What are the steps in understanding technical analysis? - page 3.

Hamza2424

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

First of all, as many of the users suggested you choose a view to analyze the market trends, there are different trade view platforms as the popular ones, trading view, CMC, and even exchanges do offer basic market analyzing tools on their Dashboard. Once you are done with the platform now you need to learn about the tools and indicators for proper analysis and trend prediction. If you already know the basics you can start demo trading by analyzing the market on the view platform.

Practice learning skills, which will help ou to gain massive experience in a small interval of time. Trading is easy but trade management is rough.

Quidat

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

Before making some trading account on certain brokers or platforms then you should be starting up with the very basic which is to learn up about terminologies.
It would really be that recommendable on trying to surf and finish up the course on babypips.com. Although this one isnt really that solely focusing out on crypto but rather its on forex
but it is really just that overall the same on how technical indicators should be used or when it would be used and other stuffs. The real deal or target on here is to get that
sufficient information on things and even on candle reading which it would really be that crucial once you do dive in into crypto space.
Just remember out that you shouldnt really be rushing out yourself on making money because this is usually the primary mistake of someone who do make some rush up
just because they are really that too eager on earning money which is really that very wrong.

justdimin

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Quote from: Mr. Magkaisa on June 22, 2023, 05:27:11 AM

Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

- Honestly, what you are asking is not easy to understand immediately for a beginner entering Crypto trading. In order for you to have an understanding of this, you must first have an idea, even a basic one, so that you can understand what others will tell you here.

You can only understand this somehow if you are in the actual trading view, and to see it you must have an account on Binance, Bybit, and other exchange site platforms. And when you also learn about technical analysis, at the same time, you will learn fundamental analysis, of course, and other tools that will be used in trading activity.

Learning about TA is a months and months long work and in order to be able to do that, you need to make sure that you know what you are doing and if you are doing a good job then you will realize that you are getting better at understanding it. Not a lot of people can understand it completely which means that it is not going to be a simple job.

I think it is better if you could focus on what you could do, and that means we are talking about making as much profit as you could after you learned it. How do you understand you learned enough to trade? Well, there are two ways, one is you will learn it by seeing, like you would write down on a piece of paper when you will buy it without buying it, and then check later if you were right. Second is spending just a tiny amount to trade and see if you could.

Mr. Magkaisa

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

- Honestly, what you are asking is not easy to understand immediately for a beginner entering Crypto trading. In order for you to have an understanding of this, you must first have an idea, even a basic one, so that you can understand what others will tell you here.

You can only understand this somehow if you are in the actual trading view, and to see it you must have an account on Binance, Bybit, and other exchange site platforms. And when you also learn about technical analysis, at the same time, you will learn fundamental analysis, of course, and other tools that will be used in trading activity.

bittraffic

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One that I first learn is what the indicators are saying. This is very important and you can also learn this by just watching those guys who are also providing technical analysis.

I think it's the RSI that is the easiest to learn as it can be used in all TF. The moving averages are just to see where the trend's direction is. When to buy and when to sell is the next that you need to determine and with the help of indicators still, you will be able to decide when to execute buy and sell.

jrrsparkles

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Quote from: wxa7115 on June 21, 2023, 03:55:33 AM

Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

I think you have a major misconception about TA, TA is not something which you can learn by following some simple steps which can be described in a single post, there are is an enormous amount of literature about TA, you could read a book about TA during every single day of your life and you will still not finish the huge number of books about this topic.

So make sure that learning TA is something you want to do, but more importantly do it for the right reasons, if you are thinking about becoming rich with it as fast as possible, the only thing I can assure you will learn from it instead is to lose your money as fast as possible.

Technical analysis is nothing but predicting the future of market movement and ofcourse everybody knows that it's impossible to predict the future with accuracy but still it plays a part if the fundamentals met the criteria of an asset for example here we talk about bitcoin which has the price history of over 10 years and we are assuming its future growth based on it.

