Good early afternoon everyone.
It's just before noon in Canada & I want to start this post off by wishing everyone a great day today. I hope mentally you're in a good place and ready to finish this week off strong before the weekend volatility ahead. As you know BTC likes to do it's on thing on weekends and sometimes "scam wicks" or stop hunts are usually likely to be hunted down. Weekends is a great time for BTC to hunt down the over leveraged traders considering weekdays (MON - FRIDAY) BTC has shown strong correlation with the stock market. Lately I've had to take some time away from trading. Sometimes when you're dealing with life problems and you notice yourself losing a trade or two to step away and really take the time to think about where you went wrong and overall think about your life & where you want to be in the future.
Since I've started my trading journey 4 months ago I've realized my biggest downfall in the early stages was my risk management. I was overtrading when the market conditions we're choppy instead of setting alerts at key area's I should've just been patiently waiting for. Trusting yourself (having confidence) in this industry is very important. Accepting your losses and taking them for what they are (moving on & trying to fix the issues to not becoming profitable. I think new traders try to make themselves look like they fit in - mentally they believe they need to trade and perform like one's that have been in this space for years. However, doing this will just put you 10 steps back right to the very beginning. Protecting your capital & sticking to a trading plan or strategy (could be one you've created or learned) is the most important thing in this game. You need to survive to thrive, and in the end if you can stick to a trading plan that works you'll find yourself ahead and profitable.
If 9400-9500 can hold going into the weekend the bulls have the ball, if bulls lose 9400 I'd start looking for shorts. For now it's clearly BULLISH. Above 9300 is bullish and below is bearish, IMO.
Have a great remainder of your guys week.
My next goal is to reach 1000-2000 followers on tradingview by 2021.
I'm excited to start trading my new strategy I've created starting in August.
Price range on DAILY chart: (last 7 days)
(weekly candle ends in 3 days, and tomorrow is Friday)
Low: 9005
High: 9594
It's just before noon in Canada & I want to start this post off by wishing everyone a great day today. I hope mentally you're in a good place and ready to finish this week off strong before the weekend volatility ahead. As you know BTC likes to do it's on thing on weekends and sometimes "scam wicks" or stop hunts are usually likely to be hunted down. Weekends is a great time for BTC to hunt down the over leveraged traders considering weekdays (MON - FRIDAY) BTC has shown strong correlation with the stock market. Lately I've had to take some time away from trading. Sometimes when you're dealing with life problems and you notice yourself losing a trade or two to step away and really take the time to think about where you went wrong and overall think about your life & where you want to be in the future.
Since I've started my trading journey 4 months ago I've realized my biggest downfall in the early stages was my risk management. I was overtrading when the market conditions we're choppy instead of setting alerts at key area's I should've just been patiently waiting for. Trusting yourself (having confidence) in this industry is very important. Accepting your losses and taking them for what they are (moving on & trying to fix the issues to not becoming profitable. I think new traders try to make themselves look like they fit in - mentally they believe they need to trade and perform like one's that have been in this space for years. However, doing this will just put you 10 steps back right to the very beginning. Protecting your capital & sticking to a trading plan or strategy (could be one you've created or learned) is the most important thing in this game. You need to survive to thrive, and in the end if you can stick to a trading plan that works you'll find yourself ahead and profitable.
If 9400-9500 can hold going into the weekend the bulls have the ball, if bulls lose 9400 I'd start looking for shorts. For now it's clearly BULLISH. Above 9300 is bullish and below is bearish, IMO.
Have a great remainder of your guys week.
My next goal is to reach 1000-2000 followers on tradingview by 2021.
I'm excited to start trading my new strategy I've created starting in August.
Price range on DAILY chart: (last 7 days)
(weekly candle ends in 3 days, and tomorrow is Friday)
Low: 9005
High: 9594