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Last week when bitcoin dropped to $160, many traders lost their shirts or quit. I empathize with you all. I said I would go over a few short stories of my past. I have personally lost fortunes trading the stock/futures market, multiple times. I would not be the person I am today if I hadn't paid the most expensive tuition of all. First, I can tell you I am no different than any one of you. I understand the feeling of losing it all, it hurts so much that I've adapted and become more disciplined as a trader. So here is my first bust of the series. I first started trading during the 2008 crash. The young and naïve version of ibankbitcoins bought his first share of a stock, read up on technical analysis, and visited forums and blogs to search up “good” trade ideas (for the record, my blog is legit). With a gain of 30% in 6 month, I was confident as fuck (the usage of language here is to describe my sentiment and confidence at the time). I bought and shorted stocks like nobody’s business, increased my leverage, trading in and out all the time. I was buying up FAZ (3x leverage of the inverse financial sector index). General market was tumbling, so shorting the bounces was the way to go. It was good times until 2009 march, when market bottomed. My account went bust in less than a month shorting an unprecedented rally in the finance sector. I smoked too much hopium and was too prideful. What is interesting about this bust is this: While I was holding on to shorts during market rally, I knew I was wrong and I should get out. But, I didn’t. I was too stubborn to admit my paper losses; I became a holder of my stock rather than a trader. Every day I hoped that market would fall back down so I can exit. I did exactly what Jesse Livermore described. God, I wish I had read his book the first time around.
"When the market goes against you, you hope that every day will be the last day – and you lose more than you should had you not listened to hope. And when the market goes your way, you become fearful that the next day will take away your profit and you get out – too soon. The successful trader has to fight these two deep-seated instincts." --J.Livermore
The pain was so great because I lost an unfathomable amount of money for my age. Only when the pain is great do I seek help and change. Because my first bust, I had learned to put my pride aside and stop revenge trading. So, what do you guys think? Continue the series of ibankbitcoin’s busts? Feel free to check my bitcoin trading blog for live trades and charting. My twitter at @ibankbitcoins Thanks to Frosty from twitter for proof reading this. @sonarous PART 2 of ibankbitcoins as a trader is finished here!
Learning from false gods, ibankbitcoins as a trader part 2
This is the second part of ibankbitcoin's past, I recommend reading the part one of my trading past first. It took me nine month to overcome my previous bust and it wasn't easy. I avoided work and school while staying up at night doing random stuff to distract myself. I still read the financial news and charts from time to time, but I was so frustrated with the market. I came by a trader named 'sol' in the trading blogsphere, which had much interesting experience to share during the 2008 financial crisis. He made a total of 17 million dollars from 200k throughout the downturn. While I never knew him in person, he was a trader I looked up to. He was really good at trading. I tried everything to learn his ways of charting and technical analysis. Why did I follow this guy? His calls were amazing man! Have you gotten that feeling from someone you follow before? His called tops and bottoms on the /ES within 2-3 points of accuracy. He had a "godly" indicator called the flux capacitor and it worked like a miracle. When a person has that kind precision with technical tools in addition to the enticing idea of getting rich quick, the very foundation of risk understanding quickly vanishes. If I were to describe to you what that feels like, it’s like that one gambling scene by Zach Galifianakis from the movie The Hangover. “You are not gambling if you know you are going to win.” During this time, I felt the need to follow someone who is more experienced in trading to show me the magic formula; an indicator like sol’s. I joined many traders’ premium services which ranged from 50 to 400 dollars a month; I can tell you the subscription’s quality has very little to do with its price. After discovering much of what technical analysis has to offer, I come to realize that most of my unprofitable trades aren't because my TA tools failed me, but the fact that I wasn't disciplined enough, I didn't follow my rules. Even though my indicator’s backtests all turned out positive, I lost money instead. Discipline? It’s a bitch to be consistent over time. Force yourself to do things, force yourself to get out of bed, force yourself to admit you are wrong, and force yourself to cut loss. In normal professions, perseverance and unwillingness to give up is the first step to achieving success. That is not the case with trading, flexibility and willingness to alter your view are absolutely necessary. After so many failed trades and busts, I come to realize that the only thing stopping me from being profitable is to understand my emotional self. How do you practice discipline? If people are interested, I’ll write a few tips that worked for me. So what do you guys think? Leave a comment below. My English isn’t great, but I hope the point I am trying to convey make sense. Feel free to check my bitcoin trading blog for live trades and charting. My twitter at @ibankbitcoins
I have been posting daily market updates for a while. I want to provide a list of good trading tips applicable for novice and advanced traders. Hopefully this post will help clear misconception and improve your trading. This is for trading only, not investment. IE: Speculate for profit through the volatility of the market. Gather information: When it comes to trading, where you get your information and how you filter them is important. During market movements, people always want to know why Bitcoin is moving by justifying it with news (related or unrelated). I can tell you from my experience that news always come after market movement. I have some personal stories, but I’ll share later. As a trader, we need to focus on the price action and how price reacts to news. A good piece of news during a bear market could be a sell-off. Market often shrugs off bad news during bull markets. My point being: observe what the market action is telling you, not what news is telling you. Keep an open mind when trading: For a speculator, all trades come with risk, the risk of being wrong. Whenever you place a trade, answer the following question first before you click that buy. I recommend keeping a journal or trading blog like me.
