Hello all,
The 200 weekly ma has been broken for basically the first time ever. That's not bullish. The times have changed. If you don't think bitcoin can go down to 1k, you are a goddamned fool and need to stop trading before you lose all of your money.
There are two majorly retarded things you can do in trading (almost everyone reading this is doing this currently, that's why you don't make money) :
1) Think the improbable will not happen
2) Take on more risk than you can afford
I've paired these two because they often go together. Someone thinks they know what the fuck markets are going to do and don't protect themselves from being wrong via a stop loss or a hedge. Fucking stupid thing to do. They then find out the improbable will happen sometimes and because they take on more risk than they can afford, they get BTFO.
I believe that generally speaking, intelligence is not that important. You don't need to be able to follow complex thought processes particularly easily or be able to think faster than everyone else. I believe this is true in life broadly, but certainly in trading. Many smart people get rekt, but every dumb person gets rekt tbf. What you really need is wisdom.
How do you get wisdom? By observing. Observing the mistakes of others and not exposing yourself, ever in any way, to great loss. Intelligence is about how high you can fly. Wisdom is about being incapable of crashing into the ground. It really doesn't matter how bright your feathers are if they get cut off and sold, does it? Prefer wisdom over intelligence therefore.
Hope this gives you perspective, which is all important
Shkreli
PS I am short from 5500 and now have a stoploss there so am in a riskless trade.
The 200 weekly ma has been broken for basically the first time ever. That's not bullish. The times have changed. If you don't think bitcoin can go down to 1k, you are a goddamned fool and need to stop trading before you lose all of your money.
There are two majorly retarded things you can do in trading (almost everyone reading this is doing this currently, that's why you don't make money) :
1) Think the improbable will not happen
2) Take on more risk than you can afford
I've paired these two because they often go together. Someone thinks they know what the fuck markets are going to do and don't protect themselves from being wrong via a stop loss or a hedge. Fucking stupid thing to do. They then find out the improbable will happen sometimes and because they take on more risk than they can afford, they get BTFO.
I believe that generally speaking, intelligence is not that important. You don't need to be able to follow complex thought processes particularly easily or be able to think faster than everyone else. I believe this is true in life broadly, but certainly in trading. Many smart people get rekt, but every dumb person gets rekt tbf. What you really need is wisdom.
How do you get wisdom? By observing. Observing the mistakes of others and not exposing yourself, ever in any way, to great loss. Intelligence is about how high you can fly. Wisdom is about being incapable of crashing into the ground. It really doesn't matter how bright your feathers are if they get cut off and sold, does it? Prefer wisdom over intelligence therefore.
Hope this gives you perspective, which is all important
Shkreli
PS I am short from 5500 and now have a stoploss there so am in a riskless trade.
Note
closed trade, made about 2%
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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.