BITCOIN HOW TO MANAGE YOUR TRADE current 5521 15Oct17
We have just had a pullback on Bitcoin with our stop loss placed at $5380.
At the time of writing (it could change) the low is 5415
In this Analysis, I show you how to manage my trade. Now I can't answer your questions because this needs to be taught.
However, we are looking for a resumption of the Main Up Trend so we drill down for precision.
Here we see consecutive rallies failing but as I write with have a change in structure so I break above 5535 will mean we can add to our Long position.
All other parameters remain unchanged.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
At the time of writing (it could change) the low is 5415
In this Analysis, I show you how to manage my trade. Now I can't answer your questions because this needs to be taught.
However, we are looking for a resumption of the Main Up Trend so we drill down for precision.
Here we see consecutive rallies failing but as I write with have a change in structure so I break above 5535 will mean we can add to our Long position.
All other parameters remain unchanged.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Comment:
Typo: Add1 position at $5552
Comment:
Keep your stops in place (2 positions if you add) as it can easily turn South again.
Trading Plan I gave is to hit Stop Loss or T1.
Now sit back and relax, let the Market do its thing.
Trading Plan I gave is to hit Stop Loss or T1.
Now sit back and relax, let the Market do its thing.
Comment:
Trade Management#2
1.Reduce your Risk (on both positions) to half.
Entry 5598
SL 5380
Half $109
New SL 5489 = Reduce Risk by Half
2. If price hits 5380 raise stop to Entry+10 = You now have a Zero Risk
1.Reduce your Risk (on both positions) to half.
Entry 5598
SL 5380
Half $109
New SL 5489 = Reduce Risk by Half
2. If price hits 5380 raise stop to Entry+10 = You now have a Zero Risk
Comment:
Trade Management #3
(sorry forget this line about "cancel 2nd Buy order at 5800" I thought i gave these instructions, my mistake)
(sorry forget this line about "cancel 2nd Buy order at 5800" I thought i gave these instructions, my mistake)
Comment:
Correction: Thank you to @grnqrtr, for correcting me...
It should read 5800 (not 5380) raise your stop loss to break-even.
So it is:
Stop loss now raised to $5,489 to reduce your risk by 50% (you no longer have your stop loss at $5,380)
If price hits $5,800 move your stop loss to $5,608 (entry $5,598 +10) and let the trade hit stop loss or T1. You are now in a free trade.
It should read 5800 (not 5380) raise your stop loss to break-even.
So it is:
Stop loss now raised to $5,489 to reduce your risk by 50% (you no longer have your stop loss at $5,380)
If price hits $5,800 move your stop loss to $5,608 (entry $5,598 +10) and let the trade hit stop loss or T1. You are now in a free trade.
Comment:
Trade Management #4
Original Entry 5598
Original Stop Loss 5380
Reduce risk to 1/3rd =72
5598 -93 =5526
Move stop to B/E $5,526 on both positions (Risk reduced to 1/3rd entry)
Original Entry 5598
Original Stop Loss 5380
Reduce risk to 1/3rd =72
5598 -93 =5526
Move stop to B/E $5,526 on both positions (Risk reduced to 1/3rd entry)
Comment:
Trade Management #5 - trade closed
Our stop loss has been hit at 5526 as we trailed our stop loss and we are now FLAT. Loss is a negligible, -1/3rdR, easily recoverable from, don't even bat an eye about this.
On a lower time frame, a short has triggered but I want to wait for confirmation on a higher time frame breaking out of the flag before we decide to take our next Bitcoin trade.
We wait and observe...
Our stop loss has been hit at 5526 as we trailed our stop loss and we are now FLAT. Loss is a negligible, -1/3rdR, easily recoverable from, don't even bat an eye about this.
On a lower time frame, a short has triggered but I want to wait for confirmation on a higher time frame breaking out of the flag before we decide to take our next Bitcoin trade.
We wait and observe...
Comment:
I HAVE BEEN FULLY TRANSPARENT ON THIS TRADE, EXPOSING MYSELF AS A REAL PROFESSIONAL TRADER.
Professional Advice:
Anyone can make GUESSES on a chart with lines and arrows which EVERY author I have seen on this Forum does.
