PAY - What do we do now - And the ChinaSyndrome
Güncellendi
Nothing like waking up and seeing your holdings down 10-15% and realizing you missed your exit point. What do we do now? I must had 30+ text messages this morning discussing should we get out of the market. My first response was if you think it's going down further sell and go long BTC and then switch the USD, but I asked a simple question, why are you getting out now? A typical answer, well because it's down, didn't you hear the the news in China. Yes not all of our tribe still can remove news from their trading strategy. But if you already missed the exit point why sell at a loss when there was a temporary bottom and they appeared to be recovering into consolidation? Because it might not go back up. Well "might" and "is not" are two different thoughts. "Might" is being scared of the unknown, and scared money don't make money, strategies know what plan to implement at any time to make money on this type of movement.
It's times like these that we do not want to panic and sell out of the market, especially if we have already missed our opportunity to do so. We must first realize that this is not the end of the world, cryptos are not going to zero, and if you have good quality cryptos (as we posted this past weekend with "what's in your wallet"), you KNOW they will bounce back eventually, otherwise why were you investing in them in the first place? Well after realizing at 4:00am that I had already missed the exit point, I quickly brought up their charts to see which ones were trending down still. This is another reason I wrote the article "What's in Your Wallet?". Too many coins, makes times like these not rational when trying to figure out what needs to be sold, what needs to be bought etc. and why I still haven't had a cup of coffee. Your portfolio must be agile. Now I have a few long shots and could care about losing a couple bones on Music or TRST. I'm worried about OMG NEO, LTC, ETH, PAY, DASH ZEC and KORE among a few others. Well all but KORE had been slaughtered, but all of them appeared to have temporarily bottomed. So I put some further retracement levels on my charts and quickly drew a line at the bottom of the two large candlesticks (if your familiar with candlestick pattern above this is a trend reversal signal) and monitored them constantly. This is NOT the time to sell because it appeared we bottom, but to implement our market selloff routine, and monitor our charts constantly. (still no coffee). We also want to be prepared in the event the rebound is short lived, and we can actually make a trade out of this. So now I have 8 charts on 2 monitors and I have orders in ready to sell in the event we break the consolidation channel or better yet buy a breakout. This is where we are now, and the longer it extends out, the more likely we have hit a bottom, but the market doesn't play by our rules, we have to play by his.
Let me address the news from China. As most of you know I do not put much into news. But I have been asked to add this to my blog when relevant. In my opinion this news is insignificant in the long run and has provided a buying opportunity. Cryptos are changing the world in which we live, and China wants to be a leader not a follower. They are leading the world by regulating, and making cryptos safer for investors and giving the market validity by filtering out the fraudulent ones and regulating it like other markets. This is positive news not negative. Believe me China is not going to get left behind in the crypto space especially after the Russian blog true or not. Add to this numerous investors with Billions of dollars are from China. Do you think they do not have a voice? Of course they do. This is going to be a trillion dollar industry and China not only wants a piece, but wants to be at the forefront. Do not worry about China, next week it will be forgotten as the market has short term memories.
It's times like these that we do not want to panic and sell out of the market, especially if we have already missed our opportunity to do so. We must first realize that this is not the end of the world, cryptos are not going to zero, and if you have good quality cryptos (as we posted this past weekend with "what's in your wallet"), you KNOW they will bounce back eventually, otherwise why were you investing in them in the first place? Well after realizing at 4:00am that I had already missed the exit point, I quickly brought up their charts to see which ones were trending down still. This is another reason I wrote the article "What's in Your Wallet?". Too many coins, makes times like these not rational when trying to figure out what needs to be sold, what needs to be bought etc. and why I still haven't had a cup of coffee. Your portfolio must be agile. Now I have a few long shots and could care about losing a couple bones on Music or TRST. I'm worried about OMG NEO, LTC, ETH, PAY, DASH ZEC and KORE among a few others. Well all but KORE had been slaughtered, but all of them appeared to have temporarily bottomed. So I put some further retracement levels on my charts and quickly drew a line at the bottom of the two large candlesticks (if your familiar with candlestick pattern above this is a trend reversal signal) and monitored them constantly. This is NOT the time to sell because it appeared we bottom, but to implement our market selloff routine, and monitor our charts constantly. (still no coffee). We also want to be prepared in the event the rebound is short lived, and we can actually make a trade out of this. So now I have 8 charts on 2 monitors and I have orders in ready to sell in the event we break the consolidation channel or better yet buy a breakout. This is where we are now, and the longer it extends out, the more likely we have hit a bottom, but the market doesn't play by our rules, we have to play by his.
Let me address the news from China. As most of you know I do not put much into news. But I have been asked to add this to my blog when relevant. In my opinion this news is insignificant in the long run and has provided a buying opportunity. Cryptos are changing the world in which we live, and China wants to be a leader not a follower. They are leading the world by regulating, and making cryptos safer for investors and giving the market validity by filtering out the fraudulent ones and regulating it like other markets. This is positive news not negative. Believe me China is not going to get left behind in the crypto space especially after the Russian blog true or not. Add to this numerous investors with Billions of dollars are from China. Do you think they do not have a voice? Of course they do. This is going to be a trillion dollar industry and China not only wants a piece, but wants to be at the forefront. Do not worry about China, next week it will be forgotten as the market has short term memories.
Not
Crap I almost missed the breakout!!!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.