Was that title clickbait enough to get your attention? Please take the short moment to read this. (Not for me but for yourself, you don't have to leave a comment, you don't even have to "like" this ..)
The amount of fools in this "game" called crypto is staggering.
The amount of ignorance paired with delusions of grandeur is overwhelming.
They calling themselves: Legend, Master, King, Guru .. having *Crypto*, *Trading*, *Capital*, *Invest* etc in their names, claiming to have financial education, claiming to have studied or worked with big firms, referring to themselves as "WE", with xx years of "experience".
Yet, most of them trade with petty-cash (if they even trade at-all..), rely on bullshit "indicators" they declare as "institutional" ("institutional" "smart money" "whales" seriously? 'big players' are in and out of the market BEFORE lagging indicators tell the 'retailers' something!) which have been PROVEN to not produce consistent results and often don't even grasp the simple concept of a trend (calling bearmarket while in an uptrend).
They don't get the difference between Linear or Logarithmic, don't know the difference between "investing" and "speculating", know nothing about human behaviour (which you need in order to understand market-movements).
The bigger their ego, the bigger their list of followers amounting to their so called "reputation" (which does NOT imply they're getting any good trading results or do good 'anal'-ysis (c), often far from it)
I really pity those people who follow such fools. I really do.
WAKE UP PEOPLE - nobody is getting you rich here, NOBODY
If you want to make money on crypto you have to do it YOURSELF.
Making some money with crypto can be so stupendously easy.
Even in those so called "bearmarkets" there is money to be made (and I'm not even talking about something stupendous like shorting (my opinion), which can vaporize every liquidity you've got)
Just keep it as simple as you can, if you don't understand those "indicators" - don't use them.
-NVT and RSI etc, high/red/overbought means nothing, it can get even higher, no guarantee it's going down, it can get down while the price stays flat (sideways)
-Moving averages .. don't get me started, look up my 'idea' about that one (attached below)
-Volume, tricky one, high volume usually is a good indicator of a strong move, yet often a "weak" (low volume) move ends up getting the price high enough to later cause FOMO
3 simple steps to keep in mind
1:) get your emotion out of it.
Don't be afraid to miss a "bullrun" (aka FOMO) better miss out on an opportunity than to buy too late and lose money because it started to retrace after you bought
Don't be afraid to "lose money" - if you can't miss the money .. stop right here .. not your game PERIOD, there is always some risk of losing
The moment your emotions take over, logic flies out of the window (your brain chemically blocks different areas, leaving you on autopilot)
... and be patient, sometimes a trade can take a lot longer than you initially anticipated (holding though a bearmarket for instance, you were convinced it gets higher eventually? than don't panic-sell because it gets down first)
2:) you can NOT predict future price, NOBODY can
A good 'anal-yst' (c) looks at how probable the next move is (for that you need to take A LOT of stuff into account)
3:) don't blindly follow ANYONE, don't take ANY-ONES advice for granted
YOU have to decide, YOU have to learn, YOU have to take the consequences of your actions
read what others think, especially if you disagree with them (don't give in to confirmation bias)
If you want to "follow" someone on tradingview, fine, do that, but countercheck EVERYTHING they claim (and maybe you'll see what kind of 'poop' most of these con-artist pull here, they do not care if you lose money on their crappy horoscopes uuhh "predictions")
Take note as to how the person deals with criticism..
Stay tuned for a (possible) update showing a simple trading method (if there is enough interest for it ..)
The amount of fools in this "game" called crypto is staggering.
The amount of ignorance paired with delusions of grandeur is overwhelming.
They calling themselves: Legend, Master, King, Guru .. having *Crypto*, *Trading*, *Capital*, *Invest* etc in their names, claiming to have financial education, claiming to have studied or worked with big firms, referring to themselves as "WE", with xx years of "experience".
