You all need to know. The market can actually be read with numbers and letters. And it always repeats. This method was discovered by Ralph Nelson Elliott and has been in use since 1938. Even Wall Street has crowned it as THE 2ND TITAN OF TECHNICAL ANALYSIS after DOW THEORY. As long as humans are trading.. this will always appear no matter the time frame. This method was perfected by Frost and Pretcher. Actually, the market is a picture of human psychology itself. Fear and greed. Yes, that always repeats itself in the market. Creating a pattern that repeats so it can be predicted. Actually, I analyze not by reading the market. But by reading human psychology. I don't care about news (not 100%). The market discounts everything. Everything is already LIVE written in the chart. Are they scared? Are they euphoric? Are they in FOMO? I know and I also know how to react. And.. I am also human.. I have psychology too. Sometimes my analysis is wrong. But I quickly respond to my mistakes thanks to this method. I am open-minded if you want to share/ask questions about Elliott wave, because thanks to Elliott wave I can enter any market. Stocks, crypto, forex, commodities, anything as long as the transaction is done by humans.. I can read using this. If you want to learn.. comment "want" later I will guide #Elliottwave
Read this.. I hope you as a trader can improve yourself. Mindset that needs to be corrected :
traders & investors have 4 types of mindset 1. Scalper mindset 2. Intraday mindset 3. Swing mindset 4. Position trader mindset
key = never try to match the mindsets.
First, if you are a scalper.. act like a scalper. Small Stoploss range, short target, carry many units.
Second, if you are intraday.. act like an intraday trader. Stoploss range is not too wide, not too narrow either. Follow the trend.. risk appropriately and reward according to the timeframe at night.. for example enter in the morning, exit at night and repeat.
Third, if you are a swinger.. act like a swinger trader. Wide stoploss range, not too much risk.. but also a wide reward.
Fourth, if you are a position trader.. act like an INVESTOR, not a TRADER. you fit in just the spot.
The problem is, many traders have a profit mindset Want to swing, BUT their entry mindset is scalper, narrow stoploss. Carry a lot of items.
They forget.. that psychological factors affect if combining scalper mindset with swinger mindset. What is the consequence?
1. Stoploss Breakeven+ 2. No ideal target, want to hold continuously. 3. When the market drops slightly.. they pull out and then regret because the market rises again 4. Then they will enter again with Fomo. Without a plan.. just want to join the trend without thinking about risk again. 5. They will watch the market continuously until they can't sleep. Feel it 6. In the end? Loss.. update status on binance square if they are down a lot and ask for advice.. classic
If you have been using 1 mindset from the start. you will know the feeling of tranquility in trading. I guarantee 100% as long as your risk is not like the risk of a scalper.
The market doesn’t sleep. As long as you are a trader, you take advantage of its fluctuations.. not hoping to wait until ATH / ATL. that is not a trader's job. A trader is like a robber. They don’t care if the market goes to heaven or hell,, that’s not their way of thinking. Unless you are a Position Trader then you care about ATH ATL.
If you become a trader, it's normal to buy low and sell high. you say that people are foolish, so... where is your Lamborghini now that you are smart?
DCR 12
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$ASTER At the moment you short and sell to foolish people with leverage, at that same time the whales are accumulating and buying more coins from the price of $1.9 without you realizing it, do you know??! I think you do not know, because you do not study and only draw lines in the market with small profits, yes if there is profit, if you get hit by a stop-loss or liquidated by the market kick.
This is my opinion about the trending coins due to their volatility. 1. Fundamentally just as an "arena for trading" 2. There are no real projects for the real sector either. 3. If the dev needs money... they dare to short (if their version of shorting)
Before you get caught up with the news: Just in Officially
That's bullshit.. Developers do business, make money. They have their own interests.
Even XRP reaching the current price took years even though it has a real project.
1. I will risk $5 per entry for each of my entries 2. If I use method A too often, the TP is 1:3 3. Okay, that means I will profit +$15
4. Ah, there's a setup, I want to enter 5. Okay, I set my leverage to max as long as my Stoploss of -$5 is not a problem.
6. Okay, I've written my SL at the price xxxx, the risk is about $5.12, that's still okay.. okay, I'm entering 7. Hmm, since the remaining money is idle, I will move to spot first following my futures entry. If I TP my spot, that's pretty good, I can buy cigarettes.
That's how it is bro, if you want to make money, you have to work hard :)