Break Your Mental Barriers and Improve Your Profits
How Your Thought Pattern Can Harm Your Profit Taking
T. Harv Eker, in The Secrets of the Millionaire Mind, explains how our financial mindset determines our success or failure. These principles not only apply to wealth creation in general but also have a direct relationship with trading. Many traders fail not due to a lack of technical knowledge, but because of thought patterns that lead them to make poor decisions.
1. The Financial Pattern and its Impact on Trading
I had always thought that the best way to improve my trading was to look for the last dollar to buy and the last dollar to sell, thus maximizing my trading, or at least that was what my limited experience thought. But the big players do not operate that way, as the best gains with the highest probability of getting the direction right are always with market confirmation provided by price action; we will never know what the minimum to buy or the maximum to sell is, which is why the most appropriate thing is to sell the best segment that offers good profitability.
Has it ever happened to you that many people make money with a certain strategy and when we apply it, we don't win? We are after the golden strategy, and when we think we have it, it doesn't work for us. This happens because not every strategy fits every type of person; it’s like putting on the shoes of your younger brother who is 10 sizes smaller than you. We apply volume strategy, divergence with that, Fibonacci, we apply everything but still don't win. The more we lose, the more we seek outside, but if I tell you that the answer lies within you, a powerful habit I have applied is to meditate, to eliminate the external noise to analyze the mistakes I have made without seeking another strategy, like the saying goes, less is more.
That's right, this is one of the altcoins that have held up against all odds of negative news, and also my favorite.
HotRice
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Most stable low cap altcoin GEM is none other than $LTC
Dont do the mistake of selling it early, HODL it. And remember, in this market, only slow and steady wins the race. Dont gamble it in futures, this is not a casino, its a market, where buyers and sellers come to consensus and price is decided.
Something that has allowed me to improve my trading has been a simple strategy that George Soros applies, which is: buy in strength and sell in weakness. I used to make the mistake of buying more when prices were low and ended up with a long wait before taking a profit that was almost nothing for the time I had to wait. When there is a trending movement, let’s buy, not when the market is falling without knowing when it will rise. But it is also necessary to know when to sell and not get trapped by greed.
After sharing my care analysis!, where I explain why you should be cautious this January, with the December close, I want to add an additional piece of information
In the monthly candle, we are seeing a pattern of great concern with December's close below November's close, I still say caution, but also if you see my analysis of a drop $XTZ ? I present a short opportunity, those who entered at the indicated price are currently +3% Risk management No trade is life or death
I want to express my deepest concern about how they manipulate the market with news and information. Well, that's the game and we must adapt to avoid falling. There's the saying "buy on rumors and sell on the news." With $PEPE , you have to apply that saying, "sell on the news." And today's news is Pepe. The strange thing is that despite the news that was generated, Pepe didn't break his previous high (purple line). This is a daily chart. Apart from that, there was no increase in volume to accompany the movement that it has had recently with the news.
Here we need to clarify several points, in my caution article I explained why you should be careful this January, now I explain what must happen for the alt season to be generated The dominance of Bitcoin must drop below 55% $BTC must show strength, in the area where it is it shows no strength, above 100k it would give us that possibilityThe dominance of USDT must decrease, it is currently showing strength despite the news#TOTAL2 must show strength, currently on the daily it is showing weakness making lower lows and lower highs
Regarding the points published in the article where I explain why caution is necessary! This January, there are also opportunities to trade when the market shows weakness; one of these opportunities is to go short. I don't often share bearish trades since the best profits are upward, but if we are traders and can make some profit, why not do it? Enter short at a price of approximately 1.348 with a stop loss at 1.573 and potential at 0.978; here take 75% of profits and the other 25% at 0.848
I want to present several points that are not considered when trading cryptocurrencies. The Fed is a creator and destroyer of trends. In the last FOMC meeting, Powell made a quite aggressive statement regarding inflation, generating a reaction in the market.The S&P 500 generated a structural change to a more significant correction.The VIX rose after Powell's statement.Cryptocurrencies, whether we like it or not, are linked in a way to the market, as BTC is correlated with the S&P 500 and altcoins to BTC, adding that the dominance of BTC remains above 57%, and the dominance of USDT is rising.