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December 15, 2017, 08:08:43 AM |
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the emotional market cycle plays out all the time...its going to repeat itself time and time again in the market
when the price is low, thats when people dont want to enter that market, they are afraid of entering that market
when the price is high and at its peak, thats when people like to enter such trades
it will repeat itself over and over again...especially in crypto where there is alot of dumb moneys
lots of dumb players with big monies
so to win, you need to tune into this emotions and play it different from how other traders are experiencing it
by understanding market cycles, you will know when its time to be buying the market and when its time to be selling the market
you dont have to be fighting the market cycle
when should you have patience in the market? when you enter at the right time and maybe its still going down, you need patience, thats the right kind of patience
So in playing the waves, once you identify that the market is creating a new impulsive circle, then the next thing should be, where do i get in? and how others are losing money along the way
stop buying wave 1 and 3 try and look out for wave 2 and 4 because thats when you are buying everyone else fear
wave 2 retraces atleast 50% and above of wave 1 move
wave 3 should be relatively higher than wave 1
wave 3 will retace ontop of wave 1 or even below
wave 5 seems to be the biggest because thats when people are so happy and start shouting to the moon...then the next thing you see is complacency
everything rides on trend...could be a big trend or a small trend
some people do not even consider support and resistance and they just jump in...professionals know when it breaks its trend and they pull out
90% of the people in the market are making the wrong decisions
10% is making the right decision
the 10% is making their money from the 90%
you have to understand whats going on in the market
whats going on is eliot waves
whats going on is waves within waves
as the waves takes place their is gonna be correction waves too
once you understand the psychology of the market, you start to look at the market from a different perspective
you start to look for opportunities to buy from other peoples loss
if you are going to play the game you gonna learn the game you are playing...why not be the guy who is winning?
you cannot win all the games...but atleast score an A which is from 70% then in the 30% have your stop loss to cut your loss
with big money comes big responsibility
never go all out on a trade
be responsible
dont trade with what you cannot afford to lose
there are gonna be loss
you should be prepared for it
there are gonna be time when the market will retrace more than you expected
am 26 right now and i wanna be able to get to 65 and still go to the beach with my laptop and live the life! so i have to learn this thing well...i dont
you dont want to chase any market, because it will wipe you out on the retracement
dont chase it, retrace it
the emotional market structure has shown up more in cryptocurrency than any other market...so much dumb money in the market
the whales move the market, we can track their moves and make money from their waves
but there are alot of people who still have alot of money who dont know what they are doing
So next session we will talk about becoming the 10 percent and money management
this is not gambling...dont play it like gambling
sale on the greed and buy on the fear....its so true...you play it you win...you join the emotional guys you lose.
understanding the market partern is very crucial
cryptocurrency is the most profitable market you can go into now
look at the bigger picture...
look at the circle of the market you want to buy and identify where we are at the market circle at the market structure, then identify the emotions that is playing out at that time and play with it.
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