Today is Saturday. I found that the market looks very good, but I have no way to make money.
In the end, it’s because I haven’t observed the current market carefully enough, and my experience is still too lacking.
The current market is a late-stage, chaotic one where many things are going wild.
It’s very unlikely to consistently push out a series of big bullish candles with any consistency.
On top of that, today is Saturday,
liquidity is extremely scarce.
Many coins are basically PvP,
so it mostly turns into range trading.
Even if there’s a slightly good-looking breakout,
once you chase it,
your holding experience is usually very bad.
So after Friday already produced a fairly unified and consistent move,
the focus shouldn’t be on those altcoins.
Instead, you should mainly watch 4 to 5 of the strongest products.
And ideally, one account shouldn’t exceed more than two products.
After closing yesterday’s positions today,
I opened a lot of altcoin positions.
Overall, it’s still not enough to cover losses.
That means:
you might get one or two that actually run,
but the amount you lose on the stop-outs of the others prevents the winners from covering it.
So, it’s basically like working for the exchange.
Not worth it at all.
So next time you encounter a situation like this,
still focus on BTC and Ethereum first, then look at the other three to five strongest products.
For handling small divergences,
only do the second-bottom continuation—the pullback and then the second bottom.
Set the stop-loss at the lowest price of the second bottom.
Don’t set it too far away.
For altcoins,
don’t entertain the fantasy that “if I set my stop-loss far enough, it’s safer.”
Because once the stop-loss gets hit, it really hurts.
$BTC
In the end, it’s because I haven’t observed the current market carefully enough, and my experience is still too lacking.
The current market is a late-stage, chaotic one where many things are going wild.
It’s very unlikely to consistently push out a series of big bullish candles with any consistency.
On top of that, today is Saturday,
liquidity is extremely scarce.
Many coins are basically PvP,
so it mostly turns into range trading.
Even if there’s a slightly good-looking breakout,
once you chase it,
your holding experience is usually very bad.
So after Friday already produced a fairly unified and consistent move,
the focus shouldn’t be on those altcoins.
Instead, you should mainly watch 4 to 5 of the strongest products.
And ideally, one account shouldn’t exceed more than two products.
After closing yesterday’s positions today,
I opened a lot of altcoin positions.
Overall, it’s still not enough to cover losses.
That means:
you might get one or two that actually run,
but the amount you lose on the stop-outs of the others prevents the winners from covering it.
So, it’s basically like working for the exchange.
Not worth it at all.
So next time you encounter a situation like this,
still focus on BTC and Ethereum first, then look at the other three to five strongest products.
For handling small divergences,
only do the second-bottom continuation—the pullback and then the second bottom.
Set the stop-loss at the lowest price of the second bottom.
Don’t set it too far away.
For altcoins,
don’t entertain the fantasy that “if I set my stop-loss far enough, it’s safer.”
Because once the stop-loss gets hit, it really hurts.
$BTC
