Don't follow the trends, work with price actions - page 3.

bayu7adi

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Quote from: Nwada001 on May 12, 2023, 06:14:34 PM

This makes me not in a hurry to take out profit. This has been the little strategy that has saved me in this crypto space.

Is it not a strategy to control one's emotions? Several factors determine whether someone is successful in managing their emotions or not, one of which is when the asset price is about to hit the take-profit target.
Many people get greedy and attempt to hold on longer, assuming they will earn more profit. However, even if they do achieve more significant gains, it still counts as a failure in discipline.
Emotions become easily influenced when the market experiences a bearish trend, and indirectly, this lack of discipline in controlling emotions can be detrimental in the future.

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action; bitcoin works mostly with price action. For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

Price action is something that not all could be able to pull through because it does really require out that sufficient knowledge and skills towards the market and not all does have that kind of intellect and skills on

which you would really be basing up on what you do. Whether we do like it or not in speaking about trends and fundamentals around then it isnt something that you could really ignore because this market is highly
that speculative, which means that you would really be needing to adjust and be versatile on whatever conditions you would be able to face on.This isnt something that anyone could easily deal with
specially when you are really just that a newbie on this space. For those who are old and veterans then it doesnt really give out that assurance that they could really be always having that
precise prediction.

Price action isnt something a trader skill which anyone could acquire.You would really be needing that sufficient skills and experience throughout the market for how many years for you to have
a good grasps into it.

Nwada001

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I don't know how others do their own investing or where they make their investment decisions, but for me, I totally avoid market trends. Not just market trends, I also avoid fudz and, at the same time, some kind of hype coming from influencers. This has been the only way I haven't fallen victim to involving myself in a trade that will liquidate my assets.

How I decide and buy a few coins that I find worthy of holding: I overlook the current market price and have a very low ROI budget. A lower demand for high profits actually reduces the risk of losing a trade. Let's use Bitcoin, for instance. I don't buy and hodl Bitcoin because I want to make 10–20 times the profit from my invested capital, or I even buy because I notice the price was about $30k last month or year, and so I expect it to be the same price or more in the coming weeks or months. This is called higher expectation by assumption, which is actually something I avoid. I buy Bitcoin using today's price with the calculation that I will hold it for a certain number of years or until I hit my selling target. This makes me not in a hurry to take out profit. This has been the little strategy that has saved me in this crypto space.

Mr.right85

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Quote from: BIT-BENDER on May 12, 2023, 04:09:31 PM

Quote

Bitcoin has been around for several decades, and we all understand how important the project is.

I don't know how you got this information but it's wrong, Bitcoin if you can do your own research came about in 2009 and if you minus 2009 from 2023 you would be left with fourteen years, that's actually not up to several decades.

Lol... several decades the user said. That's why we are here I suppose. To teach and as well learn but, making assumptions doesn't always help so much. I would suggest the user be mindful of the information he or she promotes as it could be misleading.

Meanwhile, predictions works to gives some directives on expectations. It okay to be optimistic when the go is good but, you ought to realise and switch as well when it changes. Always doing your own research and having your approach towards certain occurrences in the market.

CryptoHeadlineNews

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There have been lots of trend this recent few days about Bitcoin under attack and might soon crash, but the funniest part is that such trend will come and go while Bitcoin still remain strong & still existing, and not only should investors work with price action, because the price of Bitcoin for the past few days have not been favourably, which is enough to had cause doubt & fear, coupled with it's high increase of transaction fee, but rather working with having a specific time frame for investing, since Bitcoin as a currency has been proven to yield great value with time, will be of great advantage.
Moreover, as long as Bitcoin exist, there will always be price prediction which you can't exclude (both falling or rising) depending on the current market flow, of which non is ever a guarantee and left for the investor to take a calculating risk on the amount of fund he/she can always afford to lose due to it's volatile nature.

zanezane

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action; bitcoin works mostly with price action. For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

Price action and market trends are both important aspects of trading for me, each has its own strengths and weaknesses. Price action refers to the movement of an asset's price over time and can provide traders with valuable insights into market sentiment and potential price movements. While market trends are patterns of price movements that occur over an extended periodand can provide you with an understanding of the broader market sentiment and direction.

Overall, for me both of them are useful but they should not be considered in isolation. Us traders should use a variety of tools and techniques to more develop a comprehensive trading strategy that incorporates both price action and market trends.

BIT-BENDER

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Quote

Bitcoin has been around for several decades, and we all understand how important the project is.

I don't know how you got this information but it's wrong, Bitcoin if you can do your own research came about in 2009 and if you minus 2009 from 2023 you would be left with fourteen years, that's actually not up to several decades.

One of the best thing to do right now is don't get distracted by people's prediction, I can still remember when Bitcoin reached its all time high, I know many people who still thought that from their Bitcoin would get to even more all time high but it started to plummet, that's the crypto-currency market for you, it's completely unpredictable.

tjtonmoy

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

~snip

Both are important in bitcoin trading. But it depends on your preference or what kind of strategy you are using to trade. Price actions indicated historical data, analysis, prediction and many other things. You can implement those in order to choose the best position for a trade. But with trends, it is hard to guess what will happen next. So in order to make the best decision, we can use both of them according to our needs and if applied correctly, it can give us a good result. Where you have the option to use both of them, why would you ignore one and focus on only one?

dragonvslinux

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I guess you mean don't follow market sentiment rather than trends, as price action is what forms bullish and bearish trends. But otherwise I do agree with the statement overall. There has been a meme coin trend over the past month or so for example and if anything it hasn't signalled a return of bullish sentiment in the market, in fact the opposite, it's shown how greedy and frothy the market has become in recent weeks.

