I have some quiries against trading charts

[Honny143 12544]

First iam not trader and I don't know how to read charts before trading, so I have some queries against trading charts but I know how important these charts in trading.

so my point is how many days back chart follows traders and best for trading 1 day 1week 1 month are 1 year, because I heard so many times some traders follows 1 year or 6 months back charts, is it real old charts helps to predict todays price in trading because we have only two possibilities 1) prices pump or 2) Price dump, there is no other possibility so anyone possibility definitely works,

because bitcoin price fluctuates every month, if we notice  bitcoin price any particular day in any month and notice the prices one month back same day then we see the price same, because bitcoin price fluctuates in between 1$ to 12000$ dollars,

:-so what do you think how many days back charts best for trading ?

;-what you think old charts really help to predict todays price.?

[Ridam 7001]

I'm also learning to gain more knowledge for understanding charts.

You should know the charts(heikin ashi Chart) at different intervals shows the price (high,low,open,close) of that duration. So if you are day trader you should focus on 1 day chart and you can look the 1 week interval charts for knowing the market direction in that week. 

So it's all on your interest in which time frame you like to do trade and other time frame you can take them as reference. 

[rekter 7651]

1 hour ago, Honny143 said:

:-so what do you think how many days back charts best for trading ?

This depends purely on your style. Trading smaller time frames (high frequency trading) is harder and it has more "noise" as action depends on where you trade and some specific exchanges can cause huge wics making trades either more profitable.

 

I am personally using 4h-1d candles and mostly just scale up and look for bigger picture until i see a pattern i can work with. That can be days, weeks, months depending on what i am looking for. 

 

If you have more time on your hands, you can make a lot of money by trading small gains daily with "ping-pong" on channels or patterns you find on charts, or what ever indicators you'll end up using. And if you have less time, you can try to scale up on the time frame that suits more your style.

 

On bigger time frame you'll get bigger gains or losses (if you don't have a stop loss set), but it usually takes more time to get there, and if you choose that road, you are better off not looking for faster trading at all.

 

But what you need to learn first is technical analysis. Then you can make those decisions.

Edited September 18, 2020 by rekter
typos

[Zaino34 0]

The more experience you have in the field of reading charts and analyzing the market, the greater your ability to make more profits, so increase your experience in this field so that you can make good profits from trading.

[George10 9002]

Yes previous charts on the price of a certain crypto or instrument helps sometimes to predict the current price movement though it might not be accurate but helps to understand the price behaviour so as to give some knowledge on how to trade when the price forms certain previous movements.

[Sykkuno 2823]

I am a beginner in crypto and start this year and I study the market but I prefer not to trade and try to earn from the cryptocurrencies by making small jobs and write about them, I look to trade because we can profit but it also can be risky and make us lose so for now I avoid. With this I do my risk is zero and I will not lose money but I think I may not make as much as others do. 

[percare 3132]

The chart is one and there is not an old or a new one. It is what you see from the beginning till the end. This is how the chart of Bitcoin is in log scale from trading view bellow. This is all weekly candles and begin from 2010 when the first price of Bitoin was created, the bars bellow are the volume of bitcoin traded. We use this chart in log scale when zoom out to find where the market can go. As you can see for 10 years it only making higher price as many new people learn about Bitcoin. When we talk about weekly chart we mean ech of the small candles of this chart is the price action for one week. Predictions are made using many tools but they can't be accurate as we don't know what will happen in the future. So this is the chart of all time but you can zoom in and change the candles to as low as you want and even 1 minute candle and see the action that happen on the last minutes today.

[Nezar 6579]

To be clear that the trading field is very large and it needs great learning and experience because entering it without learning will expose you to permanent loss, so you must master reading charts and in the end everyone has his own style of trading and reading and as I mentioned you there are many people who depend on reading old charts for success In modern trading

[Honny143 12544]

1 hour ago, Nezar said:

To be clear that the trading field is very large and it needs great learning and experience because entering it without learning will expose you to permanent loss, so you must master reading charts and in the end everyone has his own style of trading and reading and as I mentioned you there are many people who depend on reading old charts for success In modern trading

Absolute right trading field is like ocean without proper experience in swimming, try to swim in ocean then no longer to survive like that if we don't no chart reading then we face loss in trading, anyone want master in trading then first learn trading then after join trading field its better.