Technical analysis is simple and complicated too depends on how much we include it into our decision making. And TA is not really mandatory for someone to be a trader however they will understand the concept when they are into the market.

bitgolden

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Quote from: palle11 on June 21, 2023, 06:21:29 AM

Quote from: odolvlobo on June 20, 2023, 12:19:33 AM

Technical Analysis is astrology for traders. It is dressed up to look like a science, but it is really just based on myth, fantasy, wishful thinking, and confirmation bias.

No it is not wishful thinking.... TA is part of the techniques that traders adopt to understand the market and trade on it. It is more also like FA which is fundamental analysis, this is strictly based on news and sentiment of the market and opinions of investors which is cumulated in their emotions. TA itself is chart based and we can't treat chart with wave of the hand, just like other fields that use charts to navigate their challenges. Charts are used in engineering field and other fields.

I think understanding TA and the indicators/charts etc is not that hard, as long as you know what you are doing then you should be doing a good job. There are a lot of people who have absolutely no idea what they are doing or what they are talking about, which causes a lot of trouble, if they knew what they were doing and actually provided something about it then it would have made sense but unfortunately not a lot of them actually do know what they are talking about, most traders that even use TA end up with a problem and that main problem is the fact that they are looking at the chart wrong way.

We mocked all those who draw lines on charts because they are not doing a good job and the result will most likely be a bad one without a doubt if they don't know what they are doing.

dansus021

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personal advice

register trading view
watch youtube videos or read articles from website out there like babypips.org or investopedia to know the basic
backtest your strategy
combine or pick indicator that you think suitable for you
fail - believe me is needed
backtest again
trade with cold money trade with money that you can afford to lose

there will be bunch of youtube video and you don't need combine all the indicator in one chart maybe 1-3 is okay and use your own style you will find it

Bananington

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Technical analysis can't and shouldn't be as technical, if a layman can't grasp the subject context.
I don't know if you think there are any specific analysis to make before starting trade or owning some Bitcoin.
Of course, you would have to have made and agreed to a formal way to invest in the coins you want to use, I believe an account on the exchange you want to use should be registered and proper KYC verified.
The device to use is another aspect, either it is a laptop, desktop or phones and tablets.
Finding like minded traders willing to direct and teach, invest to get some coins. Grow your knowledge by doing personal research and joining communities as these.
You good to go! It begins with the quest to understand first.

Questat

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

These are the things you need,
* have a plan
* must do actual/real trading
* courage to take risk

Once you are in actual trading and while you are reading the chart and market development, you are already building how to analyze the market. And that is how TA is made and you can learn more of this if you are active in the market and the more you spend on the chart, the more you improve your analysis.

@sriyan

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

There are a few things you can try out.

Eg: Take the BTC/USD chart

1. You can back-test the BTC chart with different incidents that happened in the crypto market(News, SEC regulations)
2. Then apply the different trading setups for your chart.
3. Create your own strategy by back-testing the charts
4. Apply your strategy.
5. Always take the profits.
6. Exit the market end of the market cycle.

palle11

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Quote from: odolvlobo on June 20, 2023, 12:19:33 AM

Technical Analysis is astrology for traders. It is dressed up to look like a science, but it is really just based on myth, fantasy, wishful thinking, and confirmation bias.

No it is not wishful thinking.... TA is part of the techniques that traders adopt to understand the market and trade on it. It is more also like FA which is fundamental analysis, this is strictly based on news and sentiment of the market and opinions of investors which is cumulated in their emotions. TA itself is chart based and we can't treat chart with wave of the hand, just like other fields that use charts to navigate their challenges. Charts are used in engineering field and other fields.

Quote from: odolvlobo on June 20, 2023, 12:19:33 AM

People who promote Technical Analysis are just trying to extract money from the fools who will believe anything they see, or at best they are trying to impress people with their fake expertise.

This is different. People can speak positive about TA and not selling out TA to anyone but those call groups are those who extract money from the fools.

wxa7115

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

I think you have a major misconception about TA, TA is not something which you can learn by following some simple steps which can be described in a single post, there are is an enormous amount of literature about TA, you could read a book about TA during every single day of your life and you will still not finish the huge number of books about this topic.

