What Happens If I Am Late? (Trading Strategy For Beginners)It can happen that for whatever reason you couldn't buy when the market was trading at bottom prices. What then? Am I too late?
It is unwise to buy at any random price and even less with 10X cross leverage. I've seen people doing just that and buying at the top of the range. While it is never too late in relation to the overall market cycle, it can be late for a certain pair.
The time to buy is near support. If bottom prices are not possible, the best option is to wait. Say you miss Bitcoin at $78,800 and prices start to advance. When prices are moving up at $84,000 and rising you can just wait. But if prices peak at $88,000 and then retrace to $84,000, consolidate as a higher low this becomes a second entry. The same when Bitcoin retraced from $95,000 and moved to the $91,000 - $93,000 range. This range becomes a second entry.
Rather than rushing and buying when prices trade, say at $106,000, at the top of the move, we wait for a retrace. If this isn't possible we simply look for another pair.
It is never too late because it depends on what strategy we are using, our Cryptocurrency Trading Plan, and trading style. If you are doing leverage it will depend on the chart setup and the amount of leverage you are using. If you are doing spot, it depends on your goals more than anything because buying can be done at any given time based on the long-term.
It is unwise to rush into Ethereum at $2,500 because you missed $1,600. And you say, "I didn't have any money and I didn't want to miss out." With 10X? What if you lose everything on a flash crash, are you missing out now?
The thing is, that all the pairs are the same when it comes to profits potential. We are looking for a win. So if a pair has a low probability of producing a successful trade, it is no good regardless of the name.
Patience is key.
You can use the comments section to ask questions.
It is not about "breaking the trading rules," it is about your money.
Have you considered what would happen if the market flash crashes just to liquidate you and those in a similar position to yours and then moves up?
You didn't want to miss out, but this not missing out can result in a major loss. It is better to plan and take action based on a strategy rather than rushing, the market is not going away.
Opportunities are endless, and every single day I will be sharing new charts. Some pairs are trading near support and at bottom prices, those are always the best because of the lower risk.
Low risk vs a high potential for reward.
Plan ahead.
Namaste.
