I was wrong about bitcoin... but I'm still smiling
What's up my dear readers,
From the $3800 region, I suggested that the smart position to take was to be short. Personally, I maintain that was the smart choice, that said, maybe I should have prepared for a big rise. Personally, my strategy was that if there was a big move, I would just ignore it and try to short it as the tides turned. I wouldn't bother trying to bet against the trend. While this was a totally legit view, maybe I missed something.
The reason I feel absolutely lovely despite missing this big move ENTIRELY is the fact that I didn't lose money. Sometimes, not losing money is as good as winning. The bottom line of trading is this: you can't afford to be rekt. If you get rekt, you can't trade. If you can't trade... well, good luck being a trader!
I am as cheery as I possibly could be despite missing out on serious gains, because I can still play this beautiful game. I won't catch every big move, but hopefully I will catch some and in the long run, that's what matters.
Anyways, the reason I should have been more open to a massive spike is because of the massive gap that happened when we basically went from 5k straight to 3k. There was almost no liquidity there as very few bitcoin traded hands at those prices and with low liquidity comes the chance for MASSIVE surges/dumps in price. I saw this. In fact, it was why I was so damn bullish as soon as we got to the 3k region. I was expecting a sharp bounce from 3k basically right back up to 6k... but it never happened. Over time, I was convinced it wouldn't happen. I had the right idea at first, but I was bamboozled anyways. I probably should have been more prepared for a big spike especially after breaking the $4200 highs, but I just didn't see it. Of course, you can look one of the latest posts I made about it. There was all kinds of resistance, and as such I was convinced my view would be correct. Maybe I should have been a little less confident.
Bottom line though, I didn't lose money and that is absolutely fantastic. It's all that matters. Treading water is the first step to becoming a winning trader.
Anyways, we may well have bottomed (I've never caught a bottom or top and never will! But I don't have to to make money!) but regardless, I am expecting a dump at some point. With that said, I actually don't care at all about what price does, because I am writing this to remind you all of what I have been saying: if this month closes green, I WILL BE A BUYER throughout next month and be averaging buys throughout the whole month.
This will be a hodl position. No leverage at all. It is based on a strategy that has worked very well in the past (well over 100% return) and so I will follow it. Notice, I will follow it regardless of what I think. Remember, I don't care what I think. I don't care what anyone thinks about where price will go. I care about following a strategy that works. That is all you should care about too...
Hope this helps,
-YoungShkreli
From the $3800 region, I suggested that the smart position to take was to be short. Personally, I maintain that was the smart choice, that said, maybe I should have prepared for a big rise. Personally, my strategy was that if there was a big move, I would just ignore it and try to short it as the tides turned. I wouldn't bother trying to bet against the trend. While this was a totally legit view, maybe I missed something.
The reason I feel absolutely lovely despite missing this big move ENTIRELY is the fact that I didn't lose money. Sometimes, not losing money is as good as winning. The bottom line of trading is this: you can't afford to be rekt. If you get rekt, you can't trade. If you can't trade... well, good luck being a trader!
I am as cheery as I possibly could be despite missing out on serious gains, because I can still play this beautiful game. I won't catch every big move, but hopefully I will catch some and in the long run, that's what matters.
Anyways, the reason I should have been more open to a massive spike is because of the massive gap that happened when we basically went from 5k straight to 3k. There was almost no liquidity there as very few bitcoin traded hands at those prices and with low liquidity comes the chance for MASSIVE surges/dumps in price. I saw this. In fact, it was why I was so damn bullish as soon as we got to the 3k region. I was expecting a sharp bounce from 3k basically right back up to 6k... but it never happened. Over time, I was convinced it wouldn't happen. I had the right idea at first, but I was bamboozled anyways. I probably should have been more prepared for a big spike especially after breaking the $4200 highs, but I just didn't see it. Of course, you can look one of the latest posts I made about it. There was all kinds of resistance, and as such I was convinced my view would be correct. Maybe I should have been a little less confident.
Bottom line though, I didn't lose money and that is absolutely fantastic. It's all that matters. Treading water is the first step to becoming a winning trader.
Anyways, we may well have bottomed (I've never caught a bottom or top and never will! But I don't have to to make money!) but regardless, I am expecting a dump at some point. With that said, I actually don't care at all about what price does, because I am writing this to remind you all of what I have been saying: if this month closes green, I WILL BE A BUYER throughout next month and be averaging buys throughout the whole month.
This will be a hodl position. No leverage at all. It is based on a strategy that has worked very well in the past (well over 100% return) and so I will follow it. Notice, I will follow it regardless of what I think. Remember, I don't care what I think. I don't care what anyone thinks about where price will go. I care about following a strategy that works. That is all you should care about too...
Hope this helps,
-YoungShkreli
I never think I have caught the bottom or the top ever. That's why I employ multiple strategies and deploy capital not all at once. See Ugly Old Goat's DCA results for reference.
Thanks for reading! :)