BEING WRONG IN TRADING IS GOOD - 2 July 2017 @supertrader

http://www.cryptotradingmastery.com/
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Let's be honest, my guess is as good as yours.

With the 1 August segwit adoption is a pivotal point and I have laid my cards on the table.

https://steemit.com/bubble/@supertrader/pop-can-you-hear-it-that-s-the-bitcoin-bubble-bursting-current-price-usd2-502-01-1-july-2017

However, any trader who tells you he/she knows for definite what is going to happen in the future is talking complete BS (including me, unless of course they have "inside information", which does exist). I am more than happy to admit when I'm WRONG because the market has declared itself in which direction (up, down or sideways) it wants to go and I am out of tune. We define our risk in order to take our perceived opportunity and ALWAYS USE A STOP LOSS, to manage our risk and PROTECT US when we are wrong. So our job, as professional traders, is to let the market stop us out and thank it for advising us to get back in synch with the true direction it wants to go. In this we are managing our trade and not gambling.

Now although I'm bearish (BTC and ETH), the markets have teh potential to explode upwards, as we get closer to the 1st August BIP148 deadline. The key is to BE PREPARED and NOT FIX YOUR VIEW. I'm under no illusions that my opinion is exactly that - just an "opinion", which has a probability of being just as much wrong as right as yours. The beauty of exchanges and markets is that we have buyers and sellers with diametrically opposite views.

Only one party can be "right" at any one moment in time. That is the say, the person/group who takes the profit is "right" and the person who loses their money is "wrong". This can be summed up in thsi simple question "Is your equity consistently growing or not?" Nothing else matters. Forget the ego trips of being right or wrong.

Professional traders take calculated measured risk and we protect ourselves when we are wrong. When we are right we ride the wave and add to our position to maximise profits. In this way we cover our stopped out losses and reap the profits from our gains making us NET PROFITABLE. There you go I just gave you the biggest secret in trading, for free! Just this advice alone, cost me thousands of dollars and years of mistakes to understand before I became a successful profitable trader. When you take that leap into embracing the above, you are empowered and you have significantly advanced your chances of success.

I encourage you all to challenge/disgree with any of my posts. Not because I want to prove i'm "right" but becasue I want a fresh perspective, only this way can I maintain a NEUTRAL MIND.

My website http://cryptotradingmastery.com/ (soon to be launched) has in its name MASTERY. To master ones skill/trade we must always learn from others (think Karate Kid and Mr. Miyagi =) ). Just as we adults have so much to learn from watching and listening to a care free small child, so it is a beginner can teach a seasoned pro to look at things from a different perspective and learn.

Everyone has value and an opinion, only a fool thinks he/she know better than others.
I am a STUDENT of the financial markets and ALWAYS WILL BE.
Trust me, when you think you know it all guess what happens? BAM! "The Market" humbles you as you get too cocky.

Heres my Top 7 Trading Tips I suggest become part of your daily trading mantra (not in any order):

1. I remain humble
2. I admit when I'm wrong quickly (not doing so can result in heavy losses as I get caught like a deer in the headlights)
3. I always protect myself with stop losses
4. I have a Trading Plan and I will stick to it. If I am wrong I immediately exit, re-evaluate and get back into the rhythm of the market
5. If i'm unsure, I won't force a trade I willl have the discipline to be patient, until I can clearly see what will happen next
6. I will train myself to have a flexible mind and train my eyes to read the price action of the charts
7. I will leave my ego behind and never bring it into my trading

Hope this helps.

Trading advice by Sean Vengan 2 July 2017

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