First, we love Bitcoin . And Bitcoin is the reason why we are all here. Bitcoin is also the reason why all the alts exist, including ETH, Bitcoin Cash , Litecoin, Dash, Ripple, Monero, IOTA, etc.
So it is great to see Bitcoin going up, because Bitcoins bull run will eventually translate into a bigger market cap overall and better altcoins valuation, including all the altcoins that we trade by sharing our TradingView "ideas".
But what to do when Bitcoin takes off?
We have two main options when Bitcoin starts to climb big and fast.
Side note: Before we take a look at those options, STAY CALM, PATIENCE IS KEY. You cannot operate in fear. Fear is a state of mind that clouds your reasoning. So stay calm, sit back and relax. If you don't know what to do, send me a message or step away from the computer, but do not trade in doubt.
Now, back to the two options:
1) Sell the altcoins according to the stop loss. If the trade you are following does not have a stop loss, you can consider selling it after a 5%,10% 15% or 20% drop. Depending on the coin and how you feel about it. You sell your alts for BTC , never USD, and hold BTC until the bull run is over and buy back lower. You will have more altcoins and bigger potential. Win-Win-Win.
2) You can hold. Just HOLD. If the panic got the best of you anyways, then the more reason to hold. Fear? HOLD. Bitcoin will gain in price, the altcoins will correct. When Bitcoin corrects the price will still be higher than when it started the bull run and the alts will eventually go up and you end up winning anyway. You will win because the Alts will go back up, and when they do, even at the breakeven point, you will have more money because the Bitcoin price is higher.
Some people hold LTC for years once and they waited and waited, when it bounced back they made a fortune because Bitcoin was so high compared to when they started holding. This is a worst case scenario but still profitable in the long term.
Now, the last option, which you CAN'T DO, is panic sell at the bottom. If you didn't follow a stop loss, then just hold. Because if you wait too long and then sell at the bottom, then you just sealed your loss. But if you HOLD and don't sell, eventually all will be fine. Once your altcoin goes back up in price, it will be worth more since Bitcoin is now worth more.
Follow this simple strategy and you should be fine.
This is a fast market. Not crazy, fast. So it will take a few days, maybe a few weeks or maximum a few months, but everything will go back to normal and you only lose if you sell late.
So, stop loss or HOLD. And you can see and enjoy Bitcoins Bull Run, because you know that once it stops, you will end up with more money in your pockets regardless of what happens.
Now, I lost so much money as a beginner and I see many, many people making the same mistakes I made. I wish there was somebody back then to help me but there wasn't, so I learned the hard way, but you don't have to learn the hard way, because we have a great community here of people helping each other.
The beginners tips will be quick:
1) Stay calm. Patience is key.
2) Never trade in doubt. If you have doubt, keep your Bitcion and wait for the next opportunity, the market is full of opportunities and it will always be.
3) Don't trade to make money "fast". If you start thinking of "recouping money fast", earning what you lost fast, etc. You will most likely enter on bad trades and lose even more money. So sit back and relax, wait for the BEST opportunity (by following my ideas and others :D) and you will eventually turn a profit. Anything else can result in disaster.
4) Don't stay fixed to the screen. If you look at every single second of a trade, you will eventually get nervous and make the wrong move. Set your buy orders, set your sell orders and leave. Go out to nature, hang out with friends, mediate, breath, but don't waste your time looking at the screen. I am here all the time because I am talking to people like you so you can avoid making the same mistakes I did.
5) Do not use the 1min - 5min chart to trade. 1 minute is not enough, you will get all sorts of mixed signals using such a short time frame. Minimum 30 min charts but that is still too little. Use the 1h, 4h and Daily chart, those will give you a better understanding of what is going on.
6) Invest time in learning or follow the trades as described. Learn the basics, it is fun and it will make you a rich person.
7) Remember, that it doesn't really matter what happens. It doesn't matter if you make mistakes. You are not bad for making mistakes. It doesn't matter if the trade goes wrong, the market is unpredictable, the charts and indicators are just pointers that can help make better decisions. Some trades are winners others are losers. BUT, regardless of what happens, you are a DIVINE BEING, and without a shadow of a doubt, I know in my heart... THAT YOU DESERVE THE BEST!
All support is highly appreciated. Thanks for the tips and gifts.
Thanks for reading.
See you at the charts.
At some point, you will find yourself in a situation where a coin you are following took off without you, you think you missed out and panic can kick in. Guess what? The market will always offer you a second chance, sometimes even a third and fourth.
So take your time to analyze your next move. Even if you really missed out, something is just better to stay out rather than join a too risky trade.
If top was reached, it will be tested again, or at least it will get very close back to it. So in this case you get your second chance to sell.
If bottom was reached and you couldn't buy/reload, don't worry, you will always have a second chance. So take your time to analyze. Many times, not losing, can be as profitable as winning.
Until the next again.
Thanks again for all the great support.
Diversification is good, don't get me wrong, it is awesome. But with so many coins, so many suggestions, so many opportunities, so many ideas, we can get carried away.
Choose carefully and remember the fundamentals. Also remember the coins that are stronger at the moment and keep a close eye on those. The other coins and opportunities are not going anywhere, they will be waiting just fine for when you come back with huge profit from your main trades.
Hope this helps.
P.S. Keep in mind that I am also learning and growing as I share these tips, and I also make tons of mistakes but I accept them and learn fast from them. I am always open to receiving any information or advice that can be in the best interest of everybody following the trades, including myself.
All type of support is highly appreciated. That being a compliment, a positive message, suggestions, critics, tips/gifts and more.
