Duo? Kong? Neither, judge the trend and do the trend!
Fixed mindset, fixed point, fixed plan, the three in one!
The trading market changes in an instant, and the only thing that changes in an instant is human nature. Since you have chosen this market, you have chosen to face the complexity of human nature.
Greed, fear, arrogance, underestimation, blindness, regret~~~~~
The market is a mirror that reflects the various aspects of human nature.
A good mindset is the result of correct trading, and a bad mindset is the result of incorrect trading.
The most common place where incorrect trading can affect mindset is reflected in the unreasonable position. When you take on a risk greater than your psychological tolerance, your mindset has already become a puppet of risk. As soon as the risk gets out of control, your mindset will inevitably follow suit.
Another place that can affect risk is when you encounter consecutive victories. Occasionally winning a few times may not be noticeable. But as long as you win consecutively, your subconscious will start to control your brain unconsciously. You may become overconfident and unconsciously ignore the level of risk.
Due to consecutive victories, you may feel that you have completely mastered trading. At this point, your brain is actually controlled by greed. This is why your net worth will always perform acrobatics after a period of consecutive growth.
It is important to note that human greed is something that can never be avoided, otherwise we would not participate in trading. However, the inevitability of greed does not mean that our trading career must be destroyed by it. We must find a way to prevent it from affecting our net worth.
There may be many methods to achieve this, but after my personal long-term summary, I found a method that is more suitable for most traders, which is to force yourself to calm down once a week or once a month.
For example, if you made a profit of 75% last month, then what you need to do most at this moment is to cut off half of this 75% and treat the remaining as your initial 1, and start over. If you did not win last month, but instead lost 50%, then I suggest you replenish your external ammunition.
Do not let yourself participate in new trades next month with the emotions from the previous month. You must use external means to force your mindset back to a balanced state.
Because fear and greed can both accumulate, in this market, if you do not force yourself to calm down, you will inevitably go further down one of these paths.
But please do not forget, the two paths that represent fear and greed ultimately lead to the same place, which is destruction.
Fixed mindset:
The recent market situation of Bitcoin can be said to be a situation where both long and short positions can make a profit, and the returns are still good. However, the question is, the manipulators will not let this situation last too long, because they are more interested in harvesting, and will not allow the market to go back and forth between long and short positions, otherwise, what will they profit from?
Although the weekly chart has welcomed a solid bullish candle to recover the previous 4 weeks' decline, do not take it lightly, you must observe the upward trend on the weekly chart more.
Fixed point:
Bitcoin made a high point at 67750, if it goes for a short-term fakeout, it will break the high point. So, the key resistance above is in the range of 68300-68800, if it wants to touch 70,000, it will move to this range, then pull back to support and continue to oscillate. You can consider 68800 as a dividing line, and open a short position when it touches the downside.
Fixed plan:
For the recent 2 days of operation, you can rely on opening a short position at 68300-68500, with support at 66800-66500. If it falls through, continue to look at the positions of 65100 and 64000 for long entry.
If there are changes during the trading day, update according to the situation. All suggestions are for reference only, please manage your risk by yourself!!
How to dispel worries, only by getting rich! When an avalanche occurs, no snowflake is innocent. Do not lose yourself in madness, protect your ammunition, so you can strike at any time!
Like and share if you enjoy, wish you all the best!!!
V Bo---------Band King Xiao Zhan
2024/5/20
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