When market is apparently you will see all the amateurs start to show up posting their To The Moon analysis on TradingView and other social network while professionals like @PRO_Indicators and myself are gradually taking profits of our long positions since mid $3k. Those traders are such a good contrarian indicator.
Why does people lose money? They always chase the high or start buying AFTER they see big buy volumes. Often, by the time you enter a position after you see a big , it’s ALREADY TOO LATE. Your risk reward ratio is like 1 or at max 2. Let’s give you an example using the recent Bitcoin parabolic move. Those who were waiting for big volumes missed out the pump from $3k to $5.5k. When BTC was at $5.5k, those same people didn’t buy because it was at resistance. When BTC was at $6k they started to short the movement with leverage because they have missed out the buys from $3k (revenge trading). Finally, when BTC broke above $8k they started to buy as they thought it will definitely go to $10k. And now? I can guarantee you they are closing their long positions from $8k because $8k support has just been broken.
Doesn’t the above sound too familiar to you? Do you see what I am seeing? Herd behaviour always lose money – no strategy, no risk management, flip flop between buy/sell. But yet, they show up on the first page of every social network most of the time. Why? Because those To The Moon posts are what the herd like to see. But seriously? Have you not learn your lesson from the 2018 market crash? You forgot it all after just a year?
As I have mentioned in my public channel – I will only be interested in intraday opportunities while BTC stays above $6k. Bitcoin could potentially go up to around $9.5k before the big drop or, it could down to 7.5k or even 5.7k within the next few weeks or months. But do I care whether it drops now or later? No! I have plans for various scenarios. If price continues to go up, I will just keep taking profits of my long positions. And if not? I will just keep buying at supports using the profits I made. In other words, I have put myself in a comfortable situation where I will benefit regardless where the market goes. That’s what trading is about. Not just some random arrow going up or down.
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Remember how you said that I know nothing? I know nothing but I told you back in 2018 that Bitcoin could go down to 3-4k before it actually happened. I know nothing but I told you to buy at around $3500 early this year. I know nothing but I pointed out the huge resistance at $13829 (right on the spot, even more accurate than MagicPoop) months before it happened. I know nothing so you listened to all the "Professionals" on the front page of TradingView who told you to keep buying as Bitcoin is going to 30k, 40k, 60k, 100k, 200k.
If you think making money is easy, then you will just lose more. If you think someone will just making you rich for free, then the likelihood of it happening is rare. Even after I tried to help you for free, you still come back and said that I know nothing.
I am currently on 200%+ profits of my entire portfolio and is in a good position to add back my longs. I am not sure how I can help you but since you don't take my advice at all, I think I will just let you go and do your thing.