Just wanted to update you guys on my view. I am bullish on bitcoin. I have drawn my target to be about $6,000.
Seems crazy now, but we will see. This is just the technical target I have, I have no idea if it will get hit or not. I am long because there is low risk and high reward. My stop loss is going to be around my entry which is around $3750 on average. If you follow me on Twitter, you'll know I went long at $4,000 and then more an $3,500.
I just want to say that 1) the NVT is looking reasonable again (charts.woobull.com/bitcoin-nvt-signal/) 2) google trends is showing bitcoin search volume rallying 3) we are extremely oversold by BB and RSI metrics. 4) we have a lot of shorts remaining.
All are reasons I am bullish, but this could easily turn around and take a dump at any moment. Be prepared for the worst! Someone asked me about a month ago in my discord group whether 3k was possible and I said yes. Welp, here we are folks. I had no idea it would happen, but we hit 3.4k. I hope the person did okay, but I don't know. Do not put yourself at risk trading. Do not try to make trading your main source of income. 94% of you will fail. This is a fact. 94% of you should be hodlers. Only the very, very studious, intelligent students of the market will ever make a dime trading.
My advice to EVERYONE who is not a professional trader is to make investments based off of fundamentals and good value principles and HODL. This will always be good enough to make money. The markets transfer money from the impatient to the patient. Only try your hand at trading once you have backtested a strategy that seems to work. Once you test it with real money, make sure your money management is in order. Have defined risk.
Good luck!
-YoungShkreli
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PS I remember insulting someone's intelligence over believing XRP will be worth 20T by EOY. If you don't understand why that is a brain dead statement, please type in "XRP token is not necessary for Ripple tech use."
No, banks are not coming for your XRP, you have been bamboozled. The only way XRP becomes anything is if they develop a use case for it which does not exist today. Talking about this only because I'm not going to make a separate post.
Don't listen to dumbasses. Please. Look at the writing of the authors. If they can't construct intelligent sentences, it's very likely they are just not intelligent. I imagine successful traders on average have around a 130 IQ. Just a thought.
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We are at support atm, if stop is hit, pnl is $0 for the trade.
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I'm not going to sell here even though it dropped a fair amount, but it doesn't look good. We will wait.
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I bought a little more at around 4,000 during the dip. Doesn't look good, but it's all about having low risk and high reward. My risk is near 0 - 0 if I want it to be - and my reward is close to $2000 per btc.
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Adding more longs on another dip to $3900, raising the stop loss however to the low, if hit, will be about breakeven for me. Lowest long is from $3500.
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Check twitter for more info.
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Stop hit.
Result: <1% loss.
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Remember, successful trading does not come by being right all the time - it comes from managing money well.
Thanks. To be honest, did not know about the use-case issue with xrp. But to be a succesful trader, you do not need high IQ - on the contrary: it can be a drawback.
CantorTechnologies
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@Domsax48, I have never heard of a unintelligent trader. You do not NEED one. But, it helps because finding a strategy is abstract thinking and analysis. It's basically the measurement of IQ. Therefore, it's useful. But, you are right.
I high IQ will never harm you if you are an automated trader, which many professionals are... so there's that as well.
CantorTechnologies
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@youngshkreli, My statement was that low iq implies you are not a good trader. So, if you see someone who seems like a twat, he/she's probably not profitable. It was more of a thinking litmus test to help people not get suckered in to shit-posters here. I'm sure you've seen a few.
Domsax48
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@youngshkreli, thank you for elaborating. I'm actually playing with the thought of automated trading strategy, but 1. I found no convincing systems (but I'm eager to hear about one) 2. I would miss the game
CantorTechnologies
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@Domsax48, You would write your own strategy in code yourself or get a dev to do it for you. You can always trade with a small account if you enjoy it. Automating should pretty much guarantee better results because computers don't make emotional mistakes like humans. Even professionals can have an emotional weakness that costs them money. Computers are better at following a strategy. If the strategy makes money, you make money.