Edited September 18, 2020 by Honny143

[Jaafar Fahad Hassan 90]

It unfortunately as a bigginner I don't have idea about the chart also, I was also advised by senior member not to invest that I should get to know about cryptocurrency,read alot and try to not get scammed, am putting my all in this forum so as to learn alot before I can make any or further step of trading 

[Irungu 4178]

Charts are very crusial and very important to the work that one does and especially when trading through technical forms its important that we are all able to understand most of this and be careful to to really define everything we need to develop the right idea as a trader to make the perfect conclution to what happens when we are trading using so , thats the most important thing that we need to imagine. other than that keep trying to use the fundamental, and also take some time to work on it.

[Honny143 12544]

6 hours ago, Zaino34 said:

The more experience you have in the field of reading charts and analyzing the market, the greater your ability to make more profits, so increase your experience in this field so that you can make good profits from trading.

@Zaino34 I agree with you experience more important in trading, so many peoples loss their money in trading because lack of their trading knowledge and experience,

For any trader their starting period more important if they do small trades and increase their experience, in future they become good traders.

[benalmoh88 1426]

@Honny143 there are many facts to change the price of any coin, in last time i found the price of ripple decreased with big percentage and bitcoin price staied stable, then i found that some fake pages in social media wrote many topics about binance will stop XRP in trading, many of XRP holders scared and selled all his XRP and automatically the price down.

[Raqeebzy 6144]

9 hours ago, Honny143 said:

so what do you think how many days back charts best for trading ?

;-what you think old charts really help to predict todays price.?

Extensively, I would say all are important if you take trading cryptocurrency as a profession. The market is believed to have some trend which it follows time to time, so referencing back to much earlier chart; 1week, 1 month, 6 month 1 year are more important especially in a long term trading purpose. For short term traders, they prefer using recent charts of the market.

[malik6314193 5112]

On 9/18/2020 at 8:44 AM, Honny143 said:

-so what do you think how many days back charts best for trading ?

;-what you think old charts really help to predict todays price.?

Dear for your first question. 

Answer is that it depends upon your trade that are going to trade for one day, (day trader) for few days (short term trader) for serval days or for a month (mid term trader) and for years (long term trader). 

If you want to trade for serval days then you have to see past one month price but if you want to trade for year then see the chart of 2 years. 

[Yomose 3634]

On 9/18/2020 at 7:34 AM, George10 said:

Yes previous charts on the price of a certain crypto or instrument helps sometimes to predict the current price movement though it might not be accurate but helps to understand the price behaviour so as to give some knowledge on how to trade when the price forms certain previous movements.

I think you are right, but only for holders and swing trading, I have notified it does not apply to arbitrage, day trading and other types of short term trading except swing trading. And one thing trades should know is that if the price of bitcoin fall so significantly today, it will increase significantly later. But, this does not apply to all cryptocurrencies. 

[Brushless4500KV 3950]

On 9/18/2020 at 8:14 AM, Honny143 said:

:-so what do you think how many days back charts best for trading ?

 

;-what you think old charts really help to predict todays price.?

The answer to your question depends on which method you want to take in your trading. Charts can be viewed in many different ways and they can show lots of patterns. If you are a day trader, you have to set your charts to show you changes in price every 24 hours. Going back and study prices day by day can help you to increase your experience in day trading and familiarize yourself more with daily patterns. If you are a long term trader, you should look at charts as big time lapses. You should analyze waves in the charts in much larger duration to see how traders have reacted to the market every year.

[geezer 2268]

I do not care about waves. I create buy-sell orders with 8-20% spread depending on the pair. If the trend is too steep, I make increase my orders' range to still have some of them even when the trend is about to change direction.

 

Certainly I have an idea if the price is high or low now (good to buy or sell) and I refer to the price chart for the last 6-12 months to have this idea.

 

Major coins are not going to lose all of their value, so it is quite safe to buy at down trend to sell higher. Anyway I am a miner, so what I need is to sell my coins because I will have more.

[Teminali69 1073]

On 9/17/2020 at 8:44 PM, Honny143 said:

First iam not trader and I don't know how to read charts before trading, so I have some queries against trading charts but I know how important these charts in trading.

so my point is how many days back chart follows traders and best for trading 1 day 1week 1 month are 1 year, because I heard so many times some traders follows 1 year or 6 months back charts, is it real old charts helps to predict todays price in trading because we have only two possibilities 1) prices pump or 2) Price dump, there is no other possibility so anyone possibility definitely works,

because bitcoin price fluctuates every month, if we notice  bitcoin price any particular day in any month and notice the prices one month back same day then we see the price same, because bitcoin price fluctuates in between 1$ to 12000$ dollars,

:-so what do you think how many days back charts best for trading ?