Yet, most of them trade with petty-cash (if they even trade at-all..), rely on bullshit "indicators" they declare as "institutional" ("institutional" "smart money" "whales" seriously? 'big players' are in and out of the market BEFORE lagging indicators tell the 'retailers' something!) which have been PROVEN to not produce consistent results and often don't even grasp the simple concept of a trend (calling bearmarket while in an uptrend).
They don't get the difference between Linear or Logarithmic, don't know the difference between "investing" and "speculating", know nothing about human behaviour (which you need in order to understand market-movements).
The bigger their ego, the bigger their list of followers amounting to their so called "reputation" (which does NOT imply they're getting any good trading results or do good 'anal'-ysis (c), often far from it)
I really pity those people who follow such fools. I really do.
WAKE UP PEOPLE - nobody is getting you rich here, NOBODY
If you want to make money on crypto you have to do it YOURSELF.
Making some money with crypto can be so stupendously easy.
Even in those so called "bearmarkets" there is money to be made (and I'm not even talking about something stupendous like shorting (my opinion), which can vaporize every liquidity you've got)
Just keep it as simple as you can, if you don't understand those "indicators" - don't use them.
-NVT and RSI etc, high/red/overbought means nothing, it can get even higher, no guarantee it's going down, it can get down while the price stays flat (sideways)
-Moving averages .. don't get me started, look up my 'idea' about that one (attached below)
-Volume, tricky one, high volume usually is a good indicator of a strong move, yet often a "weak" (low volume) move ends up getting the price high enough to later cause FOMO
3 simple steps to keep in mind
1:) get your emotion out of it.
Don't be afraid to miss a "bullrun" (aka FOMO) better miss out on an opportunity than to buy too late and lose money because it started to retrace after you bought
Don't be afraid to "lose money" - if you can't miss the money .. stop right here .. not your game PERIOD, there is always some risk of losing
The moment your emotions take over, logic flies out of the window (your brain chemically blocks different areas, leaving you on autopilot)
... and be patient, sometimes a trade can take a lot longer than you initially anticipated (holding though a bearmarket for instance, you were convinced it gets higher eventually? than don't panic-sell because it gets down first)
2:) you can NOT predict future price, NOBODY can
A good 'anal-yst' (c) looks at how probable the next move is (for that you need to take A LOT of stuff into account)
3:) don't blindly follow ANYONE, don't take ANY-ONES advice for granted
YOU have to decide, YOU have to learn, YOU have to take the consequences of your actions
read what others think, especially if you disagree with them (don't give in to confirmation bias)
If you want to "follow" someone on tradingview, fine, do that, but countercheck EVERYTHING they claim (and maybe you'll see what kind of 'poop' most of these con-artist pull here, they do not care if you lose money on their crappy horoscopes uuhh "predictions")
Take note as to how the person deals with criticism..
Stay tuned for a (possible) update showing a simple trading method (if there is enough interest for it ..)
Comment:
"... in order to make as much money I can in the shortest possible time"
should've added that immediately..
Out of necessity, not out of greed! (don't care much for money and luxurious crap)
should've added that immediately..
Out of necessity, not out of greed! (don't care much for money and luxurious crap)
Comment:
The "simple trading method" was already online for a few days yet nobody seemed to notice :D
I unintentionally had linked it via "related ideas" while it's a private idea at the moment. There is a paper- or real trade involved (haven't decided yet), i put my money where my mouth is.
Don't feel much for sharing it at the moment but i keep promises even if they become uncomfortable to me.
I've lost the appetite, once again, to make something public where it is out for grabs to people which i don't think it should be handed out to.
It's a shame that it isn't possible (to my knowledge) to only share things with followers (maybe share it on request via PM ?! .. I'll see, the technique isn't that big of a deal anyway imo).
I unintentionally had linked it via "related ideas" while it's a private idea at the moment. There is a paper- or real trade involved (haven't decided yet), i put my money where my mouth is.
Don't feel much for sharing it at the moment but i keep promises even if they become uncomfortable to me.
