The useful tools and key indicators that every successful trader takes advantage of.

Let me explain.

It is said that a successful traders have an average a win rate of 53% to 47% lose rate for 3 to 5 trades.

However tight the margin is, good traders capitalise on ensuring good profits per won trade and minimise loses per lost trade.

Here are the 5 critical tools that inspire successful traders.

1. Handwritten Notes

Before each trade handwriten notes become the foundation upon which a new trade is made.

So learn to write notes down key points including lessons learnt about your trades and revise them before making new trades to avoid guess work. Draw a clear strategy ahead of making a move in the trade.

2. Candlesticks.

Successful traders understand almost each candlestick's name and meaning. This calm their pride down and avoid playing smart tricks. Because each candlestick carries useful information in chart.

Some give a signal about what might happen next in the market trend.

So learn about Candlesticks, they are the basics in the toolbox of a successful trader.

3. Analysing Market structure

Before deciding which coin pair to trade, successful traders review the performance of a number of coinpairs. 3 to 5 coinpairs on average.

A successful trader is looking for profitable opportunities and which of the coin pair is better than others at the moment.

If you don't know yet, the major piece of information to look out for is the price trend, volatility, volumes, price, fair value gaps, order blocks(demand zones), resistance and support information.

In this case the trader is looking at every piece of information to mimise losing.

They go an extramile involve using AI tools like ChaTGPT to avoid missing out on key information.

So learn to study the market structure.

4. Staying upto date

Successful traders are ruthlessly find news about financial assets. They want to discover the vital information that could influence the market. For example, when traders around the world gained confidence in $XRP when Donald Trump became the new US president whereas traders and holders in Europe gave up on USDT based upon regulatory news from EU. Additionally any coin Elon Musk has spoken in the favour has certainly gained interest from the market. This is what news does to financial markets.

Many traders get free and cheap capital through being the early adaptors in new coin projects and in return they get free airdrops and get coins cheaply through presale offers.

So they learn to be in an enviroment where you can get both wrong and right information timely.

5. Studying Indicators

Successful traders don't want to trade emotionally. They prefer to trade based on logic and facts but even if they do, success is not guaranteed. But its also known that without a plan, you are only planing to fail.

Popularly they look at the status of the Relative Strength Index (RSI), MACD and EMA in a timeframe being analysed.

Speaking of the timeframe, most traders will look at the weekly, daily, 4hour, 1hour, 30min, and 5min timeframes per coinpair.

Conclusion

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