21-day summary:
Before participating in the learning plan, I could only understand price movements, and completely did not understand other indicators. Sometimes I would follow others' points to operate, but did not know the underlying reasons.
The existing shortcomings are as follows:
1. Lacking basic knowledge.
2. Impatient mindset, unable to accept losses.
3. Especially afraid of missing out, leading to FOMO losses.
4. No judgment on the basic market.
Review of opening short at ETH 1622:
1. Before the rise that day, ETH had been in a trend of bouncing back after a slight rise. Seeing a retracement space at 1622, I opened a short. I just got off work, and the price dropped to over 1610, making a profit of thirty to forty dollars, but I was greedy and thought it would drop a few more points to around 1580, so I didn't close the position.
2. Later, there was short-term fluctuation near 1650, so I increased my position hoping to raise the average price for an earlier exit.
3. The price rose to 1680, and I kept thinking there would be a pullback, constantly increasing positions, raising the average price to 1650.
4. The price rose to around 1710 before bed, with a loss of about 1000U. Because the loss was significant, I was reluctant to close the position and waited for a pullback.
5. The next day, I woke up to a rise to 1780, fluctuating between 1780-1810. At that time, there was already a panic mood, and I monitored the market all day preparing to close at 1750.
6. During the day, the price did not fall back to the target position until 9 PM. Worried about excessive volatility when US stocks opened, the price continued to soar. I closed at 1816, with a loss of 3500U.
Error analysis:
1. No basic judgment on the market, overly relying on self-righteous past experience judgments.
2. Unable to face the stop loss calmly, still having a lucky mindset that leads to expanded losses.
3. Unable to face the stop loss, leading to blindly increasing positions and thus unable to recover.
4. Unreasonable position control; a large position can affect mindset, making it impossible to view and handle calmly and objectively.
Reflection and correction:
1. Reasonably set positions and stop losses. When you find that the market is diverging and cannot be recovered, immediately stop loss.
2. Do not blindly increase positions before the market judgment is clear.
3. Accept losses calmly; there is no invincible general in contracts.
21 days of learning gains:
1. Know how to read volume and what the MA line is.
2. Can judge some support and resistance levels in certain situations, but still cannot judge some others.
3. Understand batch building positions and batch taking profits.
Need to strengthen in some areas:
1. Reduce left-side entry frequency.
2. Strengthen left and right side market analysis.
3. First, learn Japanese candlestick charts.
4. Reduce FOMO emotions; do not fear missing out.
5. Further control and rationalize positions.
6. Need to adjust mindset, face stop losses and losses calmly.
Since the summary is too lengthy, I will only extract part of it!
Given how seriously this friend summarized, I will give a Binance peripheral to this friend!
