I messed up a great Bitcoin trade this morning!!! Grr..
Well I have to confess I'm not happy with my trading this morning. I underestimated the level of market manipulation that was happening and now I'm forced to watch BTC spring back to $3,800 without me. Wow, lets look how this played out, and I hope you made better choices than me.
Heres the YouTube link, incase you have trouble with Dtube
I got suckered on this trade. Trading can really surprise you sometimes, gotta stay nibble. (and humble)
Luc
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Hey Luc, bummer about missing the size trade at 3k, i literally was staring at it ready to load up......went to take a shower hoping maybe it would drop into the 2's like we were all hoping, get out of the shower and dressed and boom back at 3200.....i was legit staring at the 3k price on btc with a decent amount of size (for my account at least lol) and didnt pull the trigger.
Anyway i did buy on the way down as you can see, but my question now is idk if i have my base is correct on BTC or BCC here, would you say 4100ish is a base? If so it hasnt been respected yet as you can see my sell is set for just under it, all the sells going up prior have been small, nibble sells if you will, trying to unload the majority at just under 4100 but im wondering whether that is really a base now. I know you were saying 3900 is the btc base but thats on bittrex im trading usd on kraken.
With BCC i had a base at 500, i missed calling the 468 area a base, wondering now whether i should just sell or if that "500 base" will be respected. Some people in slack have pointed out that both bases i drew have weakened
Would love your feedback on whether im in the safe zone or not.
I was looking at that 4100 area to on kraken and wondering if it was going to bounce back that high.. Here's the issue with Kraken, it trades USD instead of USDT and because it also trades USD/USDT pair, its BTC chart is often off from other exchanges by $100-$200 .. and other times when USD/USDT pair is almost par, then the price of BTC is closer to that of other exchanges.. So this actually throws off the chart.. So I don't know what to tell you, it might get back to 4100s much later than you hope.. like perhaps not on this bounce.. hard to know when there are other forces at play.
Yea its a tough call, I'm gonna ride it out for now, I have more wired to Kraken so i can play if it drops more and be patient, at some point it will have to respect that 4100.....
Both of those trades worked out today and the bases were respected! As you preach Luc the key is patience lol, all in all took like 3 days for them to work out so not too bad. Still beating myself up about not buying large when ETH (200), BTC (3000) and BCH (300) were at those lows. But as you said live to fight another day, still made some good profit so cheers to that!
How to you evaluate the JPMorgan manipulation?
I thought you entered below 3k because you had told us about this.
I had orders following what you said in the past, bought under 3k and made a good profit :) You forgot to follow your own analysis? haha Maybe you were tired, Luc.
Thank you teacher!
I had only gotten a part fill at 2940ish.. So it didnt show up as a green arrow on my chart.. But yeah, I was off my game this morning.. Kinda painful to watch things go up without you.. although I did make a good trade in ETH and BCC.. but the BTC was kinda crappy, selling 3250s way way to soon..
Think of it this way... you still made money. First one in and first one out and on to the next one. I got in around 3050 and sold off 3200 and 3600. Thank you for all you do man. Wouldn't be doing any of this without that random video of you that I stumbled upon a few weeks ago. Keep up the good work.
Thanks for letting me know. We made close to the same trade on that one..
Great minds trade alike ;) haha
With today's video You have me worried that I should sell now at this price of$3,840? It has tried to pass this mark today 6 times on kraken today and today's highs and lows are tightening . Its about to break out or fail. Volume looks much lower then when it was near 3k. What do you think?
ohhhh this is exciting. its at 3878. watching close to see if it can hold above.
i chickened out and sold for 3910. now I can root for the price to tank. actually litecoin. im just judging when to buy and sell my litecoin by what bitcoin is doing since litecoin has no independent news for itself right now. lol
3900 yes yes yes.
kraken totally just crashed for 9 minutes.
I know. it had to come down to fix the chart he said. I forgot what it had to come down to but when I looked at the chart I decided it was $3000. So I set up to go all in at $3,050.00 but my son turned off my trading computer for me last night. Thanks a lot son! I was going all in on litecoin. Litecoin went up 60% without me! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Missed opportunities are no fun, but atleast you were right.
I simply set my buys below the bases too conservatively, so by the time the big rundown happened, I was already all in, having triggered all my buys. I need to get better about keeping some capital/coins set aside so that I can really benefit during these slumps, but now I'm stuck waiting for 'normal' to return to sell some of these positions... :(
I often struggle knowing when to take profit (mentally flipping between 'Am I being too greedy?' and 'why am I bothering with these low percentage gains?') so I've found myself not trading during spans I should probably have had more activity, even if the trades I do complete are positive/successful ones.
So much more to learn and I appreciate you putting these videos out in an effort to teach us noobies. Also appreciate this humble video that shows us even a veteran trader like yourself can slip up from time to time (if only my slip ups were so few and still netting me gains!) and it helps me ease up on myself mentally as I make my missteps.
PS: Where do you chat with folks? I'd likely lurk for a while as I feel I'm too green to provide any real useful insight, but it would be fun to see others talking the craft.
Just join the slack chatroom from the previous blog post, theres an invite.
I learn something new everytime from your videos. The level of detail and insight into your trading mind is phenomenal. It's also good to see the honesty side of you, everyone else would have bragged just being in a trade shadowing any mistakes along the way. That's why you are the best and one of a kind
Your very kind. I enjoy trading, but after spending the whole night up and then making a crappy trade in the morning, I just took the day off to shake it off. We all wait so long to have a good trade (with size), but to watch the trade that you were waiting for go off without you. Its tough, but theres always another one and another one.
Its awesome that we have a great community here, and we all support and learn from each other.
Nicely said. I couldn't agree more.
Luc, don't be too hard on yourself.... you called 3000! If it wasn't for your video a few days ago I never would of placed bigger orders at 3300, 3100 and 3000. I know a lot of other people did the same too. You made us money plain and simple. Thank you!
Well thats awesome. I'm glad my chart reading was helpful. I cant predict the future, but im pretty decent at reading the chart :)
^^ what he said
Hey @quickfingersluc sorry it didn't work out the way you wanted it to on this one, but please take solace in the fact that you really are benefitting so many people's lives in a positive way here.
I have been studying your videos and your feedback and I think it's incredibly valuable and I am incredibly grateful for all your efforts. I'm just starting out as a trader and I've been using your methods on my tiny $50 dollar trades and have been slowly building up what little I have.
Your efforts have also built up a community of people advising and helping one another in such a positive way that would not have been possible without your initiative.
Just wanted to say thank you again. I have complete faith that you'll make plenty more than what you would've made here, cause basically you're the man! Keep rockin up there!
Thank you again Luc. Another video to prick the mind in the right frame of thinking. Cheers Paul :)
You're still a pro in my book. Thanks for the content, I've learned a lot from you in very little time, looking forward to more.
Be careful bitcoin is powerful and WILL "leave you scratching your head" it did come down to fix the chart like you said but it may not come down to 2800 again until the 5th wave up is complete.
The way you broke down everything and the mistakes, that I made pretty much exactly as you did, is one of the best lessons I have learned since getting into this. Mistakes are meant for learning, not repeating. I feel a lot less less a donkey now. Thanks so much.