So, $BTC rips higher, we're approaching ATH, you can't go wrong being long, then something changes.
**Thread**
The Chop.
The chop is brutal and I want to discuss more about what goes on inside a Traders mind when we form a choppy range and when we're inside a choppy range.
I hope you can take some lessons from this to adapt to these situations in the future.
RTs appreciated
So, $BTC rips higher, we're approaching ATH, you can't go wrong being long, then something changes.
Anticipation grows and dreams of smashing through ATH into new territory continue to build.
1. Overconfidence and the assumption that you have to be correct.
Your mindset begins to look like this. Everything is now skewed towards your confidence in breaking through $20,000. Everything sets up as an ATH break.
At the same time as your own mind racing to higher targets. Twitter begins pouring fuel on the fire.
"Retail isn't even here yet!"
"Impulse from $20k could lead to $30k!"
"Can you imagine the liquidations above $20k?"
You're fed more information.
1. Being correct.
2. Being assured that the breakout comes soon.
3. Panicking and positioning to ensure you don't miss the upcoming move
And point 2. leads us to the next important point of time.
Because of the volatility, the good feelings, fear of missing out, you begin to anticipate everything as "the move."
As a result you tend to shift your focus to LTF and your mindset and trading begins to look a lot like this.
Anticipating moves.
Stubbornly holding.
Overleveraging.
Poor positioning.
Adding to losers because we'll go up eventually!
1. You convince yourself ATHs are imminent
2. Twitter fuels the prospect of smashing through to huge upside targets
3. You've been right on the run up
4. You move to LTF to try and anticipate the move because you have 1. and 2. in your mind.
5. FOMO
A narrowed field of view.
Overtrading.
Inability to execute any trades aside from "the one that's going to ATH."
Without the stubborn holding of ideas and anticipation of an imminent ATH smash you can perform differently.
Chop will destroy most traders and it's largely for the reasons I covered in this thread.
1. Zoom out do not zoom in
2. Learn to adapt to the range
3. Do not allow your thoughts to influence targets
4. Do not hold trades past invalidation or past original targets.
5. Do not let outside influence fuel heightened emotions
More from Trading
Tether Price Manipulation Thread:
Tether has been manipulating #Bitcoin's price upwards for years now by printing unlimited, and unbacked $USDT.
This thread will cover the controversial aspects surrounding Tether, and how it will eventually meet its demise.
1) Tether is a stable coin that was first launched in 2012.
According to the company, Tether is backed 1:1 with the U.S dollar, although this isn't actually the case.
Bitfinex, and Tether have refused to show audits of their reserves, which is held in offshore bank accounts.
2) In 2019, The United States District Court sued Bitfinex, Tether, and Poloniex for being involved in a massive price manipulation, and fraud scheme in the crypto markets.
In a court hearing, Tether's lawyer admitted the stable coin was only backed by 74% cash, and securities.
3) On Jan 15th 2021, iFinex is supposed to submit documents requested by NYAG's investigation.
These documents will be consequential to the case.
https://t.co/82UuLLLXWK
4) How the scam works:
Tether can print infinite amounts of (worthless) $USDT.
They then inject this into BTC, ETH, LTC, (and others) to cause prices to pump.
Notice how during the months they stopped printing Tether, the market moves sideways or drops significantly.
Tether has been manipulating #Bitcoin's price upwards for years now by printing unlimited, and unbacked $USDT.
This thread will cover the controversial aspects surrounding Tether, and how it will eventually meet its demise.
1) Tether is a stable coin that was first launched in 2012.
According to the company, Tether is backed 1:1 with the U.S dollar, although this isn't actually the case.
Bitfinex, and Tether have refused to show audits of their reserves, which is held in offshore bank accounts.
2) In 2019, The United States District Court sued Bitfinex, Tether, and Poloniex for being involved in a massive price manipulation, and fraud scheme in the crypto markets.
In a court hearing, Tether's lawyer admitted the stable coin was only backed by 74% cash, and securities.
3) On Jan 15th 2021, iFinex is supposed to submit documents requested by NYAG's investigation.
These documents will be consequential to the case.
https://t.co/82UuLLLXWK
4) How the scam works:
Tether can print infinite amounts of (worthless) $USDT.
They then inject this into BTC, ETH, LTC, (and others) to cause prices to pump.
Notice how during the months they stopped printing Tether, the market moves sideways or drops significantly.
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H was always unseen in S2NL :)
Those who exited at 1500 needed money. They can always come back near 969. Those who exited at 230 also needed money. They can come back near 95.
Those who sold L @ 660 can always come back at 360. Those who sold S last week can be back @ 301
Those who exited at 1500 needed money. They can always come back near 969. Those who exited at 230 also needed money. They can come back near 95.
Those who sold L @ 660 can always come back at 360. Those who sold S last week can be back @ 301
Sir, Log yahan.. 13 days patience nhi rakh sakte aur aap 2013 ki baat kar rahe ho. Even Aap Ready made portfolio banakar bhi de do to bhi wo 1 month me hi EXIT kar denge \U0001f602
— BhavinKhengarSuratGujarat (@IntradayWithBRK) September 19, 2021
Neuland 2700 se 1500 & Sequent 330 to 230 kya huwa.. 99% retailers/investors twitter par charcha n EXIT\U0001f602