;-what you think old charts really help to predict todays price.?

I think it is different for every coin, and traders who knows how to read charts they know which coins to look for older charts and which ones to look for few days or week charts.

[Nikel_jery 49]

Just follow the experts who have long experience in the cryptocurrency world who are very familiar with price movements . But you also have to have a security strategy in case of failure, such as using the stop loss feature

[Dorjoy12 8163]

On 9/18/2020 at 9:44 AM, Honny143 said:

I heard so many times some traders follows 1 year or 6 months

@Honny143 its true my friend Because recently my one Friend  trade around 15 ltc   so i asked him why you choice to trade on ltc while there has many good coin.. But he asked me notice the ltc chart of last year where there has no huge pump of ltc yet.. The price only pump and dump to 35 usd to 50 usd.. So he think ltc will have a huge pump soon that lead him to hold ltc Right now..    Also might there has different reason..             

[Honny143 12544]

5 hours ago, Dorjoy12 said:

@Honny143 its true my friend Because recently my one Friend  trade around 15 ltc   so i asked him why you choice to trade on ltc while there has many good coin.. But he asked me notice the ltc chart of last year where there has no huge pump of ltc yet.. The price only pump and dump to 35 usd to 50 usd.. So he think ltc will have a huge pump soon that lead him to hold ltc Right now..    Also might there has different reason..             

Well my friend this topic through I learn so many things about trading charts, and especially my query why traders follows old charts our forum co- members gives great explianation,

now I understand why traders follows old charts, because they analysis to know bitcoin price trends.

 

@Dorjoy12 your friend have a good trading knowledge that's why he select litecoin, because litecoin trading really risk free compare to other currencies,and you're right if we notice 1 or 2 years old charts there we notice ltc prices trade in between 30$ to 70$ dollars, 

if we have 100$ dollars and litecoin prices at that time 30$ are 35$ dollars, then we easily buys 3 litecoin and hold for 3 or 4  months then after, we easily earns 30% or 40% profit without any risks thanks for your valuable information.

[Dorjoy12 8163]

11 minutes ago, Honny143 said:

if we have 100$ dollars and litecoin prices at that time 30$ are 35$ dollars, then we easily buys 3 litecoin and hold for 3 or 4  months then after, we easily earns 30% or 40% profit without any risks thanks for your valuable information

@Honny143 i have inspired by his trading  system Becuase he know the right coin to trade in time.  Yah your prediction is right my Friend.. Mostly people prefer eth but i always suggest them to trade on ltc..support they buy  eth Around     1000 usd when eth price is 350 usd  then you can have only 3 eth then sell it when it price is around 400 usd so you get profit around 160 usd only but if you invest on ltc around 1000 usd when it price 45 usd and sell it when it price 70 usd then you can have   560 usd profit..          

[Honny143 12544]

20 minutes ago, Dorjoy12 said:

@Honny143 i have inspired by his trading  system Becuase he know the right coin to trade in time.  Yah your prediction is right my Friend.. Mostly people prefer eth but i always suggest them to trade on ltc..support they buy  eth Around     1000 usd when eth price is 350 usd  then you can have only 3 eth then sell it when it price is around 400 usd so you get profit around 160 usd only but if you invest on ltc around 1000 usd when it price 45 usd and sell it when it price 70 usd then you can have   560 usd profit..          

Exactly @Dorjoy12 this  litecoin trading straight really beneficial for traders, especially for those traders who have low capital and wants earn good profit in trading,

but in this trading strategy we need patients because once litecoin prices dump, then later this coin goes in sleep mode and its take some time to pump, but once this coin start pump up then easily reach 60$ to 70$ dollars, and iam also invest in litecoin.

[Dorjoy12 8163]

2 minutes ago, Honny143 said:

Exactly @Dorjoy12 this  litecoin trading straight really beneficial for traders, especially for those traders who have low capital and wants earn good profit in trading,

but in this trading strategy we need patients because once litecoin prices dump, then later this coin goes in sleep mode and its take some time to pump, but once this coin start pump up then easily reach 60$ to 70$ dollars, and iam also invest in litecoin.

What you have said is  totally right but as far as i know my Friend @Honny143  ltc pair with btc so if btc price go down then usually ltc goes down too..i think there has no chance litecoin will dump like dead coin Becuase as you know litecoin is the 3rd largest crypto currency and its demand also high in market.. So anytime we can have enough profit From    litecoin..