When you look at a chart, the first thing you need to do is throw out what you want the market to do. Just look at it for what it is.
Let's say you're looking at Bitcoin. The moment you pull up that chart, you already have a bias, whether you realize it or not.
If you're holding a bunch of spot $BTC or have a long position, you'll look for more reasons for Bitcoin to be bullish. And if you don't hold any spot, if you're short, or maybe you're just holding stables waiting to buy cheaper, whatever the reason, you'll look for more reasons to be bearish. That's just human nature. We all do it.
But sometimes when you try to look at the chart objectively, you have to pretend like you don't know what coin's chart it is. Forget that you own it or not. Just look at it like "what does this chart look like? Is it in an uptrend or a downtrend?"
If you look at things this way you will avoid so many things:
-Unnecessary losses
-Stop cherry picking signals that agree with your position
- FOMO entries: when you're not emotionally attached you stop chasing
- Bias makes you stay in trades way past when the structure broke
Fighting the trend. No amount of hopium changes what the chart is actually doing
- Overtrading: when you're neutral on the outcome you only act when there's a real reason to
- Taking a trade or exiting a trade at the right time
The chart doesn't care about your position, your entry price, or how much you believe in a project. It just does what it does. Your only job is to read it clearly.
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