So, we covered most of the basics related to behavior and how to avoid falling victim to negative emotions, in a way, but for beginners, there is some basic information missing, and that's the information that I want now to share.
10) Targets and stop-loss levels. Now, we've already been in many successful trades together, but we tend to make some mistakes as to how to proceed with the targets and stop-loss that are shared in my ideas and others. As you would know, I also tend to make some mistakes, that's ok, it doesn't even matter, another opportunity its already on its way.
So how do you interact with targets and stop loss?
When I share an idea, or anyone else for that matter, and you decide to follow it, you are trusting the analysis of the trader that wrote the idea. So you have to follow what is written, if you are a beginner and don't know what you're doing, or else you will simply make mistakes.
There are only 3 simple steps to follow for every idea I share. Now, keep in mind that if you decide to open the trade, then you are basically saying that you agree with whatever that it is being said. So follow the instructions.
1) Buy-in range: This is the price you are supposed to buy in. If the idea suggest that you buy in at a certain price, there is a reason, sometimes it is necessary to wait for the price to reach a certain level in order to confirm/activate the trade. If you join before that for fear of missing out (FOMO), then you might end up losing money if the breakout/new trend/reversal never materializes. So buy in the recommended range.
2) Targets: This is when you sell for profit. I will make it simple. When you reach the 1st target SELL. And take your profit. As soon as a target is reached, you will definitely have a pullback/correction. Even if this pullback/correction doesn't happen, you will still be sitting on profits based on the potential of the trade. So just, sell.
Another option, sometimes you can see 10%, 20%, even 50% gain in a coin before a target is reached. If you feel comfortable with those earnings, feel free to sell. Greed is not necessary, more opportunities will always come your way. So just sell, and come out a winner for once. That's the whole purpose of why we are here, are we not? To make money, share ideas and trade.
3) Stop loss: The stop loss is the same as the target. The only difference is that the target level is set for taking profit. The stop loss is set to avoid losing too much money if the trade doesn't work out.
Nobody can predict the market, we only get signals from the charts but anything and everything is possible at all times.
So if you join a trade and you see a 10% stop loss, this means that if the price of the coin goes below 10% of what you bought in, you HAVE to sell. This way, if the price keeps on tanking you only lose 10%. So you can have a 10, 20 or 30% stop loss, which will only become RELEVANT if the price is declining.
If the trend is moving upward, you can forget about the stop loss and focus on selling on your first target. You can sell as much as you want, but selling everything is also ok, just to avoid mistakes, since almost all of the time the price will fall back after reaching a target even if it is as little as 10%. The next target can take days, weeks or months to come. Please don't think that a target needs to be reached, NOW, or tomorrow just because you want to get paid, it will happen when the market decides, and the market decides when the people decide to trade.
So, buy it, place the order and forget it. The rest is just patience, there is nothing else.
As an example, we entered a trade that grew 70% in a few hours, the first target was reached and then a huge pull back. If you sell as recommended, you have an incredibly HUGE profit. It doesn't really matter what happens next, you already won big. And then I will come and update, and you will know exactly what to do, as new support levels (prices to buy back in) will be shared, this is always given by the traders, so that you can re-enter again and position yourself for the second wave.
In this situation, the analyst, myself, takes care of all the hard work, all you have to do is buy in, set your sell orders and once you profit, donate/tips, so that I can keep posting more.
So, an overview:
Buy in range as describe on the "idea" details.
Sell the targets for profit.
Sell the stop loss to protect yourself if the trade doesn't work out.
*A stop loss is a sell order that fills up automatically.
That's all, it doesn't get any easier than that. I wish I could just follow other peoples trades and profit, period, but I don't, I am one of those many publishing the trades ideas, and that's ok, let ME focus on that, you focus on earning whatever it is you want to earn. Just don't panic or fear, if you do, you are simply telling me that you don't trust all the hard work I put in getting those ideas together. So, either trust the idea or don't trade.
To finish, as usual, you can be conscious of the fact that even after reading this, you are a human being and you are allowed to make mistakes. The trick is not to negate them but instead accept them. Yes, I made a mistake, how can I learn from it?. Why was that? I am 100% sure, that I don't want to do it again. Why was I afraid?
These questions will help you calm down and learn.
If you already made a mistake and it is too late, then STOP. Don't buy back in, don't rush anything. Sit back, relax and think. Fear will take you to the wrong choices. Once you are calm, you can get back into the trade. Never rush, take it easy, RELAX. Because you are special and you know it deep inside.
You are special and it is time you realize. That you are a unique being with lots to offer to the world. So if something goes wrong, brush it off and come back strong.
Because you know you are my friend.
Because you know... YOU DESERVE THE BEST!
When we reach a target and we sell, we look to buy back in at 10-35% below target level. If not, we can just HOLD and wait for our next target.
- Sell on target: Buy back anytime you want below 10-35% of TOP reached / not target level, but based on the actual TOP that was reached when the candle broke the target.
- HOLD: All trades that do not reach stop-loss are active. It doesn't matter what happens, nothing really matters much. We BUY IN range, set our sell orders... and HOLD.
- Once you sell your target, remain calm. If you can't buy back in, for whatever reason, more opportunities will come. KEEP YOUR PROFIT.
- We then aim for the next target. That's all.
(1) Buy in range
(2) If the trend is negative, activate stop loss.
(3) If the trend is positive, activate sell target.
(4) If you sold on target, rebuy back 10-35% lower, and then back to HOLD.
(5) That' is all.