#TradingTools101 At the beginning of my journey, I thought that success in trading was a million indicators, "magical" bots, or paid VIP signals. My chart looked like a Christmas tree, and my profit was zero. Now my arsenal is simpler.
In volatile crypto markets, the right tools are necessary, and it's not about complexity but effectiveness.
My Arsenal (without the Christmas tree):
For market analysis:
• Raw candles (Price Action): Your foundation. Understanding the "naked" chart provides more information than a pile of indicators. Pure market psychology.
• Support and resistance levels: Psychological zones where the price reacts. These are the market's "road signs".
• Volume: Confirms price movement. High volume on a breakout = strength; low = fake.
• One or two simple moving averages (MA): For determining a significant trend, like a compass.
For risk management (most important!):
• Trading journal: Your diary of successes and mistakes. Record trades, emotions, results. This is your personal trainer.
• Position size calculator: Don't risk more than 1-2% of your deposit on one trade. It will help determine the right position size.
• Stop-Loss and Take-Profit orders: Your automatic guards. Stop-Loss limits losses, Take-Profit locks in profits. Set them up immediately. Always.
What often "shines beautifully" but is harmful:
• Excess indicators: Creates "noise" and paralyzes analysis.
• Paid "signal groups": in 99% of cases - scams.
• Complex, incomprehensible bots: Can wipe out your deposit faster than you can blink.
Conclusion:
In trading, less often means more. Don't chase complex tools if you don't understand the basics. Your most valuable tools are a clean chart, a clear plan, strict risk management, and discipline. They will truly help you analyze the market, manage risks effectively, and preserve capital.
What are your favorite "simple" tools that actually work? Share in the comments!