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TENTATIVE APPROACH OF PUBLIC TRADING MARKETS

BITFINEX:BTCUSD   Bitcoin / Dollar
Hi fellow traders,

I started to trade forex 12 years ago. I looked at almost all possible literature (books) and Technical Analysis (Japanese candle sticks, indicators, Elliott Waves , etc.), traders' psychology, paid for expensive forex courses.
They all failed me. 4 years!
Not because these were wrong (or maybe but who am I to say so) but because they were of no help for me to trade. I was loosing money.
On the chart, this is me 10 years ago applied to today's bitcoin chart

Then I realized that trading is only managing risk. As a trader, my job is to manage risk. And it needs a set of few components that you need to have right:
- Charts - and how to read them.
- Understand cycles of the market (time frame, momentum)
- A trading system (that provides entries based on the same approach over time. can be anything I reckon: MACD cross-over, candle stick patterns)

So, I based my work on Elliott Waves Theory ( Elliott was a genius) but I dropped his approach of market trending in 5 waves only and also his labeling but I kept his vocabulary.
I used different time frames for direction, setup and execution that fits my personality. I do not read news or listen to rumors when I trade. This is noise to me that is here to justify price when I believe that price is all that matters (except if you are an insider trader with deep pockets... no further comment). I trade extensions in corrective sequence with Fibonacci levels.

This year, I started The Trader's Corner and I am trading for a living.

What is your approach to trading in general and cryptocurrency in particular?
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Lems
Profitable trading is not about how much do make when you are right, but how much you have to lose when you are wrong. If you have too much to lose, you are either selling too low or buying too high and/or your position size makes you too uncomfortable.
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TheTradersCorner stonefreetall
@stonefreetall, hi mate, thanks for the comment. Really appreciate it. Absolutely agreed on the money management. Most people focus too much on how many pips/points/usd they make but do not evaluate how much risk they had to take in the first place. Also, they tend to buy high because of no plan (just hearing a guy or in the news) and when price falls back, don't want to let go because size is too big: That is a paradox. cheers.
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