Any essence of using too many indicators?

[SmartGold01]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

Please give your views.

[jeraldskie11]

Indicators is very useful in trading, it can be use effectively as confluence. Too much indicators can overcomplicate your trading, so it's not necessarily to use many of them. Use only the most essential one, just like RSI for reversal and Moving Averages for identifying the trend. But personally, I use mainly volume indicator because it really works for me.

[ajiz138]

Indicators is very useful in trading, it can be use effectively as confluence. Too much indicators can overcomplicate your trading, so it's not necessarily to use many of them. Use only the most essential one, just like RSI for reversal and Moving Averages for identifying the trend. But personally, I use mainly volume indicator because it really works for me.

Agree with you, sometimes when we use lots of indicators it actually makes me more dizzy in seeing price movements, Lol.

However, this is up to each individual, if someone is comfortable using many indicators and it is effective, then do it. However, if someone is not comfortable with many indicators, then they can only develop indicators that they understand. So our knowledge of indicators is also very important.

[milewilda]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

Please give your views.

Its not really that bad to have multiple indicators as long it would really be that helpful into your trading and since you could really be able to read it up then it wont really be that much of an issue.
For me it would really be just that enough on having 3-4 indicators or even 3 would suffice.  MACD, RSI and support resistance would really be just that enough.
The important thing on here is that you should really know on what you are doing and able to read up and act accordingly if you see those opportunities.

[Rruchi man]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

Too many indicators can become confusing; your goal as a trader should be to keep things simple and use as few indicators as possible because too many indicators complicate decision-making as some indicators may show different signs of different market movements. There are many indicators and you have to find the one that you most understand. It is important to note that not all indicators are useful, some are just sh*t.

[MrSpasybo]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

I think there is no one-size-fits-all answer to this question. Each trader has their own trading method: some only need to use the raw price chart, others need 2-3 indicators, while others need up to 10 indicators to make investment decisions. Each indicator can only extract a few pieces of market data and provide a picture of a certain aspect. Traders will need experience to be able to use the indicators effectively that suit their trading style.

I study indicators on TradingView. I understand classic technical indicators such as EMA, RSI, MACD, Sonic-R and Ichimoku, and I sometimes refer to them. I usually only use my own indicators, and I have created a few dozen indicators to analyze the market, which may not be enough, and I will continue to improve and introduce more effective indicators in future!

[SmartGold01]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

I think there is no one-size-fits-all answer to this question. Each trader has their own trading method: some only need to use the raw price chart, others need 2-3 indicators, while others need up to 10 indicators to make investment decisions. Each indicator can only extract a few pieces of market data and provide a picture of a certain aspect. Traders will need experience to be able to use the indicators effectively that suit their trading style.

I study indicators on TradingView. I understand classic technical indicators such as EMA, RSI, MACD, Sonic-R and Ichimoku, and I sometimes refer to them. I usually only use my own indicators, and I have created a few dozen indicators to analyze the market, which may not be enough, and I will continue to improve and introduce more effective indicators in future!

Hey thank you for the cool and sharp answer..
Naturally when I am going through lot of material on net and I understand that lots of them talks about indicators and charts, candle reading is one of the basic things to know and whomever that can basically understanding their candle reading can as well carefully follow some of the indicators although as you said one can developed their indicators provided that the owner understood it and others could follows it correctly without misunderstanding it.

[Zed0X]

I would not call myself a successful trader but back when I was actively trading, I use up to 3 indicators only.

As for you, try to learn as many as you can and then find the trading strategy that works best for you. When I used to follow various chartists before, I noticed that they have their own style and don't use the same indicators. Their time frame is also different.

[Rruchi man]

When I used to follow various chartists before, I noticed that they have their own style and don't use the same indicators. Their time frame is also different.

Most professional traders today have passed through a process where they tried different indicators and then found out which one was most comfortable for them to use. This is why if you are learning trading from an individual, you need to focus on that one person and their trading pattern and strategy. If you try to focus on so many professional traders at the same time and learn all their strategies at once, you will become confused because every trader has his or her own pattern of trading. They have the indicators that they look at, and they have the time frame that they use in trading.

