ICXBTC: Prepare for the worst and hope for the best!!!Hi All,
Hope all your trades are going well
The trader mentality
"Is not what you don't know that gets you in trouble, Is something that you know for fact that is not true" Warren Buffett. Hence, It's good to be confident. However, we should not think that something that should happen, will happen I.e., Crypto getting early ETF, or early mass adoption or Commodities and Forex, could stop being manipulated by Central banks, investments brokers or wealthy individuals setting up a bull or bear trap. How do I approach all my investments or trades? I mostly believe all my investments or trades could potentially all be losers. That is unless they prove me otherwise. Reason why diversification is a must. Meaning we should never put all our eggs in one basket. Because there is a likely chance we could potentially lose it all. Said that to say, the market is not kind nor does it care how we feel or think. Main reason why when investing or trading all of us have to check our emotions at the door. Being objective instead of subjective create millionaires and billionaires. Utilizing our emotion will get us in trouble, wrecked, or subsequently losing all our initial capital. Always go with the market sentiment, never go against the market. Mainly, because this could all lead us into financial ruins for newer traders or veteran traders who believe they know it all. Always keep this in mind, we are student to the market. Which means we as traders have to be able to adjust our position going with the market and not against or believing others are wrong. Others don't have to be right for them to make gains. If enough traders believe something it become self for filling prophecy. Stated that to say you could be 100% right in your objective evaluation and still get wrecked when going against the market. Also for all that is holy I ask all of us in the trader community to please stop shorting the market. Shorting only amplifies by creating for us traders a greater chance of losing(lostit) our capital as opposed to going long. Please also keep in mind for every sell order there is a buyer at the other end who will benefit from our shortsightedness. Remember to always use the basic technical analysis (TA) e.g., Support, Resistance, BOLL, MACD, RSI, EMA, MA, stop loss on the monthly, weekly, daily, 12 hours, 4 hours, 30 minute charts and don't forget fundamental analysis also helps immensely. Investments should be alloted to 3-5yrs, swing trades 1-4weeks or longer. Only day trade if the opportunity present itself to you all. Set our rules and Never deviate from those rules we created for ourself even if it means we could miss out on trades. Rules are rules for a reason which is why we created them for ourselves in the first place, which was to help us minimize losing trades. Never get caught being a bag holder unless it's a project you researched and did your complete due diligence on
Be sure to follow me and like this post if it was helpful, and thank you all.
Like the Phoenix we will rise from the ashes
Happy trading People....
