Your personality defines the strengths and weaknesses of your trading style
I've often compared trading to casino play
Over the years I've developed specific strategies and preferred casino game play based on my personality strengths
Read this thread to categorize yourself 👇
Roulette - High stakes, fast paced game. Intuition and game flow are your most valuable tools. High risk-high reward. Hours of play can be erased in one spin. Emotions of greed, revenge or fighting against the table trend can be catastrophic. Must stay calm and composed (scalper)
Roulette (cont.) - I tend to scout out the tables with the best vibe or hottest table trend. If red is super hot, I can come in and bet red after one or two blacks shows up or I can blindly bet red knowing that 70% of the recent spins have been red. I rarely bet against the table
If in fact Ethereum/BTC ratio has bottomed. It would explain why BTC has been following ETH as of late. So, if ETH is the first to bottom.. I expect it to hold up a bit better compared to BTC when BTC bottoms. Which could lead some sort of rally with ETH breaking up first.
Why could this be a possible scenario?
ETH/BTC may be in accumulation. BTC drops, ETH drops too but holds up better than BTC. Then ETH goes to SOS and jumps the creek while BTC is in some accumulation and then BTC follows ETH after it breaks up out of accumulation zone.
This is conspiracy theory of course. But if ETH/BTC pair is in fact in accumulation range and breaks up out of it, that would be sign of new uptrend for ETH/BTC which would likely lead other majors to follow. Or maybe even just jump start an alt season while BTC accumulates.
Profitable traders are PATIENT.
If I'm watching a trade I'm almost always expecting it to dip a small bit further from my desired entry.
Only 1 person catches the exact bottom. It's never going to be you.
Find an entry where your R:R is satisfactory to increase your success.
Before I enter a trade am I thinking:
"I Don't want to miss out on 15% in profits."
Or are am I thinking:
"I don't want to lose 15% of my capital."
Am I comfortable losing 15% of my capital on a trade?
Can I be patient and wait for a set up to only risk 3-5% of my capital?