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The best tool you can have is the ability to answer your own questions
of this type. Think of all the ways to do research. Observation is
the simplist form of research, but observing doesn't involve
hyphothesis testing. I'm not being sarcastic at all. Start off with
simple questions and then figure out how to answer them. If you don't
know them right them down.
The next thing you need to realize is that you can't come in here and
ask for a tool as if you're working on a car. Trading is much more
complex and involves years of experience.
Why don't you begin this process by asking a more specific question. I
could probably right a book with the question you asked. How do you
define what a tool is? Is price a tool? Why don't you start even
further out... if I told you all of the best tools would it be true?
What if a hundred people told you to use the 200 day moving average,
what would that imply and what could you infer? Right now you are very
vulnerable in shaping your belief system, which will eventually serve
as the paradigm for which you view the market. Start off with the
tenets of technical analysis and see if you even agree. I started off
my belief system with elliot wave and i've had to use everyhing, but
hypnosis to rid myself of this take of the market. As you observe
more, you will then learn better questions, continuing writing them
down and eventually you will get the answeres.
So to answer your question, the most important tool is the one that
gives you some indication of future price action. Now let me ask you a
question. If somebody could answer that question would you believe
them? How would you test it? Flat out running a backtest can give you
misleading results.
--- In amibroker@xxxxxxxxxxxxxxx, "sharma971955" <sharma971955@xxx>
wrote:
>
> Dear group members,
>
> It seams very diffults, trading through charts.
> which tool is important and which not? i.e
> one day I used Moving Avrage for day trading
> ploting 5 min 10,20 cross over generated 4 trades
> for a day out of which 3 fails and one succed with
> a very small profit, ultimatly ended in loss,let
> us discuss which moveing avrege fit and for how much
> period.
> Thanks with regard
> sharma
>
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