Two questions I always get from traders when Bitcoin heading straight up
Bitcoin has been ripping to new highs, and we are at $5,800!! Wow, what a move from $3,000 just a few weeks back. What's gonna happen next? Will Bitcoin sell off right after everyone gets some Bitcoin Gold? I dunno.. Honestly I read charts and let the charts tell me when to take a trade. Its reactive trading, no predictions. But I would like to take a few minutes to answer common questions I have been getting.
Here are some links to the new tools discussed in the video:
https://quickfingers.io
https://www.multicoincharts.com/
I apologize if I get a little sarcastic when answering these questions, but I have a hard time watching traders lose, when its so hard to lose with the right trading mindset. I am always trying, in every video to explain how you need to think as a trader.
Thanks everyone for your support/upvotes. I hope these videos help new traders achieve financial freedom :)
Luc
Excellent video as always Luc and thanks for mentioning the forum. It's growing slowly but surely, hopefully more will participate and it will grow.
Upvoted as always!
Thanks Tom for your hard work. I hope your forum grows and is another avenue to help new traders. Ill try to visit regular, to answer some questions and chit chat
The forum rocks Tom!!!!! I am learning a ton :) SUNSHINE247
This is a FANTASTIC post! I'm kind of ashamed to say it, but I made that mistake in a lot of my alt trades earlier this month. The ones where I didn't layer in and layer out, I'm still sitting with. I expect they will come back, even though it will take a while - I'm patient. ;) But, the ones that I did layer in and out (just like you described) were successful and profitable trades. Your video just crystallized this for me in my mind. Thank you for sharing your wealth of knowledge! You are a God send!
Hi Luc, this is the ADX back in "real time".
How do you decide to exit the bounce (participate)? Is it the last red bar that shows you the resistance or?
Participate in every bounce, not exit... Only participate.. You cannot predict the future so if you see that many alts are being dropped all at the same time because something like BTC is soaring, then you may want to exit for smaller profits, but you must atleast participate in the bounces.. that means you layer some sells at or just above your break even price.. take some profit.. work your position, so that if does drop suddenly again you are in a better position to average down more..
yes, you work the position.. no one can predict whats going to happen, so you make sure that you atleast participate in every bounce.. and read the signs.. if it pops into profit fast, then you sell fast.. if it grinds up slow, then you sell slow, little by little.. theres also volume to consider, but thats more detail than necessary to explain (less important)
Yes, wondering about that as well.
Just wondering what software or exchange are you trading with there? (noob here)
Some daytrades
first time taking profits on BTC
thanks @nbiroz beautiful trading.. posting you trades will encourage the new traders..
Nice trading! But how did you catch that EBET trade?
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STOPFor every winner there is a loser, more or less. Are these losers not traders Too?
Yeah, its true, there are alot of losers in trading :( Very unfortunate, and I only buy a coin when someone is giving it away at unreasonable prices. But thats trading, I feel bad for whoever sold it to me, but they did and I was there.
There's gonna be people who lose money in the market, typically people new to trading or even more experienced traders who use methods with not a great success rate... ie using technical analysis and then the market moves the other way.
Hi Luc, thank you very much for going over ADX. I was one of the traders who didn't follow the system correctly and got caught up in that one. I've been great at layering in but up til now, I've been very lax in both layering back out and participating in every bounce. Just lazily setting the entire sell right below the base and calling it a day. That usually works but it bit me with ADX. When it went south, I shamefully panicked and got out with a small loss. The thing about your method is it is deceptively easy but once you dig in, it's fractally complex. Laziness is the culprit on my end though. I figured, yeah yeah layering out whatever. The more I follow this way though, the more I realize everything Luc has demonstrated is necessary to keep those probabilities high. So, thanks Luc and carry on! I love and upvote every video.
One of your all-time great posts, Luc. The "hope it goes down more" mentality, and "participate in every bounce" ... pure gold. Thanks so much for sticking with us.
I think he practically nailed it with the mentality thing here... With this I guess, no more panics when price falls. Now I can get my glass of juice and celebrate. I'm a MILLIONAIRE!!!
Best video!
Excellent video and trade method, I've been doing something similar and had bad and good trades but in average good, thanks for sharing
I'm always getting that feeling that this is getting ridiculous. Thanks for the simple refresher.