$ETH This fan found me on the afternoon of the 18th, feeling very anxious. He started with, 'Boss Crab, help me take a look. I went long on Bitcoin at 119663 and on Ethereum at 3634.' The most asked question was, 'Can I still cut losses? Do I need to exit? What should I do?'
What comforts me is seeing the long position being trapped; my mind is at ease! At that time, Ethereum was around 3610.
This was only a 25-point move, and I told him a lot, focusing on assuring him not to be afraid; he would definitely cut losses, and Ethereum would be the first to recover!
I spent the whole night comforting him. What's funny is that while he was in the crypto circle, he was actually fixated on Jin Shi. As soon as there was a slight negative news, he would ask, 'What should I do? Should I cut losses?' At this time, Ethereum was already at 3595. I continued to comfort him, telling him to just watch CPI, non-farm payrolls, interest rate cuts, etc., and explained how to look at some ordinary news. If I went too deep, he wouldn't understand anyway!
While chatting, U.S. stocks opened high, and Ethereum welcomed a surge, peaking at 3666. I hurriedly told him to close the position, and he even made a little profit. He must have been ecstatic!
Then he asked me if he could continue opening positions. This is typical chasing highs and cutting losses, and I immediately stopped him.
At this moment, Ethereum rose to 3666 and started to pull back. He felt the opportunity had come and, without asking me, directly opened another 1000 oil at 3619. Subsequently, the market experienced a waterfall decline, almost reaching the 4-hour support I provided at 3564. At this time, he came back to me. I thought, 'Goodness, it hasn't even been half an hour, and what is he doing now?' I saw that his position was down over 3000 oil, and again he started asking if he should cut losses, what to do, is there any hope?
I kept helping him monitor the market. Based on my understanding of technical and macro factors, I saw the 1-hour support at 3530. Without saying a word, I told him to add 500 oil near 60. At this time, the average price came to 3605, and I told him to keep an eye on it; it should bounce back. If it goes above 3600, reduce half, and indeed it went up to 3605, but he went to browse D-Yin instead 🤣.
Then the market continued to dip, approaching liquidation, and this time he was even more anxious. Here I omit countless words, I told him not to move, support is at 3530, and to continue adding near this area. He might have been scared; he didn't add at this point. After multiple tests at 3530, it started to stabilize. At this moment, I felt the problem wasn't big, and continued to monitor the market.
Finally, Ethereum surged strongly to 3622, and at this moment, I finally felt relieved. I immediately told him to close the position and made a profit of 600 oil, advising him to look for opportunities to continue going long, and not to open positions frequently. Trading is essentially 80% waiting; when the market comes, we just need to collect.
Currently, the market has come back to 3530, so is there anything perfect?
The writing isn't great, but let's make do with it. I hope you all can understand how to cut losses, but you need to watch for support!
