Don't Buy or Sell! It's a Bull Trap!
"Bull" and "bear" traps are designed to trick people into believing their asset will rise or fall in value. They're a lot of traps this weekend, so it's important to be careful. In this post we will be talking specifically about bull traps.
A Red Cape Wont Save You From These Types of Bulls
If you trade without investing anytime into technical analysis, then you are poised to take some big losses in weekends like these. I lost about $400 dollars yesterday because I was trading with my emotions and had a serious case of FOMO when ever there was a big spike or drop in price.
Similar to a bear trap, a bull trap will make traders believe that their commodity will rise exponentially. If you play you cards right then their is definitely a chance to make big gains, but there is always going to be someone who bought at the top, holding the bag. That's why with any trade, it's important to practice good risk management, and capital allocation.
If Caught in a Bull Trap, Stop, Drop, & Roll
Similar to a fire, it's important to stop what your doing, drop your computer, and roll out of whatever room your in, unless your at work, then just pull up Steemit and curate a few good post ;). It's important to know that all is not lost, because your asset WILL, go back up in time. In regards to Bitcoin, I think we can all agree that we didn't see the top last week, so don't sell your precious coins to those greedy whales! If you are planning to short, or make some bullish moves this weekend, please be careful and make sure you invested enough time into protecting yourselves from the Bull.
That a new one....BULL TRAP, i won't forget so i'll HODL ON!
No RED CAPE needed haha!
Noted....No Red Cape!😊
Mine #Ethereum (#ETH #ETC) start mining in 5mins! https://goo.gl/oQdEvm
Man those cloud mining sites are a scam! check out @rossenpavlov post https://steemit.com/blog/@rossenpavlov/loosing-cryptocurrencies-for-dummies
Great share :)
Thanks!
Probably the best trading advice I read today.
I figured my mistakes could make for a good blog post haha. Thanks!
Check out my mistakes :)
https://steemit.com/blog/@rossenpavlov/loosing-cryptocurrencies-for-dummies
I just did! Great article my man. Just followed you!
Following you too, Steem on!
I agree. I was tempted to sell before the weekend, but it seemed like such a mid pullback. I think come Monday we will be right back to the surge. No guarantees, but I didn't sell anything. I definitely don't think we've hit the top til we get closer to $3k for btc and $300 for eth.
Oh I don't think we are going to see well beyond 3k! Of course we are due for plenty of pull backs along the way haha Let's both keep strong hands and become crypto millionaires one day!
I didn't mean the permanent top. But the top of the bull run, I think will be around $3k. I think it will settle in around $2k when the huge dumps and pullback come. However, I also think 2018 it will double to $6k :)
Ah ok I see what you meant now. Yeah I can definitely see that happening. Hopefully I will have some fiat laying around to scoop up some of those cheap coins. Especially the STEEM!
thanks for the advice 😊 I didn't know what to do all day watching my investments go down..fortunately I did nothing..I hope all coins to rise up again!! I am looking to follow people who know about trading cause I am new at this world..I want to learn about technical analysis!! I will follow you 😊
Hey thanks for the follow and I'm glad I could help! Steemit has actually pushed me to learn about technical analysis because I wanted to learn how to trade to earn more Steem! Although I'm relatively new to it, I'll continue to learn and help out anyway I can!
Just followed you back!