Bitcoin riches through a routine
For some, the hair stands up when they hear the word “routine”. For market participants, it is one of the best ways to stop losing money. How often have you violated your best intentions? “I will never run a stop again”. “I will be patiently waiting for my target and not exit too early”. “Why did I not wait for my entry signal and not…”. The list is long and still, you feel like Sisyphus despite best intentions violating your own rules over and over and over again. Why? Bitcoin riches through a routine.
The reason being that under stress is that we resort to our unconscious mind where we run programmed patterns. The subconscious being stronger than our motivations will always win. The only chance one has is to reprogram these patterns and that is best done by a daily routine that repeats as often as it takes to overpower the old subconscious unuseful programming.
BTC-USDT, Weekly Chart, Holding on to long positions:
BTC-USDT, weekly chart as of December 7th, 2020
Looking at the weekly chart, anybody exited their trades early, must with agony look back asking “why didn’t I just ride the trend”. This agony will continue if a better routine isn’t implemented. We developed a quad exit strategy that supports better exit management from a psychological perspective. With prices quintupling since March this year, we currently do not see low-risk entry points. We also do not find ourselves forced just yet to take further partial profits with Bitcoin showing continuous strength even at these levels.
BTC-USDT, Daily Chart, One last time:
BTC-USDT, daily chart as of December 7th, 2020
If you give the second weekly chart a look, in last week’s Bitcoin chartbook publication you will see that we forecasted a bounce at US$18,089. This prognostic manifested as the above daily chart shows in detail and we were able to post this trade in our free telegram channel. The already partial profits taken ensuring risk elimination and as such a free your mind to enjoy unencumbered position management for the remaining position. This is also a fruit of routine. A weekly routine, that we share through our weekly publications.
The daily chart shows that prices push into the distribution zone from the highs in 2017 (red horizontal box). A volume analysis for prices of the last two weeks shows support at US$19,045. The signs of strength for prices not immediately bouncing with this strong overhead shows a strength that makes us hold on to our entire long exposure. This allows for further profits should prices break to new all-time highs without the need to open a new high-risk breakout trade.
BTC-USDT, Monthly Chart, It is worth it:
BTC-USDT, monthly chart as of December 7th, 2020
It doesn’t stop there. Just like the lack of a business plan is a near grantee of failure to a business, long term routines in trading are essential. Only with a clear vision from a top-down approach in time frame addressed routinely, warrants for a successful outcome. If you have a brief look at our chart book from October 6th 2020, you will find detailed target anticipation from a timing perspective which came to fruition with astounding accuracy. At Midas Touch, we pride ourselves to go the extra mile to not procrastinate in all time aspects of disciplined planning. That being said, the above chart is an extension in the forecast, this time from a price prediction perspective. We employ partial profit-taking based on our quad exit strategy.
Bitcoin riches through a routine
One can’t expect to overwrite a useful strong subconscious pattern like fight-flight which urges us strongly to take early profits. For that, a solution like our quad exit strategy is more useful. For any self-inflicted limiting belief though, a daily routine can be the cure for a long painful past in the markets where well-intended motivations were not effective to stop money-losing behavior in the markets.
Diligent practice and repetitive rehearsal as professional athletes do, does the trick. The importance is to accept this being a bit more work than just making up your mind and promise to not do the unwanted behavior ever again but rather rehearsing the newly wanted behavior for an extended period in your daily routine.
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