Hello friends,
As you know, I was bearish at $4.3k! I'm not proud of that, but what I am proud of is that at no time have I said to short in all of this run up. Why am I proud of that? Because I could have lost a lot of money that way, but I didn't. You must understand, that in order to be a good trader, you must first learn how to avoid getting rekt.
I took this run to mean I didn't know what was going on and I've just been waiting and waiting. I wrote in my last post or so (it's been a while I don't remember) that I thought we were in a bull market. I still am leaning that way, but it just depends on how this correction ends. If we bounce off of the top moving average and continue higher, that is classic bull market structure and I would be expecting new all time highs.
The last trade I took was a long, and I closed it prematurely, just so that I wouldn't be red for the year, which in hindsight was not ideal, but at least I didn't lose money. That is my main goal. Over time, I will develop the skill to become an infinitely more profitable trader - BUT - in order to get there, I need to survive. Not getting rekt is the only thing you need to worry about on a day to day basis. Getting rich is not something that happens in a day and if it does, you can lose it all in a day. The key is to develop a skill. The key is to BE WORTH millions. Not necessarily to have millions. If you have millions but aren't worth it, you will lose it. If you are worth millions but don't have them, you will gain them naturally.
Anyways, enough with the thoughts on money, here's what I see:
I am taking a small short here (small because I have bullish bias still) and targeting the first moving average. I am expecting the market to turn then, but I don't trade based on what I expect, so we will just have to take it one day at a time and see what happens when/if we get there.
So to recap, I am expecting this short to be short lived and am taking it to follow my strategy, but I am still big picture bullish unless something major happens. We will just have to see. Trading is dynamic.
I hope you enjoyed reading, I know I always enjoy writing :)
Hope you are all well, I appreciate you all!
-YoungShkreli
As you know, I was bearish at $4.3k! I'm not proud of that, but what I am proud of is that at no time have I said to short in all of this run up. Why am I proud of that? Because I could have lost a lot of money that way, but I didn't. You must understand, that in order to be a good trader, you must first learn how to avoid getting rekt.
I took this run to mean I didn't know what was going on and I've just been waiting and waiting. I wrote in my last post or so (it's been a while I don't remember) that I thought we were in a bull market. I still am leaning that way, but it just depends on how this correction ends. If we bounce off of the top moving average and continue higher, that is classic bull market structure and I would be expecting new all time highs.
The last trade I took was a long, and I closed it prematurely, just so that I wouldn't be red for the year, which in hindsight was not ideal, but at least I didn't lose money. That is my main goal. Over time, I will develop the skill to become an infinitely more profitable trader - BUT - in order to get there, I need to survive. Not getting rekt is the only thing you need to worry about on a day to day basis. Getting rich is not something that happens in a day and if it does, you can lose it all in a day. The key is to develop a skill. The key is to BE WORTH millions. Not necessarily to have millions. If you have millions but aren't worth it, you will lose it. If you are worth millions but don't have them, you will gain them naturally.
Anyways, enough with the thoughts on money, here's what I see:
I am taking a small short here (small because I have bullish bias still) and targeting the first moving average. I am expecting the market to turn then, but I don't trade based on what I expect, so we will just have to take it one day at a time and see what happens when/if we get there.
So to recap, I am expecting this short to be short lived and am taking it to follow my strategy, but I am still big picture bullish unless something major happens. We will just have to see. Trading is dynamic.
I hope you enjoyed reading, I know I always enjoy writing :)
Hope you are all well, I appreciate you all!
-YoungShkreli
Note
~$9800 short entryNote
stop at 11.7 haven't risked much on this trade at all as I still have quite bullish biasNote
Closing early whoops! I’m bullish hereNote
flipped long ~11.4k targeting higher highs.Note
Long has cancelled out losses from the short but largely because of my bullish bias. I am sharing how to build a trading bot this month, so join my discord if you want to learn. I’m only sharing everything for free for the first 100 people in the discord.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.