Write down the reason why you entered this trade. This could be anything from MV cross or support/resistance boundaries. This way, you can always review your initial reasons for keeping this position open.
If you happen to be wrong, what is your exit? Where is your stop? Always have a stop ready, even if the stop is large. Always keep in mind that the trade can and will go against you at times.
Trading can be emotional. We are terrible traders when emotional. The first step is to become self-aware that you are emotional. To say it bluntly, the market doesn’t give a shit about how you feel. My best advice is that you should stop trading temporarily until you can get your emotions under control. Obviously easier said than done, but with practice, you get the hang of it.
Focus on the exit: In trading, we tend to focus a whole lot on entering a position, but very little on exiting. In fact, I believe the timing of the exit is more important than entry for trend followers. Before a trade, have a strategy in place for when the market is going against/with you. We already explained stop-loss orders, but what does a trader do when the position is largely profitable? Exit could be a trailing stop-loss, or maybe a projected TA target. Write your thought process on paper. These are the general tips I offer without being too specific. If you would like me to go over any specific strategies or want me to elaborate it further, leave a comment below. I have twitter and a bitcoin trading blog if you are interested.
Everyone talks about when to BUY bitcoins, but when do you SELL?
Ibankbitcoins here, I noticed the reddit market community talks a great deal about when to buy. Whether your reason is based on fundamental or technical analysis, bitcoins like stocks and currencies don't go up forever. You need an exit strategy. In this post, I will go over the basics so you can have a better understanding of risk management. Exit strategy 1: Have your exits determined before the trade. This one is easily understood. You simply set the price target and stop loss when you enter the trade. You can’t be greedy; your profit target is calculated ahead of time based on your analysis such as a measured move target or prior support/resistance. Being disciplined is the key. Put away your pride and ego. Exit the trade when you are wrong. This will be the least costly compared to if you were to hold the bag. What is worst than being wrong is staying wrong. Exit strategy 2: Dynamic exits This does not mean your exit strategy is based on “how you feel”. To put it simply, this is an exit strategy that is dynamically adjusted based on market conditions. A simple example is a moving average stop in which you exit the trade if the price drops below the 20 day simple moving average. More complicated stops such as ATR based stops, highlow exits, and indicator based stops are also popular. If you guys like this post, I’ll do a post on the trade-offs between different types of stops. Feel free to leave a comment. You can check out my bitcoin trading blog or follow me on twitter @ibankbitcoins . I am also looking for active bloggers on my site if you are interested. PM me.
Ladies and gentlemen, please welcome Lumens (XLM) — the cryptocurrency of the Stellar network! XLM is now available for trading on Bankera Exchange paired with four major cryptocurrencies, including bitcoin, ether, tether, and BNK token. Head to our blog to learn more:
07-15 10:43 - 'CBANX offers the best Bitcoin wallet for storing your Bitcoins ( BTC ). Register at CBANX.com now to get the latest trading updates and to secure your own Bitcoin wallet.' (blog.cbanx.com) by /u/Cbanx_CryptoExchange removed from /r/Bitcoin within 69-79min
Bankera Exchange welcomes the Zcash (ZEC) cryptocurrency! Deposit, withdraw and trade Zcash against Bitcoin, Ether, Tether and Banker tokens on our platform today. Head to our blog to learn more about it:
Bitcoin Cash deposits and withdrawals are now live again. We only credit Bitcoin Cash (ABC) coins sent to Bitpanda. Deposited Bitcoin Cash (SV) coins will be lost. Read the full status of Bitcoin Cash trading on the blog:
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