What's up guys,
In my last article, I pointed out how Bitcoin was testing a key area, and so far, it is failing. You can read that article here:
Let me tell you what I have done. I have CLOSED my long from $6300 for a profit of bout 3300/BTC long, but NOT because I am bearish bitcoin. I have sold simply because that is what my STRATEGY tells me to do. Remember, trading is not about being right or wrong, it's about managing risk and having a good strategy. That is the reason I have sold my bitcoin, but let me tell you why I am NOT SHORTING bitcoin...
The reason I am not shorting bitcoin, is because right now, the volatility is just way too low for me to profit from. It needs to break to some direction for me to be able to be profitable. The best thing I can do right now is reduce my downside risk and that is by selling my bitcoin. I can always set a stop buy to get in at a higher price. I keep more or less the same upside, but my downside is non existent.
Again, this is how any good trader makes money: by setting up the game such that you have a positive expected value. I do not make money by being right more than wrong - that is not important: YOU can make money even if you are WRONG a MAJORITY of the time as long as your losses are kept small and your gains unlimited. This is how you form a positive expected value game for yourself generally speaking. Granted, you need to have some strategy that guarantees you won't be wrong 100% of the time, and if you don't know how to do that: flip a coin. I'm not kidding...
Also, don't ever put yourself in the situation where you can get liquidated. You can only make money if you can play the game. You will make money playing the game CORRECTLY. You must be able to play the game though. If you are rekt, you can't play.
Thanks for reading.
-YoungShkreli
In my last article, I pointed out how Bitcoin was testing a key area, and so far, it is failing. You can read that article here:
Let me tell you what I have done. I have CLOSED my long from $6300 for a profit of bout 3300/BTC long, but NOT because I am bearish bitcoin. I have sold simply because that is what my STRATEGY tells me to do. Remember, trading is not about being right or wrong, it's about managing risk and having a good strategy. That is the reason I have sold my bitcoin, but let me tell you why I am NOT SHORTING bitcoin...
The reason I am not shorting bitcoin, is because right now, the volatility is just way too low for me to profit from. It needs to break to some direction for me to be able to be profitable. The best thing I can do right now is reduce my downside risk and that is by selling my bitcoin. I can always set a stop buy to get in at a higher price. I keep more or less the same upside, but my downside is non existent.
Again, this is how any good trader makes money: by setting up the game such that you have a positive expected value. I do not make money by being right more than wrong - that is not important: YOU can make money even if you are WRONG a MAJORITY of the time as long as your losses are kept small and your gains unlimited. This is how you form a positive expected value game for yourself generally speaking. Granted, you need to have some strategy that guarantees you won't be wrong 100% of the time, and if you don't know how to do that: flip a coin. I'm not kidding...
Also, don't ever put yourself in the situation where you can get liquidated. You can only make money if you can play the game. You will make money playing the game CORRECTLY. You must be able to play the game though. If you are rekt, you can't play.
Thanks for reading.
-YoungShkreli
Note
inb4 ppl say dy/dx dne because there is not a right sided limit.Note
There was a guy or bot who created a spamming account, and TV caught him within 3 hours and banned him. Well done TV!
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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.