What are the best indicators for following trend in cryptotrading? - page 2.

snowpega

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Quote from: shisotsu on January 17, 2024, 02:56:52 PM

I'm developing my strategy for trend trading and I'm trying to figure out what are the best indicators to catch a trend. Currently now I'm using MFI, but I doubt that it is suitable for cryptocurrency trading, so i will appreciate it if you give me a hint. Thank you in advance!

If you ask me I would like to suggest you that never depend on the signal indicator in crypto trading because many indicators can give the wrong signal sometimes. use a combination of indicators and go ahead. i have seen many indicators giving false signals and which leads traders to the loss.

One indicator which is Known as RSI (Relative Strength Index) that gives us the signal to buy and when to sell if it is below 30 so it means it is a good opportunity to buy and if it is above 70 it means it is not good time of buying. DYOR

Kelward

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Quote from: Husires on January 18, 2024, 03:46:46 AM

The "best" indicator is what you will get after trying several indicators. Without it, everyone can tell their experiences. These experiences may be real, they may be fraud, they may not suit you, or you may need capital and experience.
Without experimenting, everyone will give you their experiences, which may not suit you, but if you are a beginner, I say that the best indicator is the one that does not make you lose and gives you a profit of at least 1% every week or two.

Based on what I see in the thread so far, the experienced members are being economical in suggesting any specific indicators for OP to adapt, so like you said, let him try different indicators and make a choice for himself, because in the end his preferred choice that'll work for him can be different from what works for who he's getting advice from. So I support that he should experiment and let his experience guide him to make a choice, so he'll be responsible for the outcome of his choice.

GreatArkansas

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MSI is good also, which is really close or similar to the Relative Strength Index (RSI), which you can use to identify oversold and overbought.
For OP, make sure also to check other timeframes especially higher timeframes just to identify it's not a trap. Then you can also add another strategy about the candlesticks patterns.

el kaka22

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There is a difference between trend trading and trading the trend. You might feel confused about that statement, but trend trading is doing whatever you think is the trend, and going in beforehand, trying to catch trends, whereas trading the trend means you wait it out, you wait until it becomes a trend, like give it some time.

Imagine this, let's remember the DeFi period, all those uniswap and pancakeswap periods, all they had tokens, if you joined all the way from the release, like first days, then you trend trade, if you waited a month or two and joined, you are trading the trend. I would say trade the trend and do not trend trade, that is important. If you jump into everything you see, then you are not going to end up getting good results.

EarnOnVictor

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Quote from: shisotsu on January 17, 2024, 02:56:52 PM

I'm developing my strategy for trend trading and I'm trying to figure out what are the best indicators to catch a trend. Currently now I'm using MFI, but I doubt that it is suitable for cryptocurrency trading, so i will appreciate it if you give me a hint. Thank you in advance!

Bro, I've been in the world of trading for some time now, and I will never advise you to rely on any indicator for your trading if you want to excel in it. You had better try price action and support and resistance strategies. There are many of them, you can learn them on the internet and you will just be fine. Even if you will use any indicator at all, use the ones that trade support and resistance only. I mean those like the 200SMA and others where their lines are difficult to penetrate by the market, they will not confuse you much. But using the MFI indicator is just a waste of time, they are almost similar to trading based on how the price of the market is moving, just like using the line chart.

You can be sure to be mistaken through them as they only flow/move with the demand and supply on the market in real-time but are not good for future predictive purposes. I would have suggested some custom indicators to you as well, but since it is the cryptocurrency we are talking about, you will be using exchanges for it. So it is not necessary as they will not work on exchanges but on the Metatrader4 trading platform.

Husires

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The "best" indicator is what you will get after trying several indicators. Without it, everyone can tell their experiences. These experiences may be real, they may be fraud, they may not suit you, or you may need capital and experience.
Without experimenting, everyone will give you their experiences, which may not suit you, but if you are a beginner, I say that the best indicator is the one that does not make you lose and gives you a profit of at least 1% every week or two.

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To me, there is not "best" indicator because we all have different strategies. What could work for me may not work for you because of your strategy. But there as so many indicators that can be used to catch a trend. The most common ones are MACD, RSI, The Bollinger bands etc
I have used all of them in the past but under different scenarios.

shisotsu

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I'm developing my strategy for trend trading and I'm trying to figure out what are the best indicators to catch a trend. Currently now I'm using MFI, but I doubt that it is suitable for cryptocurrency trading, so i will appreciate it if you give me a hint. Thank you in advance!

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