Lesson 22 - Risk Management, Channels, Fib Retracement, Fib Extension. Summarizing Feb 11 BTC

in #bitcoin3 years ago (edited)

Lesson 22 - Risk Management, Channels, Fib Retracement, Fib Extension. Summarizing Feb 11 BTC

Risk is a practice that identifies the probability of an event, factoring in consequences. It is the practice of using processes, methods, and tools to manage risk. As traders, we look for high probability setups with low risk and high reward. We have to understand that it's not possible to maintain and grow our income if we don't properly manage our risk. This is a basic risk to reward scenario video that I cover to give a fundamental understanding.

The basic risk to reward calculation is as follows:

Risk : Reward =

Here is a risk to reward example of Feb 11's play:

Here are my supplementary lessons that will add more value to these lessons:

Lesson 7 - Basic Risk Management
Lesson 14 - Using a Basic Excel Tracker for Risk Management

Below are the plays found in my tweet as I live called them.







My Comprehensive List of Tutorials
Please consider upvoting if it has helped you
And especially consider purchasing me a 33 ft' yacht
if you have reached incredible success with my help

Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - How to Analyze Candlesticks Charts with Strategy
Lesson 3 - Moving Averages
Lesson 4 - Relative Strength Index RSI with Advanced Strategy
Lesson 5 - MACD and Histogram
Lesson 6 - Margin Trading Long, Short, Leveraging
Lesson 7 - Basic Risk Management
Lesson 8 - Fibonacci Retracement Part 1
Lesson 9 - Fibonacci Extension Part 2
Lesson 10 - Laddering
Lesson 11 - How To Interpret Time Frames
Lesson 12 - Swing Trading Advanced 55 EMA Strategy
Lesson 13 - Introduction To Elliot Wave Theory
Lesson 14 - Using a Basic Excel Tracker for Risk Management
Lesson 15 - Automatic Stop Sell/Buy Executions
Lesson 16 - Advanced 55 EMA Strategy with Time Frames and MACD Part 2
Lesson 17 - 6 Hours Live Trade Scalping. Growing $2,000 Account into $3,500
Lesson 18 - Bitcoin BTC Feb 6 - BTC Update - Summary of ABCDE with live play.
Lesson 19 - Elliot Wave Theory, Fibonnaci Retracement & Extension (Combined with Feb 11 BTC TA)
Lesson 20 - Advanced Elliot Wave WXY With Feb 11 Technical Analysis
Lesson 21 - Using Elliot Wave, Fibonacci, And Extensions To Obtain Targets (Combined witFeb 11 BTC TA)
Lesson 22 - Risk Management, Channels, Fib Retracement, Fib Extension. Summarizing Feb 11 BTC

Twitter - https://twitter.com/PhilakoneCrypto
Youtube - https://www.youtube.com/user/philakone1

If I've helped you, consider buying Luna and myself a beer

BTC address: 1PruhmsYXU2gPkNw574xZSMyBG4YW5Wnq9
Ethereum: 0x2538b728f9682fc1dc2e7db8129730f661753850
LTC: LPeaZpGiF3XdCw5XPN7LXztDagTEZAMgYd
Bitcoin Cash: 1AY2FPANCe5URB71Nvy6tkCgoTS8iHgmZD

The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.

If I've helped you, consider buying Luna and myself a beer

BTC address: 1PruhmsYXU2gPkNw574xZSMyBG4YW5Wnq9
Ethereum: 0x2538b728f9682fc1dc2e7db8129730f661753850
LTC: LPeaZpGiF3XdCw5XPN7LXztDagTEZAMgYd
Bitcoin Cash: 1AY2FPANCe5URB71Nvy6tkCgoTS8iHgmZD

The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.

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Hey thanks for all hard work and time spent!! Upvoted resteemed and I’ll check your Twitter!! STEEM ON MY FRIEND

Seriously man, I've lost track of the amount of content you've put out just this weekend. The updates, analysis, everything, I can hardly keep up, thank you so much.

“A GOOD TRADER IS UNBIASED, a good trader must evaluate every single perspective because we need to know all possible paths so we can plan ahead.” ---You said this in your Feb 11 BTC TA Summary - Lesson 21. Words from the wise, indeed and just what you delivered today!

You angel, you… As a very evolved soul that you are, you display the expected distinguished intelligence, dedication and passion. This sometimes naturally translates into messianic aspirations, hence your desire to educate, help and elevate others. Obviously not everyone will understand, accept and/or not resent that.
The worst part is that some mediocre scum will want to nail you to a cross or somehow delete what they perceive as not conforming or even threatening. The good part is you get to be as you please.

TODAY’S Videos were like composing your best SYMPHONY so far. You're getting better and better. I’m sure you would fall in love with the movie Amadeus!
PLOT: Wolfgang Amadeus Mozart (Tom Hulce) is a remarkably talented young Viennese composer who unwittingly finds a fierce rival in the disciplined and determined Antonio Salieri (F. Murray Abraham). Resenting Mozart for both his hedonistic lifestyle and his undeniable talent, the highly religious Salieri is gradually consumed by his jealousy and becomes obsessed with Mozart's downfall, leading to....