[Captain Corporate]

"too" many wouldn't really be that great, things do not really mean that much when you combine a lot because they would start to show contradictory stuff eventually when you do that. You need to use a few that compliments each other and if they all show the same direction then usually that's the way market will go. Doesn't mean it will be always right, we have seen when market has shown bad results as well, it just means that there is a bigger chance. This is why I believe that the best thing to do would be just avoiding all of this at all costs, just to make sure that you use a few that will be fine together.

[taufik123]

It is too confusing to use multiple indicators if you don't know what each one does.
I would probably only use a maximum of 3 indicators to see how the crypto market works.

MACD, RSI, MA are enough in my opinion.
It is only necessary to study them in detail to maximize their use.

Forcing using a lot of indicators will only be confusing, and not efficient enough, it is too much.

[joniboini]

Naturally when I am going through lot of material on net and I understand that lots of them talks about indicators and charts, candle reading is one of the basic things to know and whomever that can basically understanding their candle reading can as well carefully follow some of the indicators although as you said one can developed their indicators provided that the owner understood it and others could follows it correctly without misunderstanding it.

Looks like you have a good basic understanding already. I guess the only thing to work on after that would be learning to apply various indicators that look interesting to you. Try them on a demo platform or run a back-test on your own and see which indicators feel easy to use for you. I remember doing the same thing a while back, using a free trading bot that supports simulation for past performance. Not sure if it still exists anymore though. Even if they no longer provide a free plan, demo trading platforms are abundant nowadays.

[SmartGold01]

Naturally when I am going through lot of material on net and I understand that lots of them talks about indicators and charts, candle reading is one of the basic things to know and whomever that can basically understanding their candle reading can as well carefully follow some of the indicators although as you said one can developed their indicators provided that the owner understood it and others could follows it correctly without misunderstanding it.

Looks like you have a good basic understanding already. I guess the only thing to work on after that would be learning to apply various indicators that look interesting to you. Try them on a demo platform or run a back-test on your own and see which indicators feel easy to use for you. I remember doing the same thing a while back, using a free trading bot that supports simulation for past performance. Not sure if it still exists anymore though. Even if they no longer provide a free plan, demo trading platforms are abundant nowadays.

Yeah Demo is good to try out but some of the material and post I came across forum doesn't encourage demo trading for someone who wants to start trading immediately or that wants to fund his account. For instance, as a beginner in trading if you want to Excel quickly you don't need to use a demo to start trading is better you used live account with a least little amount you can afford to lose. When using live account it makes you to eliminate fear and trading fever, when all this are killed you become quickly successful with trading.

[Faisal2202]

I want to know if becoming a successful trader requires one to have many too indicators on their trading interface although I am not too dip into trading rather belongs to hodling.
I actually want to start trying other things possible to keep oneself afloat while the main goal is being achieved.

Please give your views.

Without indicators you won't be able to do technical analysis and without TA you won't be able to make a successful trade. Many would say you can make a successful trade without TA but with FA (fundamental analysis) but it won't be so accurate as it would be if TA was included. So yeah you need to lean some indicators in order to start trading. But it is not necessary for you to learn 20 or dozens of indicators as the choice of indicators depends on the type of trading.

I mean if you are a day trader they you might want to use more indicators, but you can also make things predictable with fewer as well in day trading. Its just a matter of need, if you need to confirm from different indicators that market will either go up or down, you use different indicators to make sure. Or to increase the accuracy of trade.

[Stompix]

Pretty simply, put them to a test and do some learning while you're at.

Grab 3 coins, grab the previous data from let's say 2021-23, and then month by month draw the lines based on what those indicators would tell you and compare it to where the price actually went, after you realize some are just worse than coin toss you will be able to cut the numbers down to some that give you better odds than playing bets on ponies.

After all all indicators base their data on previous performance, so why not test with your own eyes how previous performance was replicated?