That is the typical cycle of breaking your own discipline in trading rules. First you swear to yourself you would never run a stop. Than it starts out you rarely do it anyway and are very upset about it. Soon rarely becomes sometimes. And when sometimes turns into always you are devastated on the ground not knowing how you ended up here with all these good intentions. This can go on with all sorts of trading rules broken for years. Many traders feel they are insane and desperation of the higher degree sets in. Not only a lot of money is lost, but self confidence and self worth are at such low grounds that it can affect all aspects of a trader’s life. Most never recover from the deep holes they dug for themselves. Never rarely sometimes always.
This week’s Bitcoin analysis
BTC-USDT, Daily Chart, Support Below:
BTC-USDT, daily chart as of July 6th, 2020
If you observe on the daily chart above how recent price action on Bitcoin has rejected the US$9,000 price level, you might feel comfortable to set stop levels there. With a possibility of prices rising and possibly penetrating the red directional resistance line, risk reward ratios are in your favor.
BTC-USDT, Weekly Chart, Never rarely sometimes always:
BTC-USDT, weekly chart as of July 6th, 2020
The weekly larger time frame chart of Bitcoin supports this bullish view. After a multi-week indecisive trading time, an apex point is going to be reached soon. At that point a directional outcome is very likely. The odds are in favor for a directional breakout to the upside!
DASH-USDT, Daily Chart, Low Risk – Juicy Returns:
DASH-USDT, daily chart as of July 6th, 2020
With the general market picture in favor, taking a shot on DASH has a good likelihood for success. The daily chart above presents a good opportunity due to recent support establishment. With stops being tight a run towards the mean initially (yellow dotted line) and further advancements eventually, make for a long trade setup.
DASH-USDT, Weekly Chart, Never rarely sometimes always:
DASH-USDT, weekly chart as of July 6th, 2020
Zooming out to the higher weekly time frame shows support of a possible decision to go long DASH. The US$65 region is overall one where DASH has found support in the past.
Never rarely sometimes always
Without a particular strong willingness of self abuse there is no way to progress becoming a consistent trader with outstanding results. Most often cycles overlay cycles. Like the next round would be promising yourself once moving from paper trading to real money exposure, you will not violate your rules. But still, you can’t keep your own promises . The next”white lie” to yourself will occur once you are trading true large size in the market. You promise yourself to never deviate from your system. Unfortunately, it is exactly the opposite. The bigger the stress the more you will rely on intuitive behavior in a counter intuitive environment. The results are devastating.
One of the problems is, that these aspects of this profession are rarely talked about in educational materials. Consequently, these obstacles are harder to overcome by the individual trader who thinks this is just his or her personal fault and shortcoming. Little is talked about this being a natural step in a trader’s career. Almost all traders go through such phases before breaking through the crust. It is speculated that many who try to make their luck in this career give up just shortly before success would set in due to the lack of a few informational pieces alongside their struggles like the one mentioned.
Join our free Telegram Group :https://t.me/joinchat/HGe22hDDEEl0LvFGAgEZ9g
All published information represents the opinion and analysis of Mr Korbinian Koller & his partners, based on data available to him, at the time of writing. Mr. Koller’s opinions are his own and are not a recommendation or an offer to buy or sell securities. Mr. Koller is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations. As trading and investing in any financial markets may involve serious risk of loss, Mr. Koller recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified and experienced stock market analyst, Korbinian Koller is not a Registered Securities Advisor. Therefore Mr. Koller’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction. Past results are not necessarily indicative of future results. The passing on and reproduction of this report, analysis or information within the membership area is only legal with a written permission of the author.
RISK DISCLAIMER: All forms of trading carry a high level of risk so you should only speculate with money you can afford to lose. You can lose more than your initial deposit and stake. Please ensure your chosen method matches your investment objectives, familiarize yourself with the risks involved and if necessary seek independent advice.
U.S. Government Required Disclaimer - Commodity Futures Trading Commission. Trading financial instruments of any kind including options, futures and securities have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the options, futures and stock markets. Don't trade with money you can't afford to lose.
NFA and CTFC Required Disclaimers: Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Do not invest money you cannot afford to lose.
EARNINGS DISCLAIMER: EVERY EFFORT HAS BEEN MADE TO ACCURATELY REPRESENT THIS PRODUCT AND ITS POTENTIAL. THERE IS NO GUARANTEE THAT YOU WILL EARN ANY MONEY USING THE TECHNIQUES, IDEAS OR PRODUCTS PRESENTED. EXAMPLES PRESENTED ARE NOT TO BE INTERPRETED AS A PROMISE OR GUARANTEE OF EARNINGS.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAN ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All information presented or any product purchased from this website is for educational and research purposes only and is not intended to provide financial advice. Any statement about profits or income, expressed or implied, does not represent a guarantee. This presentation is neither a solicitation nor an offer to Buy/Sell options, futures stocks or securities. No representation is being made that any information you receive will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Please use common sense. Get the advice of a competent financial advisor before investing your money in any financial instrument.