Let's all jump in
When you first start trading, everything seems like a good idea! You want to take every trade, use every indicator, watch every video and stream! Be like every influencer!
You get this feeling that you found something new, that you are the chosen one.
Unfortunately, it's for this same reason - 90% of new retail traders lose 90% of their money in the first 90 days...
Here are some key pointers to keep you safe!
1) Risk Management; learning to manage risk is key. If you want to gamble away your savings, Vegas is a lot more fun than the markets. Trust me, I speak from experience in both!
2) Create a plan that suits the type of lifestyle you have, if your working full time then scalping every couple of minutes is not doing you any favours. Take the long road. If you have time but don't want to stare at screens all day, then don't go scalping either. Not saying, don't do scalping or it's no good. Just emphasising, to pick your own style.
3) Don't follow influencers! I cover this topic a lot, people often ask me about Plan B or some other random guy. The issue is, these guys don't trade, they shill affiliate links and film 4 Youtube videos a day! They make their money by having followers and views. Just look at this below;
This was the message from the top! Where would you be now? Leveraged long positions?
This aspect has become, possibly one of the biggest factors for how people lose in the crypto space. You get sold a dream by following demo traders! Take our friend Carl, I called him out after seeing his demo trading on a video.
The guy is practically calling every top a pump and go long from here...
4) Follow the big players; not the whales, the institutions. When you know where their bias is, you have a lot more probability getting the direction correct.
5) Search for key levels; regardless of a technique - this could be supply and demand levels, Fib pullbacks, Wyckoff Schematics or Elliott Waves.
Don't trust only one, and please, please, please! Don't get lazy and just follow something you seen in a video. Do your own due diligence.
For example; I see 2 Elliott Wave scenarios here for Bitcoin.
This is the first option.
The second has a 4 where the 2 is of a move one degree lower. I've covered this in my streams.
It's knowing the logic behind the market sentiment that will help you figure out the general direction, this is why knowing the bigger players in the space is useful. As you can see from my post here - each call is on TradingView
6) Do your own research to create your own plan, that should fit around your lifestyle or at least your current circumstance.
7) Repeat step 1 through 6.
These moves are choreographed, like you wouldn't believe. Don't believe me?
On the way up to the 65k all time high at the time; you could see the re-accumulation take place.
As we neared the extension levels, you could see the distribution sequence start. I covered this with a lesson on Wyckoff at the time.
These levels were already mapped out, months in advance of the actual move.
From there and up to the current all time high.
Why would it move like that? why would it stop where it did? These are the questions you need to ask, if you want to take trading seriously.
You won't qualify as a doctor or a lawyer after watching a handful of videos. You won't make it as a trader either if that's your expectation.
Finally,
Here's some logic for you - are we likely to reach 100k Bitcoin on this move up?
Monthly stochastic level would say otherwise...
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
You get this feeling that you found something new, that you are the chosen one.
Unfortunately, it's for this same reason - 90% of new retail traders lose 90% of their money in the first 90 days...
Here are some key pointers to keep you safe!
1) Risk Management; learning to manage risk is key. If you want to gamble away your savings, Vegas is a lot more fun than the markets. Trust me, I speak from experience in both!
2) Create a plan that suits the type of lifestyle you have, if your working full time then scalping every couple of minutes is not doing you any favours. Take the long road. If you have time but don't want to stare at screens all day, then don't go scalping either. Not saying, don't do scalping or it's no good. Just emphasising, to pick your own style.
3) Don't follow influencers! I cover this topic a lot, people often ask me about Plan B or some other random guy. The issue is, these guys don't trade, they shill affiliate links and film 4 Youtube videos a day! They make their money by having followers and views. Just look at this below;
This was the message from the top! Where would you be now? Leveraged long positions?
This aspect has become, possibly one of the biggest factors for how people lose in the crypto space. You get sold a dream by following demo traders! Take our friend Carl, I called him out after seeing his demo trading on a video.
The guy is practically calling every top a pump and go long from here...
4) Follow the big players; not the whales, the institutions. When you know where their bias is, you have a lot more probability getting the direction correct.
5) Search for key levels; regardless of a technique - this could be supply and demand levels, Fib pullbacks, Wyckoff Schematics or Elliott Waves.
Don't trust only one, and please, please, please! Don't get lazy and just follow something you seen in a video. Do your own due diligence.
For example; I see 2 Elliott Wave scenarios here for Bitcoin.
This is the first option.
The second has a 4 where the 2 is of a move one degree lower. I've covered this in my streams.
It's knowing the logic behind the market sentiment that will help you figure out the general direction, this is why knowing the bigger players in the space is useful. As you can see from my post here - each call is on TradingView
6) Do your own research to create your own plan, that should fit around your lifestyle or at least your current circumstance.
7) Repeat step 1 through 6.
These moves are choreographed, like you wouldn't believe. Don't believe me?
On the way up to the 65k all time high at the time; you could see the re-accumulation take place.
As we neared the extension levels, you could see the distribution sequence start. I covered this with a lesson on Wyckoff at the time.
These levels were already mapped out, months in advance of the actual move.
From there and up to the current all time high.
Why would it move like that? why would it stop where it did? These are the questions you need to ask, if you want to take trading seriously.
You won't qualify as a doctor or a lawyer after watching a handful of videos. You won't make it as a trader either if that's your expectation.
Finally,
Here's some logic for you - are we likely to reach 100k Bitcoin on this move up?
Monthly stochastic level would say otherwise...
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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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.