Apologies for those who love Bitcoin Cash I'm not a big fan of it as it stands today (tomorrow is another day I may love it).
I was asked to comment on Bitcoin Cash so for what it's worth there is a Risk Reward 1:1 trade.
Now for me, this is NOT a trade I want to take, for several reasons:
a) I think BCH is finding its feet and I don't want to tie up my capital while it does b) there isn't enough data to objectively assess its direction c) I am not interested in Risk Reward 1: 1 trades - there just isn't enough meat on the bone
Now I may be wrong and it may explode but it can explode without me, thank you very much.
Be discerning look for quality trades not just throw darts at a dartboard. So this is a stand aside trade ie no trade.
Hope this helps, Sean Vengan Professional Cryptocurrency Trader and Trading Educator
Thank you! :) (I'm taking the bet though this time with my stops set... because of possible drama on Monday when Poloniex is supposed to credit BCH to its users.)
@SEAN_VENGAN, Actually, I changed my mind. I realize I'm just defending my ego since I bought some yesterday. It is not a good RR. I sold and took a small loss. Will await better trades. I exited all my positions today. I'm going to wait until there is "blood in the steets" again.
UnknownUnicorn1063189
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@mightytrader, Excellent if you can literally talk to yourself and recognise when you are sabotaging yourself then you will go along way in getting profitable trades. Psychology is everything.
Most traders can learn to trade but they can't control their emotions.
mightytrader
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@SEAN_VENGAN, I never could have imagined how powerful emotions are in making me do regrettable things: Whether that is buying a top or selling on a trade that hasn't even started and to watch it hours later take off without me.
Anyway, I haven't made really any money since the end of June. I have not lost any either. I have decided I need to break from trading and dedicate *at least* a couple months to studying. I have spent waayy too much time checking prices and trying to read other people's charts I don't understand.
I have a course from the 1980's that is on W.D. Gann. Also some TA for Dummies and a course on Candlesticks. I am going to study them all extensively in the meantime as I await your courses.
Again, no rush! I am excited to see / buy your upcoming releases in the coming weeks or months, Sean.
Cheers!
UnknownUnicorn1063189
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@mightytrader, Thank you my friend. Im a huge Gann fan. Definitely, website getting very clos eto release
mightytrader
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@SEAN_VENGAN, You do realize the pun, "Gann fan". Or was it no pun intended? ;)
UnknownUnicorn1063189
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@SEAN_VENGAN, Intended and he is also known as Gann The Man in Trading circles
mightytrader
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@SEAN_VENGAN, < ^ See, this is what I mean about the glitch in TradingView... It tagged you, yourself (see the "@SEAN_VENGAN" in your response, directly above) instead of me "@mightytrader".
Thus, I did not see a notification because you tagged yourself.
I only see your post, just now, because I wanted to say something additional tonight:
Today, I decided to re-enter my BCH position after I saw it touched support at $300. I set a stop loss around $285. The most I would lose is around $65. So, I see the RR as much more favorable considering the trading size I took. So far, BCH is going back up.
mightytrader
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@SEAN_VENGAN, Sold it at $325 and made $80 profit. If it goes back up without me... I don't care. I just made some money. There will be much better plays.