Recap: On the previous Ethereum analysis price went to Green 2, revisited Decision 1 and tested Green 2 again, failing and now around Green 1. We are now seeing a bit of volatility coming in again as there are questions being asked of Bitcoin.
There is probably no better time to talk about losses than when most people are in gains, so here Money Man must explain the title. Something that he would like to share with his fellow traders is a logical strategy he has used to deal with losses when they get to you (they should not as you should make peace with a loss before you even enter a trade). Losses are upsetting and cause a loss of clarity. Emotional trading follows and losses are often, amplified – rightly so as the hard lessons are the best lessons. Simple strategy, he knows, but he takes one trade that is small enough to shrug off i.e., have a small enough amount risked on a good opportunity, for him to place his stop even further than he would normally think is necessary. His target is even closer than where he would normally take profit, allowing a good chance of a win. If stopped out, the losses are insignificant, and he saved himself from another large loss while staying in the game. Money Man is not a fan of completely stopping to trade as it would just get more and more difficult to place a trade again as time passes. He tries to potentially learn something from his loss but sees it even more important to reset his emotions. This is what he does, and he hopes it will get others to think what they will do if/when in that situation.
Conclusion: ETH has stayed positive in comparison to BTC but has not broken its highs. Money Man considers that ETH could take off through its highs with any signs of positivity in BTC and correct hard if not. Potential is lurking around. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
There is probably no better time to talk about losses than when most people are in gains, so here Money Man must explain the title. Something that he would like to share with his fellow traders is a logical strategy he has used to deal with losses when they get to you (they should not as you should make peace with a loss before you even enter a trade). Losses are upsetting and cause a loss of clarity. Emotional trading follows and losses are often, amplified – rightly so as the hard lessons are the best lessons. Simple strategy, he knows, but he takes one trade that is small enough to shrug off i.e., have a small enough amount risked on a good opportunity, for him to place his stop even further than he would normally think is necessary. His target is even closer than where he would normally take profit, allowing a good chance of a win. If stopped out, the losses are insignificant, and he saved himself from another large loss while staying in the game. Money Man is not a fan of completely stopping to trade as it would just get more and more difficult to place a trade again as time passes. He tries to potentially learn something from his loss but sees it even more important to reset his emotions. This is what he does, and he hopes it will get others to think what they will do if/when in that situation.
Conclusion: ETH has stayed positive in comparison to BTC but has not broken its highs. Money Man considers that ETH could take off through its highs with any signs of positivity in BTC and correct hard if not. Potential is lurking around. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Comment:
Previous ETH analysis
Comment:
Apologies to those who expect the next analysis, but I am busy both buying and learning a new business (I am not prepared to share details, sorry) and hope to be back with a new analysis soon, but at the moment I have to knuckle down on that for a couple of days. Stay tuned as I am keen to get back to doing analysis as I enjoy doing it.