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, 3 months ago.

Viewing 15 posts - 16 through 30 (of 39 total)
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  • #1206

    ashvini
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    Good that you mentioned it here, we were more focusing on indicators, yes other accessory features like trailing S/L is also important. I use them most of the times when am away from the trading terminal or when i want to lock the profit with the help of trailing S/L. They go hand in hand into the tools also for increasing the equity.

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    #1207

    tommy20
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    Ah now that was what i wanted to learn locking profits, i have heard and read a lot about this locking profits and knew that trailing SL is used for, can you explain it in detail what is locking profits?

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    #1208

    ashvini
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    Well locking profits means say for example when you open a trade and the market has moved in the favor of your direction and now u plan to run the trade and rack more profits, you would have already set a SL and TP, but now what is the market reverses its direction and hit your SL. So your winning trade has ended in a loss. To avoid this we set trailing SL, when the market price moves your SL also would move. In simple words it is moving your SL as the market moves in your direction and at certain point even if it reverses your SL hit would become your profit. Hope I made it clear.

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    #1209

    tommy20
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    Yes, now am clear about it, thanks for taking the time to explain it. The trailing SL is my favorite tool now, i will never stop from using it anymore and i also suggest other newbie traders like me to make it a point to use indicators plus most important tool trailing SL

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    #1210

    ashvini
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    Thanks, my pleasure. When i was a beginner i should confess i was bad at using tools and other features like these. Its a good step you have taken keep it up. Remember apart from making profits its also essential that we avoid losses as much as possible and the only go for it is trailing S/L. Another tool added to the traders toolbox.

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    #1211

    chukki
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    The trend lines and the japanese candlestick are two tools that i see as very important to all traders. It helps us to advance in our trades and aids us to make good decisions.

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    #1212

    ashvini
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    You have really mentioned the one that are very much essential without trendlines the trades would be like driving a car without a brake. The candlesticks are also helpful in determining the next possible price action. Each candlestick pattern has their own meaning to convey.
    Another important tools added to the toolbox – TRENDLINES and Japanese Candlesticks. 🙂
    Can you guys still think of some more tools which you feel is important for traders to know, then please share it here with us.

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    #1213

    chukki
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    Fundamental analysis is also one thing that should be considered as a trading tool. Traders of forex field should also learn how to use fundamental analysis to improve their results.

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    #1214

    ashvini
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    Fundamental analysis, yes this also need to considered as one of the important trading tool. I had not thought about it. We were so focused only on the technical tools. Without the combination of both technical and fundamental analysis, traders toolbox would be incomplete. Correlating with the fundamental news to the possible price action is important criteria which a trader should acquire.

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    #1215

    Dhawal_Mirani
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    I dont believe in fundamental analysis as I purely trade on technical tools.. Basically, the easier technical tools. Is it good to trade during the news flash timing or before any important news are planning to come ??

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    #1216

    ashvini
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    More than belief i feel every trader should learn to implement the combination of both the fundamental and technical analysis to be more precise in trading. I agree that am also not an expert in fundamental analysis. Because of this reason, during the major news release i stay away from the market, its only after the market has reacted to the news release i trade. So post news release trading has been beneficial for me.

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    #1217

    Dhawal_Mirani
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    Could you please suggest some good site where we can see the latest news release and other good information..

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    #1218

    Dhawal_Mirani
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    Could you please share some of the sites where we could find some fundamental news, as i have very less knowledge on the same. Moreover, if you could also please tell us something on technical tools as i use only the easier once. I only use trendlines and moving average.

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    #1219

    ashvini
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    For the news release i prefer forex factory i guess that would be sufficient to keep ourself updated/informed regarding the major news release ahead.
    There are lots of technical tools to be implemented and essential for traders which again differs on traders trading style. So, far we have listed indicators, trendlines, trailing SL, fundamental analysis, candlestick patterns as the tools which are essential. We can also focus on chart patterns.

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    #1220

    Dhawal_Mirani
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    I have heard people talking about fibonnacasi in etoro chat section. I dont know what is that. I have tried googling on the same but did not understand the concept on the same. this seems to be very technical and beyond my understanding.

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