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 has 38 replies, 2 voices, and was last updated 4 years ago by DDRB.
Viewing 9 posts - 31 through 39 (of 39 total)
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  • #1221
    ashvini
    Guest
    • 552

    No friend, dont put a mental block to yourself telling that the understanding if beyond our control, this will block us mentally. I was of the same thought when i started and infact never learnt fibonacci tool for more than a year. Its almost after that i learnt it from baby pips. Try baby pips website they have explained it in a simple manner and once learnt it is very much easy to handle and analyze. I feel fibonacci should not be neglected because those are the critical levels which the traders all over the world will be looking for entering or exiting the trade.

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    #1222
    profitablehyips
    Guest
    • 552

    The main tool a trader should achieve is time,time matters for everything in forex trading.You need lots of patience to learn things and know things about trading.If you are a part time trader you may not analyse the markets perfectly and whole heartedly.So i suggest take some time to learn and get knowledge about each and every thing possible related to trading.Indicators is not all the essential part lol.You should know how to use that indicator perfectly to.You should know how to manipulate too

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    #1223
    ashvini
    Guest
    • 552

    Time is the critical factor in learning no matter which ever field it is. Defintely just knowing the theoretical part and not implementing the same is of no use anywhere, we need to learn to play along with the indicators and the market. Manipulating in the manipulation market :lol interesting, what do you mean exactly ?

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    #1224
    Dhawal_Mirani
    Guest
    • 552

    Am trying to learn the chart patterns and their different confirmations like head and shoulder, chair and so on to apply the same for trading. They always say that the history repeats so i wanna test the same with these pattern types. So far its been true most of the time

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    #1225
    ashvini
    Guest
    • 552

    Anything while learning should be made simple for our understanding and application. Undoubtedly the history repeats, we should know the three basic kind of chart patterns which could be either leading to reversal, continuation or any direction movement. Seeing these chart patterns on a larger time frame is always beneficial. Another tool contributed from our japanese friends.

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    #1226
    Dhawal_Mirani
    Guest
    • 552

    Yes i have downloaded the cheat sheet which has been helpful for me for easy access from baby pips. Most of the times i have observed that it has followed what was expected, but sometimes the drawdown is more because of which i lost my capital and entire equity, later which it followed the same pattern

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    #1227
    ashvini
    Guest
    • 552

    Ah now that comes handy correct. Regarding the drawdown in the equity, it falls under following the primary rule of trading i.e., applying moneymangement and trade according to the equity. The things are clear most of the times, its just that we complicate ourself and bust our account. Its better to always first to analyze and then trade or place our positions.

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    #1228
    Dhawal_Mirani
    Guest
    • 552

    We have been thinking of very high concepts i feel that it is very important for each and every trader to understand the support and resistance levels. I try to draw the support and resistance levels in 4H timeframe when am trading for long term.

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    #1517
    DDRB
    Member
    • 14

    There can be many tools which can be said to be highly useful, but ultimately it’s about what is BEST for you not just have it for sake of the look.

    I like to have 2-3 indicators that I could rely on like SAR, MA and BB then obviously having the right idea of risk management and all that. And, it’s obviously important to have discipline with how we approach all these things which matter most.

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