I can only say thank you for the numerous followers and friends I have made over the past few weeks. I much appreciate the alternate opinions and positive feedback. But what happened today? Nothing more that exactly what we predicted to happen. We hit the $4200 target price. Remember that target I kept warning about? Did I know or anyone else know when it was going to happen? NO but I told you to be prepared! Am I of the firm belief a broader pullback is still highly "probable". YES! nothing has changed in my mind. Trades sometimes head south, but unlike many I had a plan and a strategy which included an exit point. So in the end, on a $2000 BTC' short trade i lost $2.50. Yes a whopping Two dollars and fifty cents.
Reality has set in for many that used my TA in the wrong way. Yes you shorted when I did, but I mentioned I was using a small portion of my portfolio, only shorting 1/3 of the total position I planned on shorting and explained "we did not reach our $4200 target yet and $4400 and $4600 are still in play". Many ignored this and went all in, some on margin which I said is a recipe for disaster, but it was ignored. When we hit $3450 I said "time to take some off the table". Many of you ignored this and a few were even going more short. I stated "this is not the place to short but to take some off the table". But few listened. The recovery happen as expected, and I spotted a channel setup that I have traded successfully for many years. This was a specific trade. When the trend changed as they often do, I cut my losses and exited quickly for a minimal loss, hardly a scratch. But seriously even if you shorted @ the $3850 level, you had time to cover with only a 5% loss. How did you lose it all? GAMBLING WITH MONEY YOU COULD NOT AFFORD TO LOSE!
Trading takes mental and financial discipline. It's NOT buy and sell points. The irony is I mentioned that in the same article! It's mental and financial discipline that I have mentioned over and over.
For the perma Bulls - Markets go up and down. Did you predict the pullback from $4900 to $3000? No you went and hid only to emerge when you felt it was safe to show you head again. Yes I see the "member for 5 days", and out of the blue posting perma bull@#$%. The same $12,000 targets again, yet couldn't bear the heat when it fell to $3000 so you changed your account! You'll be changing again! Soon!
Bottom line
I have no crystal ball on how the market gets to the levels I mentioned, I have no crystal ball on where it's going or the time it takes to get there. I mentioned do not swing for the fences games are won with base hits. It wasn't the game plan that was wrong, it's how you implemented it. This is the reason I said take baby steps and get your feet wet first before trading. Tonight is the night your looking at your account and THE TRUTH REALLY HURTS! Had you followed the plan the losses would be minimal. But you couldn't throw away those pocket aces. Pick yourself up and dust yourself off, tomorrow is a new day.
I did 2 months of research on BTC and other coins prior to entering this market in late August. I believe fully that 10k - 25k - 50k for BTC' is in the cards! The charts say it can happen. Whether you buy at $4000 or $3000 does it matter? did it matter to those that bought at $1200 a couple years ago? Well only those that sold at $240. You must not miss the forest for the trees. If you want easy money, try the lottery. If you want to make money in the market, you must get your head straight, figure out your finances and most importantly KNOW YOUR PLACE AT THE TABLE. Long term should be 70% of your account. Again long term should be 70% of your account! Believe me I learned the hardway too, trading options. I hope you have too. Bulls make money Bears make money PIGS GET SLAUGHTERED! And yes the blackened grouper sandwich went great with an ice cold beer. or 7.
Reality has set in for many that used my TA in the wrong way. Yes you shorted when I did, but I mentioned I was using a small portion of my portfolio, only shorting 1/3 of the total position I planned on shorting and explained "we did not reach our $4200 target yet and $4400 and $4600 are still in play". Many ignored this and went all in, some on margin which I said is a recipe for disaster, but it was ignored. When we hit $3450 I said "time to take some off the table". Many of you ignored this and a few were even going more short. I stated "this is not the place to short but to take some off the table". But few listened. The recovery happen as expected, and I spotted a channel setup that I have traded successfully for many years. This was a specific trade. When the trend changed as they often do, I cut my losses and exited quickly for a minimal loss, hardly a scratch. But seriously even if you shorted @ the $3850 level, you had time to cover with only a 5% loss. How did you lose it all? GAMBLING WITH MONEY YOU COULD NOT AFFORD TO LOSE!
Trading takes mental and financial discipline. It's NOT buy and sell points. The irony is I mentioned that in the same article! It's mental and financial discipline that I have mentioned over and over.
For the perma Bulls - Markets go up and down. Did you predict the pullback from $4900 to $3000? No you went and hid only to emerge when you felt it was safe to show you head again. Yes I see the "member for 5 days", and out of the blue posting perma bull@#$%. The same $12,000 targets again, yet couldn't bear the heat when it fell to $3000 so you changed your account! You'll be changing again! Soon!
Bottom line
I have no crystal ball on how the market gets to the levels I mentioned, I have no crystal ball on where it's going or the time it takes to get there. I mentioned do not swing for the fences games are won with base hits. It wasn't the game plan that was wrong, it's how you implemented it. This is the reason I said take baby steps and get your feet wet first before trading. Tonight is the night your looking at your account and THE TRUTH REALLY HURTS! Had you followed the plan the losses would be minimal. But you couldn't throw away those pocket aces. Pick yourself up and dust yourself off, tomorrow is a new day.
I did 2 months of research on BTC and other coins prior to entering this market in late August. I believe fully that 10k - 25k - 50k for BTC' is in the cards! The charts say it can happen. Whether you buy at $4000 or $3000 does it matter? did it matter to those that bought at $1200 a couple years ago? Well only those that sold at $240. You must not miss the forest for the trees. If you want easy money, try the lottery. If you want to make money in the market, you must get your head straight, figure out your finances and most importantly KNOW YOUR PLACE AT THE TABLE. Long term should be 70% of your account. Again long term should be 70% of your account! Believe me I learned the hardway too, trading options. I hope you have too. Bulls make money Bears make money PIGS GET SLAUGHTERED! And yes the blackened grouper sandwich went great with an ice cold beer. or 7.
Comment:
If you were not thinking a market pullback is inevitable or that TA works. Please read the ETH a path less traveled article. Both ETH and BTC hit their target points in the same day, and both failed at those points on the same day.
