cryptopatterns posts and tweets a LOT of updates. Almost every day. It’s annoying, right?
It also confuses many of our subscribers and followers and sometimes makes them question their trading strategies.
THAT is exactly why we share so much information.
A good trading strategy should be clearly defined and executed according to a specific plan. Sure, you need to be flexible, but changes to a trading plan should be VERY hard to make because your trading plan thought out all the ups, downs and contingencies, right?
Maybe if you’re trying to scalp a trade in an hour, you should react to our updates. MAYBE. BUT, if you’re going to let every new piece of information impact a short-term trade you’ve defined should take days, or even worse an intermediate or long term trade you’ve defined will take weeks or longer, then it’s likely not a trade you should be making.
The crypto market is as volatile and challenging to trade as any other, including futures and options, so if you plan to enter a trade, we believe you should have incredible conviction in that trade, or you might want to rethink your position size or entry points, or maybe just watch — trust me, it can be very entertaining! (and you learn things for future trades you do enter)
Success in trading is as much about YOU as it is about the information you rely on. You would not just throw a bitcoin or $2000 at a car, you want to be sure the car fits your plans in as many ways as possible.
EVERY single trade should be questioned before you make it –
- “am I ready to deal with volatility –and if so how much?”
- “am I ready to lose this entire investment?” (last week=proof it happens)
- “What if gurus tell me I’m wrong–will I bail?”
When you bail (or get margined) on a trade, only to watch it skyrocket, it’s painful, and it leads to chasing trades and emotional decisions that rarely go well.
It’s a high probability “bail-outs”, chasing and margin calls will keep happening until a trader develops a way to use information they trust to support their clearly defined trading strategy they are executing confidently, rather than letting that information become their trading plan.
Use cryptopatterns updates as a way to test your trading strategy, not make it.
This site is for informational and entertainment purposes only and not in any way intended to be investment or trading advice. You are 100% responsible for your financial decisions at all times. It is highly recommended you DO NOT make any investment or trading decisions depending upon what you read on this blog/newsletter!