IF they CANNOT talk you through STEP-BY-STEP through a LIVE TRADE, you have to question giving you are RISKING YOUR MONEY (not theirs):
*** "CAN THEY ACTUALLY TRADE?"? "CAN I TRUST THEIR JUDGEMENT"? or do they just SOUND CONFIDENT and CONVINCING? ***
You have seen STEP-BY-STEP how I managed this trade in a NEWS DRIVEN market where ANYTHING CAN HAPPEN.
Yet, our CAPITAL IS SAFE and INTACT with only a small negligible loss (-1/3R), easily recoverable from a Winning trade.
Move away from thinking NUMBER OF WIN and LOSSES. Think about PRESERVING your CAPITAL.
It's never about the number of wins and losses it's about the SIZE of the wins and losses.
Once you can change your MINDSET you can BE SUCCESSFUL and PROFITABLE
Professional Advice:
Anyone can make GUESSES on a chart with lines and arrows which EVERY author I have seen on this Forum does.
IF they CANNOT talk you through STEP-BY-STEP through a LIVE TRADE, you have to question giving you are RISKING YOUR MONEY (not theirs):
*** "CAN THEY ACTUALLY TRADE?"? "CAN I TRUST THEIR JUDGEMENT"? or do they just SOUND CONFIDENT and CONVINCING? ***
You have seen STEP-BY-STEP how I managed this trade in a NEWS DRIVEN market where ANYTHING CAN HAPPEN.
Yet, our CAPITAL IS SAFE and INTACT with only a small negligible loss (-1/3R), easily recoverable from a Winning trade.
Move away from thinking NUMBER OF WIN and LOSSES. Think about PRESERVING your CAPITAL.
It's never about the number of wins and losses it's about the SIZE of the wins and losses.
Once you can change your MINDSET you can BE SUCCESSFUL and PROFITABLE
Comment:
From what I am seeing we are setting up for a Short...5400 price area is a critical support level
Comment:
Although the short I mentioned above triggered, as it broke 5400, I have not posted a trade, as the reward was not god enough. I am waiting for a pushback rally up again then we potentially have a good trade setup. So we wait observe and be patient.
p.s We came away with a mere -1/3rd R loss on our long trade, can you see the value of trade management. Had we NOT managed this trade professionally we would be looking at a disappointing loss.
However, now we are a calm and can be objective, with our ammo ready to fire when we get a new signal, hopefully, to recover our small loss and make some profit $$$
p.s We came away with a mere -1/3rd R loss on our long trade, can you see the value of trade management. Had we NOT managed this trade professionally we would be looking at a disappointing loss.
However, now we are a calm and can be objective, with our ammo ready to fire when we get a new signal, hopefully, to recover our small loss and make some profit $$$
Comment:
UPDATE: 19OCT17
I am currently STALKING for a LONG SETUP...
2 scenarios MAY occur if we can break of around 5700 which will be our SETUP.
The ideal setup would be a break above this price and a minor pullback to lower our risk. The other setup is that it just takes off without a minor pullback.
In the background, we have the fundamentals playing out:
"On October 25, Bitcoin Gold (Bgold) will split off from Bitcoin to create an ASIC-resistant cryptocurrency. A few weeks later, a significant group of Bitcoin companies wants to hard fork according to the SegWit2x plan"
Source: "Bitcoin Magazine" Oct13
I will keep you all posted if Market wants to play ball with us and its trade on ...
I am currently STALKING for a LONG SETUP...
2 scenarios MAY occur if we can break of around 5700 which will be our SETUP.
The ideal setup would be a break above this price and a minor pullback to lower our risk. The other setup is that it just takes off without a minor pullback.
In the background, we have the fundamentals playing out:
"On October 25, Bitcoin Gold (Bgold) will split off from Bitcoin to create an ASIC-resistant cryptocurrency. A few weeks later, a significant group of Bitcoin companies wants to hard fork according to the SegWit2x plan"
Source: "Bitcoin Magazine" Oct13
I will keep you all posted if Market wants to play ball with us and its trade on ...
Comment:
Market is testing 5700, if we can get a bounce back down to 5500 (our Buy zone) after hitting 5765-5770, we have a long setup which we can take if triggered (will post that trade if setup to around 5500 occurs)
