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RE: 12/11/2017 The Market View and Trading Outlook
It seems I've been buying at highs on everything I do lately, I wanted to get into litecoin and was really shocked yesterday at the price, so once again I didn't get any.
@gyro,
Let me be brutally honest... YOU HAVE NO IDEA WHAT THE FUCK YOU ARE DOING!!!!!.. Now that said...take it with a grain of salt as there was once a point where I HAD NO IDEA WHAT THE FUCK I WAS DOING!!!. I'm not being insulting I'm pointing out my own flaws at a certain point and seeing you currently in the same place that I have once been. That said, I'm not the oracle, or a trading savant.. I lose money almost everyday at some point.. that is the truth.. almost everyday I will lose a trade.. without a doubt.. today I lost $400.00 due to GDAX deciding to fucking update at the moment Litecoin was at $197 trying to reach a new high.. When GDAX decided to come back online BITFINex had dropped the price to $184... so I had to sell and protect my capital.. I lost that trade. $400 gone.. good bye, see ya later... but that's o.k. because I stuck to my rules.. That said.. I waited regathered myself, pissed at GDAX but is what it is.. and watched the charts..I found an opportunity to buy and got back in at $192 on a small 15 minute pull back that was supported by the 1hr, 1 day etc.. so I rode the wave back up to $234 sold, bought back in at $216, sold at $227, bought back in at $221, sold at $226.50..at the end of the day.. with current positions holding I'm up and comfortable. While I'm not going to discuss finances on a public forum, I trade 100-250 LTC at a time current price.. It's easier for me to know the sum up or down when $1.00 move = $100 loss/gain.
The best advice that I can give you is four fold
Do not get discouraged, we all lose money in the beginning.. think of it as paying for an education.
Learn to think opposite of how you currently think, the market works because of people like you and at one time, people like me.. It feeds on your emotion, it anticipates it and fucks you over accordingly.. Learn to think exactly opposite of how you currently think..To put it more clear..At the level I assume you are at.. When you are looking to buy, I'm putting in sell orders...You have to be able to go against what you FEEL.. FEELINGS are what takes your money and puts it in my pocket..
Go here: https://cryptowat.ch/gdax/ltcusd/5m and just watch the 1hr, 15 minute, 5 minute charts continuously for an entire buy/sell cycle.. get coffee, stay awake you may be up for 24 hours or more.. but just watch how the machine works.. watch the candlesticks, the volume the MACD.. watch it.. learn to read it.. I have 1000's of hours just watching it tick away, little green and red candle sticks.. but you learn so much if you just watch an entire BUY/SELL cycle.. you learn how it moves, changes, reacts etc. It's really a living organism.. and you need to study it.. feel it.. and understand it..
fuck it... LEARN TO EXIT A POSITION AND FUCK IT.. protect the capital.. so what if it goes up after you leave, what did you lose? If you are ever in a position where you are not comfortable for any reason, say FUCK IT and leave it.. I have exited many positions I did not feel good about only to see the price go up later.. Oh well.. I lost nothing.. but I could of lost a lot.. so fuck it.. reset, regather, look at the charts and plan another trade at a suitable buy point.. Again totally not being a dick, I feel you I really do.. I have been there saying if I would of sold every time I bought I would be up and not down.. I have been there I really have.. I'm here if you have any questions.. best of luck.. and message me or comment anytime. I try and respond to every comment..
This is the most incredible comment I've ever read on this entire platform. Actually, screw that, on any social media platform ever.
Also, what is an entire Buy/Sell cycle? I tried to Google it and nearly bought a bike.
Go to the link I provided and select MACD as an indicator. In very simple terms GREEN GOOD< RED BAD.. a buy/sell cycle happens numerous times in every time frame. If you look at the 1 minute time frame you will see it go GREEN when people are buying and RED when people are selling. Each smaller cycle influences the time frame above it. So a solid 1 minute buying cycle, will pull the 3 minute green, then the 5, 15, 30, 1 hr, 2 hr, 4, 6, 12, 1 Day etc.. but a solid buying cycle on a small time frame that is not supported by a larger time frame will likely fizzle and die. You have to watch it.. watch how all the time frames relate to each other, influence each other etc. It's a living thing..
Ah. Trading view doesn't have the green and red lines... it just has lines above or below a line... which I've never really paid attention to before. I'm constantly flicking between the different time frames to try and read the trends...
So a buying cycle is like a flurry of buy trades? Is a buy/sell cycle where a green stick turns to a red stick?
https://cryptowat.ch/gdax/ltcusd/5m
https://www.investopedia.com/terms/m/macd.asp
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:moving_average_convergence_divergence_macd
Thanks I try to be helpful..
This is the truth! especially #2 and #3.
Thank you I try and help out as much as I can
Perfect example I was not feeling good about LTC at $130.. I exited.. it shot to $140.. Fuck it.. I'll pick it back up at another buy point.. I lost nothing..