- opened short
- closed short
- opened long
- took 50% profits on long (expecting a bounce down)
- Stop loss for other 50% at 29650
took another 25% of profit here
so now you have these 3 scenarios that are possible
I would say it is highly unlikely this gap of green candles will get left open and price shouldn't go up from here
But who knows, at times they leave those gaps and keep going because they have trapped bears and dont want to give them a chance to get out with minimal losses
Traps look like this, where price explodes in one direction and doesn't comeback
So at first they trapped bears, thinking the price will keep going down.
and at the top one they trapped bulls, thinking the price will keep going up.
which makes them hit stop losses or get liquidated to provide additional liquidity to the market.
this blue circle would be premium entry into a long I entered in a safer spot on the arrow yesterday, i just moved up my stop loss too high otherwise I would have had a nice gain on it
what I expect to see in a future on 1h candles is a rejection here
and we might dive deep below 26k if that happens so i ll start looking for short entry
so depends if it rejects here or not
if it breaks up here, it will be a huge ass short squeeze candle
because there is short stop losses where I circle here
if I had balls now I would probably short here but I don't have time to babysit it
at this point it would just be a 50/50 flip without seeing what market makers are planning on doing
it is a higher probability once you see a break in market structure
something like this
a lot of day trading is anticipating both direction and reacting to candle structure and predict price direction short term based on structure breaks.
you make the most money on solid set ups. the rest of the time either stay out or have super tight stop loss.
learning the risk management is a whole another beast. I have blown so many accounts learning it the hard way.
So my question, do you believe that certain trades are doomed to fail despite making “the right” decision at the time due to the inherent randomness of the markets?
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I think one of the most important lessons to learn if you will trade, is there is always two ways a trade can go.
So there isn't "the right" decision, just a higher probability trade set-up.
Market will do whatever it planned on doing with or without you, so look at it from that perspective. It is there to take money from retail, so you have to learn how they do it and trade with the market makers.
No matter how skillful a person out there is, he will always have losing trades.
Ok thanks
That is at least reasonable, I hear a lot of people talk about charts and shit like they are convinced it has to move one way, at least saying that you believe in indicators to set you up for a correct trade however it can realistically move either way is better
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In forex and S&P500 there are set up very high probability, crypto is a shit show but it trades 24/7 so that's why I do it lol
This dude is probably the best free resource, but he is annoying to listen to for me
This is a discord group I chill in
Use tradingview for charting
you will get burned if you believe you KNOW where trade will move, and think it won't against you.
It is all about being cautious, patient, take profits along the way, use stop losses.
Mentally it is fucking hard to deal with loses, you ll revenge trade, make impulsive decisions etc.
It is better to be safe and steady in profits and cut your losers fast and just wait for next opportunity because there will ALWAYS be one.
you either need to start with paper trading or prepare to be losing real money for a while. you might be smart but it still takes 2-3 years to really master all the needed skills.
It generally goes like this:
loser a lot > lose smaller > break even > make small profit > make small profit and make good profit on your edge plays
Also pretty often if DXY pumps, crypto dumps
Just play with funny money there's a bunch of sims I think
That's like playing unranked mode in my mind.
Waste of time but I could have saved a lot of money if i did it that way. I dont know if I would learn better or worse or quit trading all together
Yeah but you won't be freaking out and it's a good way to practice
It is highly advised to use paper trading.
