BTC Analysis March 23 | Trade UpdatesGood morning folks,
Happy Saturday! Hope you're enjoying yourself this weekend. I've posted my BTC analysis to inform you of some of the happenings in the local price action and provided updates on my trades.
If you have any questions, message me.
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ATTN
Positions I'm closing by tonight March 22nd, at the following P & L:
WAN -7% average loss (5-7.5% of capital)
ELF +18% average profit (5-10% of capital)
LTC +33% average profit (12-18% capital)
NEBL +20% average profit (10-12.5% capital)
BAT +29% average profit (20-30% capital)
ZIL +5% average profit (2.5% capital)
LOOM +24% average profit (5% capital)
AION +3% average profit (5% capital)
ETH +1% average profit (5% capital)
Cash: 20-30% approx. held through trading period
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Cumulative gains: +23% over the last 30 trading days
My reasoning is thoroughly explained below:
I don’t make public posts nor do I partake in crypto twitter but oftentimes I get trolled posts from other groups or comments/messages on TradingView saying dumb things. People ask, why did I close out my position when I did, I missed X many % on the way up OR did I get rekt on X trade OR why did I change my mind from one day to another. The answers are pretty simple for all of these. Let me answer questions so if you guys ever come across some of these noobs, you know to just chuckle.
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Why close out positions early? Markets do not owe you anything. When you set out on a trade with a plan, they are general guidelines. Plans can change, markets shift and you have to reevaluate and deviate from your original plan. Sticking to your original targets when the landscape has changed is irrational and will cause you to take unnecessary risk. We are in the craft of calculated risk with good risk:reward, nothing more, nothing less.
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Did I get rekt on X trade? No. Proper risk management and position sizing allows me to know that I can’t win all my trades. Nor do I need to. The best traders in the world have a 50-60% strike rate. You just need to make your winners bigger than your losers and spread your risk. Make money. Be happy. Ignore the rest.
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Why did I change my mind from one to another? Markets are dynamic. And honestly, you don’t owe an explanation to anyone why you change your mind. If your technicals tell you that you are not seeing your plan or price action execute the way you originally set out, reevaluate your plan and change strategy. Trading is an emotionless game. Drop your ego, forget your original plans if the market changes and adapt or you will never learn to mitigate risk and make consistent winning trades.
Have a wonderful weekend!
Cheers,
Amol
