RE: I'm a little discouraged today.. Still let's take a look at the market..
Hi @quickfingersluc, thanks so much for all the great know-how you're sharing with us. I could never thank you enough for what you made for me and our growing community.
I watched all your videos many times but there's one point still no clear to me. How to understand when a bounce is actually a bounce or it's a way up to the base. I found myself stuck in many trades because I couldn't recognise the bounce, I was just waiting to go back to the base and then the chart falls down again and bla bla bla.
That's the most difficult point to me. Would you be so kind to explain in details how to recognise a bounce (like volume, buying orders, etc etc)?
Maybe with a video it would be awesome.
Anyway, thanks again and sorry for my english, hope you understood the meaning of my doubt.
This is one of the most common problems traders have.. Because everyone wants as much profit as possible.. But the market will always surprise you.. You take your profits early and it keeps going up and your left thinking "wow I could have done so much better on that trade".. Then the next time you hold on a little longer and the whole thing turns on you and you didnt participate in the bounce and a great trade turns negative.. How to participate in every bounce? I've answered this question so many times, oh my.. Basically you set up a sell order right after you get a position, incase of a sudden spike, thats like free money, because you really didnt invest any time holding the position.. But if the spike doesnt happen then you get to layer, and the lower and lower a panic goes the more safe the position is, so you can feel more and more confortable to take bigger and bigger sizes.. Keeping in the back of your mind what your true average price is (break even) then when you get a bounce happening, you can start to layer sells as soon as you are in profit (past your break even) .. Focus on participating in the bounce, not on trying to sell at the top.. Just sell a little here and there as it bounces.. if it bounces fast then sell more quickly.. but if its a slow crawl up then sell only a little here and there and expect it might really bounce high... This is because a slower move higher signifies the panic is likely over and there will be some bidders forming support with time.. So yeah, I guess there is a bit of an art to participating in every bounce, but theres some pointers for you...
Fuck me 🤦🏻♂️, it just happened again - right now. I though it was a bounce and then a huge spike happened.
I think I'm bad recognising it. https://www.coinigy.com/s/i/5aa592675719c/
Please, let me know if you can help clarify.
Thats why I always put a sell order in after I get a position.. Those spikes can just come out of nowhere sometimes.. its like free profit, because your able to get right back in usually in a candle or two.. But if you didnt have your order ready ahead of time, then youll likely miss the spike and the panic will continue like nothing happened.. But your trade looks very good, there is no way to anticipate the top of a spike like that, so as long as you sold in profit, you did fine.. and you can continue to work the chart..