End of week diary entry, and a macro $UNI chart

Тема в разделе "English", создана пользователем Trading Ideas, 26 сен 2020.

  1. Trading Ideas

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    End of week diary entry, and a macro $UNI chart
    UNI / TetherUS BINANCE:UNIUSDT
    theponzimaster
    Iz66ydsg_mid.png
    Dear Diary,

    This week was good. I had a lot of fun monitoring $UNI and did a quick scalp of $BAKE that was good fun.

    What I've learnt this week:

    * Daytrading is not for me

    * Following the 4h and 1h price action isn't profitable for me, but it IS interesting

    * The goal is to make money - sometimes patience and passivity is the best strategy

    What is better for me is to trade the daily with some reference to the 4H.

    Optimal strategy:

    * Look at the bigger cycle as it develops

    * Set buy zones and sell zones

    * Assume you will be wrong with every trade - be OK with that damage

    What's important - trading multiple markets.

    * Get distance from your trades and from certain markets (Crypto, etc) - stay in control emotionally

    * But keep your trading instincts sharp , keep learning, and keep charting

    This way you become SKILLED but not INVOLVED.

    Strategic distinctions:

    More than anything, expect irrationality from the market and put that at the centre of your plan.

    Be OK with price ranging maddeningly, and potentially even going to zero.

    Plan for this. Be ready for a long wait for the trade to come to you.

    TO THIS END... here's my macro UNI chart.

    * 3 zones where I would be tempted to reload and add to my position

    * Zones I would be tempted to sell if there is any kind of bullish catalyst (V3 announcement)

    I doubt it will push past the $12-15 zone without a retracement and 3rd cycle, so not marked that out for now.

    Once my sell targets are reached I will:

    * Enter into the next cycle, wait for the trade to come to me

    * Be OK with it if the price continues to rise without me (or re-enter a small position on a dip)

    If there's one thing that crypto 2018 taught me, it's to be OK with taking profits, NO MATTER WHAT.

    The macho culture of "haha U missed out BRO" on Twitter is pathetic. The goal is to become a disciplined trader with sharp instincts.

    The only way to do this is to trade with discipline and with pre-determined rules.

    This is more profitable IN THE LONG RUN. And I am in this for decades, not for a quick buck.
     
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