What are the essential trade tools to be present in a traders toolbox ?

MoneyTec Forums Tools of the Trade What are the essential trade tools to be present in a traders toolbox ?

This topic contains 38 replies, has 2 voices, and was last updated by  DDRB 1 year, 11 months ago.

Viewing 15 posts - 1 through 15 (of 39 total)
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  • #1191

    ashvini
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    There are million things essential for traders to be successful; among which are the tools for trading.

    According to me indicators are the best tools which are to be present in a traders toolbox
    While indicators reflect the past, they can be used only under specific environments. So according to you, what are all the essential tools to be present in a traders toolbox. ?

    For me its indicators like bollingerbands, MA, Stoch, Ichimoku lol now thats a lot .
    Share your opinion

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    #1192

    murali603
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    In my opinion all Indicators move when price moves, so far there is no indicator which can show future movement of price, If price moving in up direction indicator also show up movement, when price starts moving down after few seconds/minuites indicator also change its direction.

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    #1193

    ashvini
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    True all the indicators just reflect the history and based on the history its we traders who determine or predict the next possible price action. In a way indicators are one of the major and important trading tool which is very much essential

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    #1194

    AnilYadav
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    For forex beginners like me its very much essential that we acquire the forex knowledge first, the more trading tools we learn it will be beneficial on long run to be successful

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    #1195

    ashvini
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    Nothing but fact, most of the beginners should realize that they should equip themself with the forex knowledge and learning indicators is critical to acquire forex knowledge. Its not to be forgotten that Knowledge is power and once you have acquired it success in like infinity.
    So what have you been learning ? share the tools you learnt

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    #1196

    AnilYadav
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    Am still in the learning stage, its just been three months since am learning forex basics, during these days i have learnt indicators like bollingerbands, movingaverage and now learning fibonacci. Somehow i feel its complicated to learn fibonacci hope i learn it someday

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    #1197

    ashvini
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    Not bad, i was not that good in learning terms, i had been neglecting to learn fibonacci for a long time, like almost about a year past in trading i had not learnt fibonacci. But then after losing money and stuffs i felt its very much essential to learn fibonacci, because it contains the most critical levels to which most of the traders will be looking into worldwide. Finally i learnt it.
    Starting you may feel it difficult, once learnt everything is easy dont worry

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    #1198

    Dhawal_Mirani
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    learning in forex is a never ending process. but for me, its like i started doing real forex trading in my 8th day. that means i praticed only for 7 days and started my real trading. I start with only $10.. and made more 10000% of that.. i still feel that i’m not aware of so many thing in forex

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    #1199

    murali603
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    It won’t be constant for all days..At strating some times naked trading will give profits but it won’t for all days..

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    #1200

    ashvini
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    Well may be the practice period was very short in your case. Just in seven days its hard to understand or to have the complete knowledge of forex. The capital with which you have started i.e., $10 is also very small to sustain in the highly volatile forex market. Anyways its true that learning should be a continuous process in forex and we need to keep updating our knowledge everyday to be aware of the changing global economy.

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    #1201

    Dhawal_Mirani
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    agree to what you say but if you spend time talking to forex experts and going to forex forums with good forex signals would help alot. Moreover, lot of times i do scalping and dont believe in long term trading so this help me making some money at the end of the day

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    #1202

    ashvini
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    @mirani: When we dont have much time for analyzing or to stay infront of the terminal scalping is best to rack in pips and make some quick profit in a short span of time. But again in scalping we need to be fast and very much precise. For scalping i use M5 chart make sure that the candle color matches with the H1 chart, MA, Bollinger bands are my favorite tools for scalping.

    @murali: Very much correct, not all days are sundays, may be somedays we can make profit with naked trading but not always. Just blindly closing and opening the trades will result in unpredictable results. Those who fall into trap of naked trading will turn into pure gamblers for sure. Its always advisable to analyze with the help of the tools available even the use of a simple MA is also worth a lot.

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    #1203

    tommy20
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    “Tools are the essential part for trading” Indicators are the best for trading in forex without making it much complex am trying to learn the basic newbie indicators like the MA, Bollinger bands. Hope one day i will learn to predict the forex market with precission

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    #1204

    ashvini
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    Undoubtedly tools are the most crucial and most important part of the trading and as i said the most important to be present in a traders toolbox are indicators for sure. Its good that you have started with one of the few famous and widely used indicators. Definitely you can predict better once you have learned these indicators. So, what else you think is essential for you to learn or are you willing to learn ?

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    #1205

    tommy20
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    Well i have lots of plans, but getting it started slowly, i think its very much essential for me that apart from the tools like indicators of all the kind, i should also know the other tools or features like the trailing stop sell or buy limit. I am trying to learn about it and implement in my trades

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