Hi guys, I have created this to help you learn from the mistakes that I have sadly had to make first hand. I'm not telling you these things to shill this coin or screw you out of gains, but rather to help you secure them, because losing money isn't fun, as you likely can imagine.
The hardest lesson I've had to learn thus far is that sometimes it's better for your hands to remain idle rather than at play. I know how tempting it is to catch every single scalp and trade, but it is worth understanding that patience, as everyone repeatedly says, is key in this game. I am passing this lesson onto you as analytically as possible.
I have charted only three things here:
1) A Fibonacci Retracement from the all time low to the all time high (seen in white)
2) A Fibonacci Retracement from the most recent low (315 satoshis) to the all time high (seen in red)
3) Targets for opening short trades (denoted by the price boxes)
Make this simple for yourselves, guys. I have tried chasing profits so hard on so many occasions, I've ultimately burned myself every time. It's tempting to get into a nice short opportunity, only for the price to rise up and cause you to panic buy. It is with these desires that I implore you to zoom out and take a look at the big picture. I posit two rules for myself now- when I feel the urge to panic buy or sell, it's my signal to do the opposite, and follow my instinct and analysis, because it's typically right.
Anyhow, once again, very simple set up. Depending on your desired amount of allocation, if you feel so inclined to open short trades, simply set your trade target at one of the white lines, and re-enter somewhere near the red line below it. I suggest profit taking no more than 25-50% of your investment here and doing this trade, that way you can still feel good. It's naturally tempting to want to go 100% one way or the other, but risk aversion will make you money every time. If you don't happen to hit your short target, then simply re-invest your money elsewhere, or find a good new entry. Remember, it's all profits, so don't lose sight of that.
Just to clarify, here is an example of how I would open up my first short trade here- I would set a sell limit of about 25% of my holdings at 794 satoshis, and then I would seek re-entry at 725 satoshis. I would also consider setting a stop loss for the other 75% of my holdings somewhere just south of this retracement point, maybe 3-5% below it. Be sure you're always setting stop losses, because you could wake up one day and find your coin down 30% and be absolutely heartbroken.
Please, if you need any clarification or guidance on this, reach out to me. I want to see everyone enter a winning trade here!
The hardest lesson I've had to learn thus far is that sometimes it's better for your hands to remain idle rather than at play. I know how tempting it is to catch every single scalp and trade, but it is worth understanding that patience, as everyone repeatedly says, is key in this game. I am passing this lesson onto you as analytically as possible.
I have charted only three things here:
1) A Fibonacci Retracement from the all time low to the all time high (seen in white)
2) A Fibonacci Retracement from the most recent low (315 satoshis) to the all time high (seen in red)
3) Targets for opening short trades (denoted by the price boxes)
Make this simple for yourselves, guys. I have tried chasing profits so hard on so many occasions, I've ultimately burned myself every time. It's tempting to get into a nice short opportunity, only for the price to rise up and cause you to panic buy. It is with these desires that I implore you to zoom out and take a look at the big picture. I posit two rules for myself now- when I feel the urge to panic buy or sell, it's my signal to do the opposite, and follow my instinct and analysis, because it's typically right.
Anyhow, once again, very simple set up. Depending on your desired amount of allocation, if you feel so inclined to open short trades, simply set your trade target at one of the white lines, and re-enter somewhere near the red line below it. I suggest profit taking no more than 25-50% of your investment here and doing this trade, that way you can still feel good. It's naturally tempting to want to go 100% one way or the other, but risk aversion will make you money every time. If you don't happen to hit your short target, then simply re-invest your money elsewhere, or find a good new entry. Remember, it's all profits, so don't lose sight of that.
Just to clarify, here is an example of how I would open up my first short trade here- I would set a sell limit of about 25% of my holdings at 794 satoshis, and then I would seek re-entry at 725 satoshis. I would also consider setting a stop loss for the other 75% of my holdings somewhere just south of this retracement point, maybe 3-5% below it. Be sure you're always setting stop losses, because you could wake up one day and find your coin down 30% and be absolutely heartbroken.
Please, if you need any clarification or guidance on this, reach out to me. I want to see everyone enter a winning trade here!
Comment:
Target 1 of 795 satoshis has been reached! Keep an eye on 1035 for the next target, which I believe we'll be hitting by the time the next daily candle closes ;)