FINDING PEACE IN CURRENT MARKET CONDITIONS
GOOD MORNING STEEMIT!
Just before Christmas, the advice I gave was to stay strong and HODL. Now that particular post was in regard to Litecoin and I want to continue that theme today, but the same advice can be used for just about the entire market.
The pre-Christmas rally saw plenty of people that I've preached crypto to in my day to day chat, finally take the plunge themselves. As so often happens, the retail crowd jump in as the smart money gets out and they're left holding the bag.
You should see the messages I'm getting (from friends mind you), about giving shit advice, asking why is it going down, blah blah fucking blah. This is a snapshot of what is going on in the crypto space right now.
New money, trading in choppy period of low liquidity, getting cold feet.
Just take a look at an updated Litecoin chart from the blog I linked to in the first paragraph at the top of this page. Here's the daily:
LTC/USD Daily
Look at the levels that price is pulling back into and respecting. All previous resistance looking to act as support. Even the seemingly irrational, low liquidity spikes cleanly bounce off these levels.
Irrational isn't a word that should ever get used when it comes to markets. They ALWAYS have a purpose and a design.
Find rationality in good solid levels and you'll also find peace in terms of your trading psychology.
Peace.
Instagram: @forexbrokr
Website: www.forexbrokr.com
I'm not HODLing any LTC ... but do agree on just HODL-ing in general, Big Whales have taken profit, so need this stability to help with the next crypto market rise.
No matter what happens , I am hodling my coins !!!!
Just be smart about it. And at the moment, holding and accumulating at good levels within this bull market is the smart move.
Thank you! It's good to get this reminder. I bought some of my LTC a little high as it was rising and I've been holding, but it's good to get some more encouragement! I was also able to buy some more when it dipped to 190 last week, so that averaged down my LTC holding. I'm in for the long haul!
Oh great work on buying that dip! I bough some more but a little higher than that ;)
Peace of mind in today's market seems to be a joke! hahaha
All depends on who you talk to!
It is always easy to place blame but to be held accountable for the decision I make is hard to accept. What I have learned through the years of my trading in financial stocks is that nothing is for sure. Have a escape strategy every time I position into a trade. It is important to identify the support and resistance levels or else I would never know when to escape epic failures.
Yep, it's all about risk management. One of the keys to this is defining your risk before you enter a trade through good support/resistance levels.
Good to hear you're on top of things mate.
The psychological aspects of markets. A great topic to be reminded of. How easily even the experienced can fall into the emotional trap. Nice work @forexbrokr. I'm stayin' calm 😉
;)
Haha the Independence Day scene!
Anyone holding on to the same coins from five months ago is doing good.
Yeah exactly. It's just the new money that's panicking.
Relax :)
Enjoy the year end, let's make 2018 count!