You still searching for that holy grail strategy
BTC is still consolidating between the range of $7,700 - $10,000 that I mentioned to you on the 10th May. Subsequently, the price has followed the triangle that I mentioned to you on the 25th May (before it happened). So, nothing unexpected.
(10th May BTC idea below - click & play)
~~~~~~~~~~~~~~~~~~~~
Novice trader mistakes
~~~~~~~~~~~~~~~~~~~~
As I have mentioned many times before, when market is consolidating you want to buy the low and sell the high. However, novice traders always do the opposite, they buy high and sell the low.
As I was expecting a sideways market, a buy opportunity was given to you on the 27th May to buy the pullback at around $9,000. Although the market didn't give us the chance to get in, we didn't lose money. I consider that a good thing but many of you will say - "oh, I made this much money, but you didn't, you s**k, you always wait for confirmations".
What's interesting is that these people never mention about their losses. That's just how crypto discussion forum works, right? It's always about predictions. Always about actions, and unrealistic projections.
How many of you read my last risk management on Scalability? Leave a comment if you have. While I am trying to teach you the correct way to become profitable, you are still searching for that perfect trader to follow or the holy grail indicator. I can guarantee you will never find it.
With technological advancement, trading is evolving every sec. A perfect strategy/algorithm that works today may not work tomorrow. The only thing you can rely on is yourself ! I am here to help you and to teach you what is required to become a CONSISTENT profitable trader. Trading is a game of probability, risk management, and discipline. It's certainly not about predictions or indicators.
Do me a favour and google 'why a perfect trading strategy doesn't exist'.
~~~~~~~~~~~~~~~~~
MARKET MOVEMENT
~~~~~~~~~~~~~~~~~
Now, the market is pulling back towards the bottom of the range again after touching near the upper trendline of the triangle. This means if the market can give us the chance to buy, $8950 - $9000 would be an interesting area to look for bullish price actions to buy.
What if the market never give a pullback? Then, I will just find another good opportunity to trade (For example, the ETH buy opportunity that I told you yesterday, which looks more bullish than BTC).
I am a swing trader, not a day trader. I am only interested to find decent opportunities to trade. I took a total of only 14 swing trades this month with a 64.3% win rate. However, this month was the best month for me so far in 2020 as I had a 21.99 RR. That, in my opinion, is a fantastic result. Now, tell me if 64.3% win rate is good or bad?
When will I be bearish? When daily candle close below $8,400.
In terms of my investment portfolio, you can refer to my previous idea below. I am still waiting for $7,700 and $6,200 to add my long term investment positions.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Risk management series:
(10th May BTC idea below - click & play)
~~~~~~~~~~~~~~~~~~~~
Novice trader mistakes
~~~~~~~~~~~~~~~~~~~~
As I have mentioned many times before, when market is consolidating you want to buy the low and sell the high. However, novice traders always do the opposite, they buy high and sell the low.
As I was expecting a sideways market, a buy opportunity was given to you on the 27th May to buy the pullback at around $9,000. Although the market didn't give us the chance to get in, we didn't lose money. I consider that a good thing but many of you will say - "oh, I made this much money, but you didn't, you s**k, you always wait for confirmations".
What's interesting is that these people never mention about their losses. That's just how crypto discussion forum works, right? It's always about predictions. Always about actions, and unrealistic projections.
How many of you read my last risk management on Scalability? Leave a comment if you have. While I am trying to teach you the correct way to become profitable, you are still searching for that perfect trader to follow or the holy grail indicator. I can guarantee you will never find it.
With technological advancement, trading is evolving every sec. A perfect strategy/algorithm that works today may not work tomorrow. The only thing you can rely on is yourself ! I am here to help you and to teach you what is required to become a CONSISTENT profitable trader. Trading is a game of probability, risk management, and discipline. It's certainly not about predictions or indicators.
Do me a favour and google 'why a perfect trading strategy doesn't exist'.
~~~~~~~~~~~~~~~~~
MARKET MOVEMENT
~~~~~~~~~~~~~~~~~
Now, the market is pulling back towards the bottom of the range again after touching near the upper trendline of the triangle. This means if the market can give us the chance to buy, $8950 - $9000 would be an interesting area to look for bullish price actions to buy.
What if the market never give a pullback? Then, I will just find another good opportunity to trade (For example, the ETH buy opportunity that I told you yesterday, which looks more bullish than BTC).
I am a swing trader, not a day trader. I am only interested to find decent opportunities to trade. I took a total of only 14 swing trades this month with a 64.3% win rate. However, this month was the best month for me so far in 2020 as I had a 21.99 RR. That, in my opinion, is a fantastic result. Now, tell me if 64.3% win rate is good or bad?
When will I be bearish? When daily candle close below $8,400.
In terms of my investment portfolio, you can refer to my previous idea below. I am still waiting for $7,700 and $6,200 to add my long term investment positions.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Risk management series:
- Chapter 1: 1% rule
- Chapter 2: How to calculate position size?
- Chapter 3: The Sweet Spot
- Chapter 4: Scalability
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.