So make sure that learning TA is something you want to do, but more importantly do it for the right reasons, if you are thinking about becoming rich with it as fast as possible, the only thing I can assure you will learn from it instead is to lose your money as fast as possible.

UchihaSarada

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

As a newbie in the cryptocurrency space, don't trade.

Don't want to be a cryptocurrency trader when you don't have knowledge about this market, don't have knowledge about technical indicators, analysis for trading.

Even you have knowledge about this market, about technical analysis, you might not get profit from trading. Trading is only profitable for very little part of traders like 1% to 20% of all traders. Do you want to be 80% to 99% of failed traders?

What percentage of day traders fail?

It is only about trading. By trading, you leave your coins on centralized exchanges and you might lose your coins if exchanges go down.

Flexystar

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Quote from: odolvlobo on June 20, 2023, 12:19:33 AM

Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

Technical Analysis is astrology for traders. It is dressed up to look like a science, but it is really just based on myth, fantasy, wishful thinking, and confirmation bias.

People who promote Technical Analysis are just trying to extract money from the fools who will believe anything they see, or at best they are trying to impress people with their fake expertise.

This kind of makes sense isn’t it. All the brokerage firms making buzz about the tools they have about the price prediction and so called trading view. You pick any app over the internet, everyone will have trading view and basically they become expert in the field immediately. In reality all they have is open source UI and algorithm which runs same set of information and gives the results to us. I don’t know but you don’t even need to worry about the TA to be done by all yourself. The Call and put options / way of trading is even crazy. The software tells you how many of them buying and selling and they tell us to follow the same. Isn’t this is spooky?

Litzki1990

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First of all welcome to the crypto world. Your focus is on trading. You might be wondering how to get into trading. Since you are new to trading, you need to gain a good understanding of trading first. Apart from acquiring a good understanding of trading, you need to apply that understanding practically. To put your idea into practice, you need to have an account on any exchange. After opening an account in the exchange, you can put your idea into practice by depositing some amount of money there. Thus if you apply the concepts in practice step by step you will become a skilled trader.

Alisha-k

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

Technically Analysis is a skill you acquire by consistent learning

It’s like a course you offer in school then when you apply it in practicals and you make good profits, we can then say you’re good in TA

You can start from watching YouTube videos from experts

Reading ebooks and other articles online

I’ll advice you do all these before attempting to trade

pakhitheboss

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I am not trying to discourage you in any way with this reply. Becoming a cryptocurrency trader is not as easy as you think. Apart from technical analysis, you need a few more skills to succeed in trading. I am going to list them down and I hope you work on them before venturing into trading.

Risk Management - Managing Risk requires some basic skills like how to use stop loss, position sizing and always maintaining a disciplined approach.
Fundamental Analysis - Tacking news, regulatory changes, and technological developments fall under it.
Patience - You would need a lot of patience. Controlling your emotion is very compulsory otherwise you might take a wrong decision.
Financial Management - You will need to work on budgeting, profit/loss calculation, and risk allocation

odolvlobo

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Quote from: Mayor of ogba on June 19, 2023, 11:36:36 AM

As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.

Technical Analysis is astrology for traders. It is dressed up to look like a science, but it is really just based on myth, fantasy, wishful thinking, and confirmation bias.

People who promote Technical Analysis are just trying to extract money from the fools who will believe anything they see, or at best they are trying to impress people with their fake expertise.

Bitcoin_Arena

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1. Create or own a tradingview account for a start. There are also similar charting tools like cryptowat.ch, coinalyze.net etc
2. Do some reading about the different technical indicators and chart patterns from sites like Investopedia, babypips.com
3. Watch YouTube videos regarding technical analysis. Do not follow financial advice, but rather learn how they carry out technical analysis live. Some of the YouTubers are just shills trying to get referrals so be careful
4. Start practicing the different strategies which you think might best suit your trading style using demo/paper trading accounts (available on different platforms such as tradingview, MEXC, OKX, Bybit etc.)
5. You can now start practicing using real money, but money that you can afford to lose. Practicing is the only way you can completely learn how to analyze and trade.

Topic: What are the steps in understanding technical analysis? - page 3. (Read 482 times)