This is what I am going to do.
Take a certain % of my portfolio and long BTCUSD. This will be a "buy and hold' for at least 3- 6 months as I expect the price to go towards the 10,000 mark.
Please do not ask me if you can make millions out of this cryptocurrency or not. I do not know since I cannot predict the market (trust me, if i can, i would sell everything , borrow everything and bet on it, no kidding).
The risks will be the level of stop loss you are prepared to hold out while waiting for the rewards to come. Just because in the past , BTCUSD has created a parabolic move like a rocket up, it may or may not display the same price patterns again. This is not being negative or loss of confidence but being pragmatic in trading. My role is identify the trade set up , manage my risks and capital and let the market do what it supposes to do.
Can it falls back towards the 7500 level? Absolutely!! It happened on 8 Jan so it can happen again, trapping early bulls to come in only to flush them out if their SL is tight. Once you come to terms with what you are going to face , then you can better prepare yourself mentally by not increasing your position size unnecessarily or having a very wide SL for fear of being stopped out.
I had trades where I lost twice but recovered in the 3rd try but the last one recover all my losses and still make a profit. The follow through is important else you would be jumping from trade to trade like Alice in the Wonderland , unsure of where you want to go.
Are you ready for this ? Then, let's go..............
Take a certain % of my portfolio and long BTCUSD. This will be a "buy and hold' for at least 3- 6 months as I expect the price to go towards the 10,000 mark.
Please do not ask me if you can make millions out of this cryptocurrency or not. I do not know since I cannot predict the market (trust me, if i can, i would sell everything , borrow everything and bet on it, no kidding).
The risks will be the level of stop loss you are prepared to hold out while waiting for the rewards to come. Just because in the past , BTCUSD has created a parabolic move like a rocket up, it may or may not display the same price patterns again. This is not being negative or loss of confidence but being pragmatic in trading. My role is identify the trade set up , manage my risks and capital and let the market do what it supposes to do.
Can it falls back towards the 7500 level? Absolutely!! It happened on 8 Jan so it can happen again, trapping early bulls to come in only to flush them out if their SL is tight. Once you come to terms with what you are going to face , then you can better prepare yourself mentally by not increasing your position size unnecessarily or having a very wide SL for fear of being stopped out.
I had trades where I lost twice but recovered in the 3rd try but the last one recover all my losses and still make a profit. The follow through is important else you would be jumping from trade to trade like Alice in the Wonderland , unsure of where you want to go.
Are you ready for this ? Then, let's go..............
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Praise the Lord and Congrats to those who followed. We are up 600 points thus far , entering at 8100.
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www.cnbc.com/2020/01...options-halving.html
And now we are back to hearing gurus making their predictions again........
And now we are back to hearing gurus making their predictions again........
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Around 8461 level would be the next level of support and will consider adding more
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congrats if you had followed to add at 8461. Praise the lord
