Live Trade - Reading Level 2 Order Book, Minimizing Losses, Identifying Resistances.
A Live Trade
Was hoping for a large bounce, but we faced massive resistance at $8,150. I could've taken a $100,-$200 loss, but instead chose to take a very tiny profit. It's important to be able to do fast TA on the fly, while watching the level 2 order book. As a scalping day-trader, I minimize exposure in the market and avoid risk at all cost. I saw resistance @ $8,150, saw it drop to $8,100 fast, and capitalized on closing my position at $8,150 when it bounced quickly, then it quickly fell again. NEVER SCALP unless you can
1- Swing trade well
2 - Day trade well
3 - Can do TA FAST AS FUCK
4 - Can be disciplined to stick to STRICT R:R
5 - Can cut losses
Scalping is an art. You should NEVER SCALP until you have progressed from naturally from swing trading, to day-trading, then eventually obtain the skills to scalping for even more gains. If you try to scalp and cannot exercise the above, you will get destroyed in the market.
My Comprehensive List of Tutorials
Please consider upvoting if it has helped you
Please consider purchasing me a 33 ft' yacht
if you have reached incredible success. Click Below!
Thanks for the update
For future viewers: price of bitcoin at the moment of posting is 8152.50USD
upvoted and sub'd excellent content. I have a similar view but I come about it in a different way, I'm curious what your thoughts would be as I love finding confluence from someone I respect in this game!