you want more in depth trading tools, then Algory might be for you - which is a set of tools for traders that is free to use as of the moment. Maybe you might want to test it out but please be cautious and use it at your own risk.

Well, the Blockfolio tool in tracking your coins in trading is very useful because it is very handy when you are monitoring your coins even though you are Away From Keyboard. I like also to use a trading bot and I tried that before but unfortunately, that was free. Maybe if I can afford I will purchase Gunbot since it is a very trusted and well-known trading tool. You can check it here a list of trading bots, https://www.finder.com/cryptocurrency-trading-bots.

lobat999

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Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

Of course these tools are useful for any trader but beware not all of them can provide more accurate data to guide in your trading decision making. So I think its best to follow up reviews of these tools that you will be using and try to test them and see what fits your needs.

For example, as in my case, I find coin tracking apps like Blockfolio and Delta very effective in providing me realtime feedback on my portfolio that is why I prefer to use them. I you want more in depth trading tools, then Algory might be for you - which is a set of tools for traders that is free to use as of the moment. Maybe you might want to test it out but please be cautious and use it at your own risk.

supercanada1

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Quote from: bhabygrim on October 26, 2019, 01:03:10 PM

Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

It all depends on how you use it and if you know how to use it properly,
So the answer for this is simple it is both useful and useless it only depends on it's user, If one doesn't know how to operate or use it then it is very useless for them.
They have been created to help us but it couldn't operate on it's own so we should also know how to use them properly.

In order to use these tools and gadgets properly, one must have a good knowledge regarding his asset and profession In the world of trading, the skill that matters the most is being able to make right predictions. Only this way, one can take right decision at right time. To make this possible, he must learn a lot. Trading tools cannot really help otherwise. If this was wrong, then all traders would have been rich.

Suslived

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Quote from: DimitrisLodirogas on October 25, 2019, 09:21:04 AM

Heyhey. Little help needed here.
Are tools for arbitrage, coin tracking, correlations etc useful or are they just another pitfall for not learning crypto? Was searching for useful platforms but got even more confused, which ones are trustworthy?
Appreciate the help!

If you're into technical analysis and research (which is vitally important in crypto trading) i'd suggest taking a look at the TradingView website. Basically the idea is you "follow" experts that post their opinions of crypto trends and you either follow their advise and trade based on that or you don't.

Hope this helps!

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