I've lost the appetite, once again, to make something public where it is out for grabs to people which i don't think it should be handed out to.
It's a shame that it isn't possible (to my knowledge) to only share things with followers (maybe share it on request via PM ?! .. I'll see, the technique isn't that big of a deal anyway imo).
Comment:
as promised:
Comment:
3rd part
"kind of factors I usually monitor to judge the probability of a move"
- is a retracement expected ? how long since a good retracement (it ALWAYS retraces .. a retracement can also mean sideways trading for an amount of time, it relaxes the market .. )
- how is the sentiment: are people bullish or bearish. friendly or edgy, which people .. how do they react to charts that contradict their believe
does that sentiment conflict/contradict other expectations? e.g. news/upcoming events
- can you detect nervousness in the market/charts (erratic movements, long/fast wicks)
- watching charts on multiple timeframes, observing structures (patterns,trends), candle formations, volume (a big red daily candle could be several green hourly - and vice versa)
(smaller timeframes might reveal important things otherwise lost on larger timeframe)
- keeping an eye on longs, shorts, strings, futures, orderbooks (do the orders look real, buy/sell-walls)
- i very seldom use lagging indicators, they only tell you the past, they are self-fulfilling prophecies at best, if you're able to feel the market you're in or out before "indicator-riders" react
"kind of factors I usually monitor to judge the probability of a move"
- is a retracement expected ? how long since a good retracement (it ALWAYS retraces .. a retracement can also mean sideways trading for an amount of time, it relaxes the market .. )
- how is the sentiment: are people bullish or bearish. friendly or edgy, which people .. how do they react to charts that contradict their believe
does that sentiment conflict/contradict other expectations? e.g. news/upcoming events
- can you detect nervousness in the market/charts (erratic movements, long/fast wicks)
- watching charts on multiple timeframes, observing structures (patterns,trends), candle formations, volume (a big red daily candle could be several green hourly - and vice versa)
(smaller timeframes might reveal important things otherwise lost on larger timeframe)
- keeping an eye on longs, shorts, strings, futures, orderbooks (do the orders look real, buy/sell-walls)
- i very seldom use lagging indicators, they only tell you the past, they are self-fulfilling prophecies at best, if you're able to feel the market you're in or out before "indicator-riders" react
Comment:
i forget a few things (and probably forget more..)
-Fibonacci (levels and extensions)
-Elliott Waves (in advance almost impossible but captain Hindsight is quite good at it)
and still learning new stuff once in while
-Fibonacci (levels and extensions)
-Elliott Waves (in advance almost impossible but captain Hindsight is quite good at it)
and still learning new stuff once in while
Unfortunately, like so often in life, this doesn't really work out as it should or could.
People have the opportunity to ask questions about someone's chart or try to prove them wrong (and that is to my understanding what the comment-box was meant for in the first place).
Instead Followers use it to "worship" their "Deity" (if you like it press LIKE .. leaving a comment like that is redundant and a apparent cry for recognition from you Deity, dumping your chart for approval is not only a nuisance but also a breach of the house-rules).
Quite often, challenging or opposing an idea results in Inflammatory Comments from the anal-yst (c) and/or his followers, instead of looking at the "evidence" from the opposer and use it to re-evaluate ones own idea.
Even some top-authors seem to be under the impression they already have learned everything and can't be proven wrong. (or maybe they just don't want or can't admit they're wrong ?).
They should all be millionaires by now, infallible as they are, if I had that kind of money i certainly would NOT spend hours of my time here.
In contrast to most people here, i am not here for likings, appraisal, my reputation or whatnot.
I am only here to be the best trader I can possibly become in the fastest possible way, in order to make as much money I can in the shortest possible time.
Charts and Ideas that I share are not handed out, out of Charity or Philanthropy.
They are my way of backtesting them, inviting others to point out errors in my reasoning or technicalities.
If someone happens to be able to benefit from this, knock yourself out, but keep in mind, I am nobodies friend, that's not why I am here.