srp007

Need help with Bitcoin Dumps

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello,
I am facing a huge problem in trading because I am not being able to recognize these huge dumps. Can anyone help me out on how they predict such falls. I know that one cannot be 100% correct, but I will be thankful if you share what you use to identify such falls.
I think it is wise to remember: clever people and mathematicians have been trying to figure out how to prevent these losses and grab gains with charts, patterns, and even complex computer algorithms for over twenty years. And now we have trading bots. And no one has figured it out yet. And lots of people will tell you they figured it out and will sell it to you for just $ XXX.

If anyone had figured it out, they would easily become the richest person on earth. For example, If you started with just $100.00 , and you could get just 1% per day, every day ... after day one you gain $1. and would have $101.00, after day two you would have $102.01, after day 3= 103.03 after day 4= 104.06, after day 30=134.78.....after day 365 (one year) you would have $3778.34......after day 730 (two years) = $142,758.66...and after day 1095 (three years) = $ 5,393,912.46 .....and after 1,460 days (just four years) you would have 203,800,537.23. after five years = 7,700,284,215.44. (Of course you would have had to pay some serious taxes!)

The point is, no one has really figured out how to avoid these losses like you want to. You could set stop losses every time you get a few percent so you lock in two percent? I see you are on the 15 minute chart. For me, that seems like a lot of trading work, you could take this knowledge as proof that tight in-and -out trading is usually not as profitable as longer trading. Everyone who plays the game takes some of these losses. There is some great learning here on trading view-... but you can see everyone get burned sooner or later. My favorite traders here wait for a good set up, and then, and only then, pounce on the solid trade trying to get a good 10% gain or more. Good Luck!
Reply
srp007 earthling
@earthling, Hello, I partly agree with what you said. However, there are many times (not always) where we can actually predict about such coming disasters. By the way, your post made me day dream about this figure 7,700,284,215.44..
Reply
ThankYou so much everyone for sharing their experience about predicting and avoiding such kill zones.
Reply
These vertical drops generally retrace to 70%-100% fairly quickly, don't sell bottoms. These runs happen because stop loss is triggered, then high leveraged positions go and then people star giving into the emotional pain that happens to everyone, especially when position sizes are too big for their pain tolerance, Domino Effect. Set stop Market loss or don't sell bottoms and don't over-leverage yourself. You will notice when you sell the bottom it will nearly automatically turn around and retrace, remember that feeling and don't sell.
+2 Reply
TodorStanev TodorStanev
rising wedge, usually bottom got tested 2 times and 3rd one means dump
Reply
srp007 TodorStanev
@TodorStanev, Hello, Do you have link to any tutorials that teaches about these triangles. Actually, I simply rely on indicators and I don't know anything about these triangles.
Reply
@srp007, check for falling and rising wedge, combined with good levels its more than enough to trade without indicators
Reply
srp007 TodorStanev
@TodorStanev, Awesome..Just started with it.. Thanks..
Reply
@srp007,
BTC atm
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out