BTCUSD Bitcoin Forecast: DOWN OR NAY?? and also a reminder
Updated
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BTCUSD Bitcoin giving us the emotional rollercoaster ride of our lives! The chart shows my forecast for BTC's next move, with possible scenarios A or B. In the meantime, I see BTC touching the nearest support level @ 8500s a few more times.
Some of us want the 7000s, some wants to see the 10000s but when we analyse the coins itself, we gotta shut out these thoughts. THE MARKET DOESNT CARE WHAT YOU WANT. My point is: Analyse the charts without an emotional bias, and you will see all patterns clearly. With regards to the recent MASSIVE DUMP, I think we can all agree we can always learn something from it, so that mistakes will not be repeated.
Possible learning points we can all takeaway from here/Common mistakes traders make:
1) Pulling out from a position too late because you believe the trend will continue
2) Buying at the peak of euphoria when the micro trend is reversing --> Reversal and activated stop LOSSES
3) Sticking/Marrying to a trade because you believe it will reverse direction in your favor again
4) Selling at the dip in a major uptrend
Notice that most of these are likely committed with the influence of emotions? YES! Personally and to be honest, even as a beginner trader I was guilty of NUMBER 3 the most, leading to the wipe out of my starter account (1k).
All these I believe can be avoided by analyzing charts and the market solely based on facts (chart patterns, price action, trend confirmation of smaller and higher time frames) and a set rules for risk management (Take profit levels, stop losses, risk to reward ratio) that you can FOLLOW TO THE END.
We all make mistakes sometimes :) and I'm putting this out here as a reminder to self and also to share my advice to those currently making losses or not being as profitable in trades as expected. The key is to stay in the game as long as you can, with the mindset of the preservation of your capital. Believe me, once I stopped thinking about "expanding my capital and increasing profits" and instead focused on preserving my money, I got less greedy and my losses significantly reduced. This actually raised my net profits by a huge % within the first week (13%).
This got me thinking: maybe the key was not to win more, but to lose less? Once this becomes a habit, your winnings automatically increases with the size of your growing capital. Try it out and let me know what you think ; )
Regards,
Gol D Roger
BTCUSD Bitcoin giving us the emotional rollercoaster ride of our lives! The chart shows my forecast for BTC's next move, with possible scenarios A or B. In the meantime, I see BTC touching the nearest support level @ 8500s a few more times.
Some of us want the 7000s, some wants to see the 10000s but when we analyse the coins itself, we gotta shut out these thoughts. THE MARKET DOESNT CARE WHAT YOU WANT. My point is: Analyse the charts without an emotional bias, and you will see all patterns clearly. With regards to the recent MASSIVE DUMP, I think we can all agree we can always learn something from it, so that mistakes will not be repeated.
Possible learning points we can all takeaway from here/Common mistakes traders make:
1) Pulling out from a position too late because you believe the trend will continue
2) Buying at the peak of euphoria when the micro trend is reversing --> Reversal and activated stop LOSSES
3) Sticking/Marrying to a trade because you believe it will reverse direction in your favor again
4) Selling at the dip in a major uptrend
Notice that most of these are likely committed with the influence of emotions? YES! Personally and to be honest, even as a beginner trader I was guilty of NUMBER 3 the most, leading to the wipe out of my starter account (1k).
All these I believe can be avoided by analyzing charts and the market solely based on facts (chart patterns, price action, trend confirmation of smaller and higher time frames) and a set rules for risk management (Take profit levels, stop losses, risk to reward ratio) that you can FOLLOW TO THE END.
We all make mistakes sometimes :) and I'm putting this out here as a reminder to self and also to share my advice to those currently making losses or not being as profitable in trades as expected. The key is to stay in the game as long as you can, with the mindset of the preservation of your capital. Believe me, once I stopped thinking about "expanding my capital and increasing profits" and instead focused on preserving my money, I got less greedy and my losses significantly reduced. This actually raised my net profits by a huge % within the first week (13%).
This got me thinking: maybe the key was not to win more, but to lose less? Once this becomes a habit, your winnings automatically increases with the size of your growing capital. Try it out and let me know what you think ; )
Regards,
Gol D Roger
Note
Rebounded so strongly from the 8500 support
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