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In my opinion, yes, trends can change at any moment as a result of many factors affecting the market. The crypto market is highly volatile and highly sensitive to economic and political factors as well as news.

Also the volatility is often caused by the manipulation of the whales, so the speculator will be affected by the price movement greatly.

As for the long-term investor, he looks at distant trends, regardless of price fluctuations, down or up.

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action; bitcoin works mostly with price action. For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

While you are right that people should not let themselves to become influenced by FOMO and FUD since they are clear attempts to try to manipulate us, I do not agree with your attitude against trends, if you go long on any asset then you need a positive trend to make money, and if you go short then you need a negative trend to make money too, so it does not matter what kind of trading style you use or if you are an investor, you need a strong trend to make any profits, which is the reason ‘the trend is your friend’ is such a popular expression.

Dr.Bitcoin_Strange

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Normally, after joining the crypto space, I realized that crypto users are full of speculation; they always imagine what they want the price to be in the coming future, but no record has ever been broken that crypto experts have actually been able to make a hundred percent accurate prediction about the Bitcoin price; it's either they are close to predicting what the price would be or even going higher than what the price can rise to. Whoever is living on the market trend and has not yet gotten used to how the situation in the crypto market can be is just a newbie who has not yet had experience with how the market can be. For example, in the month of March, there were a lot of speculations that Bitcoin would reach $30k, but it failed those who believed so. It was in April that Bitcoin finally reached $30,000. That is just how the Bitcoin price fluctuates and is so difficult to accurately predict. Those who are not yet aware of it will get to know more about it sooner or later.

Ojima-ojo

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action; bitcoin works mostly with price action. For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

Even though we are taking Bitcoin price actions we cant still say what direction Bitcoin will go at whatever time and future and this has led to a situation where every Bitcoin market speculator works on speculative Bitcoin market analysis that is, the ride with the trend just like you have rightly mentioned, those that speculate the price of Bitcoin to be $100k were motivated by the price condition of bitcoin at that time, so they were bullish to the point that their lost focus on the volatility and went ahead to make unrealistic statement predicting the price to remain uptrend since at that time, bitcoin was on a bull trend.

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action;... Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

your query is more similar to this one -->When Bitcoin will become stable currency?. Because in the topic, OP also asked about BTC as being stable currency not as an asset. (similar context). Well the point is he aslo wants BTC to be used as payment method not just for trading purposes to make money out of it because his intention were reflecting that doing trading of BTC will hurt its image. (you should read this thread out to get better idea of your query).

Now in my point of view, "Halving of BTC will bring bullish then bearish cycle" is a Market trend that you mentioned, will bring FUD and FOMO and we should avoid it, and focus on price action to buy at low and sell at high. Well, i think you are wrong, because price action is only applicable for short period of time and market trends are for longer period of time.

For example, to predict the price of BTC in 2024 we can get help from past charts and many market trends, but if we want to make profit today, then we have to find market trend too, it could be based on week, days, months or years too. So, both price action and market trends are basic fundamentals of trading BTC.

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

Do you believe that price action is more essential than trends?

Yes, it's because that Bitcoin is volatile in nature and that's why these actions are gonna happen and essential. While trends, come occasionally.
For those that do day trades, they have to follow the trends and that's how they're making money from it. Jumping from one trade to another and that's making them realize that it is what they need and understand how it's staying for so long. Because they're all temporary, the timing and how long it last will also determine them when they should get out from it.

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Quote from: omgitsmehehe on May 12, 2023, 01:41:53 PM

For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

That's why it's a prediction, the degree to any certainty is miminal but, bitcoin was able to attain its ATH at $69k and that's pretty close to the earlier prediction of $100k. $30k is still a good some but, you could as well commend the currency with how far it came.

When we come to trading the market, its always a matter of strategy and what goes with a trader. No matter what your approach might be, one thing I feel you cannot do is trading against the trend. It would take a lot of nerve and assurance in your trading skill to do that. Unfortunately,, such assurances is the one thing you can't get in trading the crypto market.
Also, there isn't a particular design ot procedure for the market. It just assumes various forms and figuring it out is a matter of how well informed you are on analysis.

I think this thread though it focuses on bitcoin, it's more related or better fit in the trading subboard than bitcoin discussion.

omgitsmehehe

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Following market trends will only result in FUD, FOMO, and other critical barriers. The essential element is price action; bitcoin works mostly with price action. For instance, two years ago, bitcoin was valued at $49,151, and pro traders anticipated bitcoin would reach $100,000, but their predictions were dashed when the market stumbled. The market is designed in such a way that if certain procedures are not followed, it will drain one's trading account. Bitcoin has been around for several decades, and we all understand how important the project is. Most traders predicted that trading bitcoin would completely disrupt the market. Do you believe that price action is more essential than trends?

Topic: Don't follow the trends, work with price actions - page 3. (Read 398 times)