The joy and honor is mine, Guru! The recommended movie is long but well worth until the inevitable end.

I found you just 2 weeks ago, before i was just a crypto believer/investor. Now thanks to you I'm starting to become a trader.
I can't wait to be independently financially independently (lol) in order to buy Luna a beer!
Thank you so much.
Much love

Awesome and well Articulated ...Knowledge is what should be attained always and forever....Thanks again!!!

poting yang sangat membuka wawasan bagi saya

You are a content machine. No one can match your dedication, screw the haters andtry to concentrate on the love you recieve everywhere :)

Thanks for this info Philakone. Can i make a suggestion - you might get less Vitriol from the haters if you entertain/present a possible alternate count. For example - your morning video today gave your targets and your wave counts etc - but had nothing in there about the possiblity of rejection at 9K (or even the more likely 9079 target) (Thanks Chart Guys) - so all the fanboys would have jumped on and thought they had free money into the target zone you had setout. If you had of said something along the lines of there is a 30% chance of rejection at 9K and XYZ could then happen - it would make your educational content much more rounded. Much the same as Sam does (Trade Devil)

great idea. tyvm.

Thanks - you are the man - saw the updated layout on the Twitter post - much better i think - thanks for all the great content

And Yes i upvoted !!

Another amazing piece of content! I used to be the world's worst trader. Well, I probably still am LOL.. but I am sure as heck much better than I was yesterday! Thank you so much for sharing your knowledge! Its value can't be measured!

thumbs up! i'm sure it'll pick up sir

All great content. For risk management having a diversified portfolio is great. You can trade your portfolio at decentralized marketplaces like wandx

Upvoted and resetteme as always :)

So much valuable content, always sharing with the community and so easy to follow and understand, really man, you are amazing...

TradeDevil put out a YouTube video tonight where he tries in so many bullish approaches without being able to negate the bearish trend towards your correction prediction. Please continue, as you have, keeping us updated on that as well, Blessings

Its so great how you go over your IT over and over, 1 it sinks in to the guys that have herd it a million times, 2 you never leave out the little people, i have recommended many to your channel, and encouraged a up vote on steemit. We all know, we all follow the most current news, with you and thats great, most people do not go back nor have the time to study your older videos, the market simply moves to fast. However you in depth approach is greatly appropriated, no redundancy, just education.

Keep up the good work.

We appropriate it.

Mama whale dropping some KNAWLEDGEE!!! You guys best watch this video to grow your brain. Thanks once again phil for your wisdom bomb.

I just want to let you know that you are amazing! Your videos are more than helpfull. Even if someone were to go to school for Elliot Wave they could not get the help and insight you provide. Your TA is top notch and I will up vote every time.

I really appreciate the kind words! <3<3<3 My father was a teacher. It's in my blood.

Is he retired now?

Your contents are so good, I hope more people come to know of your tutorials.

I followed you from twitter to Steemit now. Thanks for your hard work to come up with all these contents.

TY for this. actually made it make perfect sense. now I just gotta figure out stop losses. Every time I try and use them I get stopped out on one of those crazy candle wicks that fall all the way to down then spring right back and I'm out of the trade. have you covered stop losses? very new to Steem and can't find anything.

First upvote + comment!

I upvote but it doesn't worth anything. I wish I have more steem power. I like to suggest you use 50% 50% sp and sbd. that way you can earn more.

Philakone, Your analysis using EW is just outstanding. I know you are primarily a day trader while I am more swing and long term and selfishly I hope you also post long term charts when you get a moment. Thanks for all you do my friend. I have learned a great deal watching and reading your posts. Keep it up!!

More of the best! Thank you!

I learned a lot from zero knowledge but then I found you on Tweeter I have inspiration to be TA like you.

Again, great video. Risk management and trading behavior are becoming my greatest area study at this point. What a timely video! I am learning to review my trades consistently just as you mention. I like the way Linda Raschke put it, "If traders were to spend half as much time studying their own behavioral patterns as they did studying the markets, the benefit to the bottom line would be much greater than having unlimited access to every course, video, system or technical book ever written on the markets." Not to say that your courses and lessons are not valuable, quite the contrary--I spend hours following you on twitter and studying your analysis and lectures; but the greatest return on my studies comes from evaluating my own trades and trading behavior. Thank you again Philakone!

thank you again Phil! what a treat to be able to study with you!

Amazing work. I seriously think you must see trading crypto like The Matrix (all encoded and plugged in!). I've just started trading with a really small account, but practising everything you teach. I truly hope that one day I can repay you for sharing your knowledge. In the mean time, I'm up-voting! Please ignore the haters who are just after buy/sell targets and can't be bothered to learn. I know there are lots of us who really appreciate your hard work. Thank you. (Beer/Lunch tokens will be on their way to you when I locate my balls and start trading with a decent amount!)

You are an awesome mentor! I appreciate you, your content and your willingness to share your knowledge so so much.

Your twitter and your videos and posts have taught me a lot. I owe you a beer one of these days

Thanks a lot! best videos, awesome humor, great lessons!

awesome .. thanks a lot! auto upvote ON.. =)