Most of us have no concept of the extent to which we are continually surrounded by the invisible opportunities inherent in the information we're exposed to. More often than not, we never learn about these opportunities and, as a result, they remain invisible :- Mark Douglas
Pyramiding into a trade:
Don’t take the full position at once
Maybe buy 25% on the initial signal
Add another 50% on a confirmation of the signal
Add another 25% on the follow through of price action
Build your position 1 step at a time, add to winners & losers are cut short
Big picture $BTC
Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare - three on a log scale is historic
-The market is cruel, it gives the test first & then the lesson
-Learn from your losses, you already paid for them
-Don't think you are smarter than the market, nobody is
-Prediction is impossible, so, we can only play the probabilities
-Trading is simple but it is not easy
"Trading is a waiting game. You sit, you wait, and you make a lot of money all at once. Profits come in bunches. The trick is not to lose too much in between while going sideways between your home runs"
At the end of the day...
Trading the trend is what makes you most moneys.
Keep that in mind...
especially when you're short right now.
You want to be wrong (=>long) quickly and adjust your bias accordingly.
Otherwise you end up being a perma-moron.
Say it with me. I will always:
-Use risk management
-Trust my TA
-Have a trading plan
-Take responsibility for my trades
-Never “hope"
-Never long resistance
-Never short support
-Always cut losses
-Learn from every loss
GO!
New Trader: ‘I want a Lamborghini next year’
Trader after 1 year; ‘Maybe I’ll get a Lambo one day’.
Trader after 2 years; ’A Ford would be nice’.
Trader after 3 years; ‘This bike is making me fitter‘.
Trader after 4 years; ‘Walking is good for me’.
In trading, you can NEVER be certain of what will happen. Believing otherwise simply sets you up for a big fall!
With that FACT in hand, our primary goal is to KNOW exactly what HAS happened
Use that to identify the LOSERS & where they'll likely tap out. Then feed on their fear
The Bitcoin 4 year bull/bear cycle is caused by sell pressure reduction every 4 years by the BTC halvening. That impulse creates a resonance, like a slosh of water in a bath tub when you push it timed just right. The magic happens at the impulse.
A good poker player can sit at a table & quickly identify the losers. Those that can't are likely net losing players
In trading, your goal is similar
Learn to spot the losing traders! Where they will enter or exit & where they are trapped
Master this & you can master this game
Trading is a process. Be patient w/ yourself
At first, you will make mistakes; you will fail. But, you want to fail. You need to fail
Failure is good for you. It builds resilience of mind; develops wisdom; it is the foundation upon which mastery, success, & happiness rest upon
There is always a cost of doing business
In trading, every loss is your cost of doing business
If losses get too large, you are out of business. Therefore, we protect our business w/ discipline
-Trade according to plan
-Use a stop on every trade
-When you hit a stop, take it