How to start making money with bitcoin | crypto trading for beginners
Are you puzzled, by the latest bitcoin, price movements, one of the biggest questions i always get from traders, is, charlie why did the s p do this or why did bitcoin, do that i usually just say to them yeah there was more buyers than sellers. Is technical analysis, the only tool to assess the market with if technical, analysis. Is uh so great. Um how come, uh people, aren't, rich. And super rich and everyone is so successful. And what are the risks involved in crypto trading. Leverage. Leverage. Kills. It just does, learn the basics, of crypto trading and technical analysis, with, john bollinger. Charlie burton. Tone vase. And big jones. These are the highlights, of coin telegraph, crypto traders, live. I always prefer ta on the most liquid markets. And while i really like doing ta. On the bitcoin, market, i hate, uh looking at ta, and anything other than bitcoin, because it's just too. And uh it feels. Like penny stock, trading which i hated doing ta on as well oh yeah i agree that ta, for. For me works definitely, best just using bitcoin, kind of as my standard, there i agree that a lot of the all coins especially the ones that have a lot of low. Liquidity. Um, do trade, and do look a lot like the penny stocks which you really can't get the best ta on because you get. Wicks and crazy, directions, and you don't have really the volume, that shows you the true uh you know price, discovery. You're, looking for but in terms of, bitcoin. When we just start with basic ta. Moving averages, exponential. Moving averages, all the oscillators. We use. They're very clear, i feel in terms of what they're showing in terms of patterns, and, most, recently, here when we just had this, breakout. Everything, was kind of lining up that we would kind of have a very. Volatile, move, the bollinger bands of course on the daily, chart were extremely, tight pinching, and showing that we were about to get something. And then when you see where we are in terms of where we are in terms of the moving averages. How the price action has, been above the meaningful, ones, 50 to 100 and 200. Um, it seemed like the bulls had the upper hand on this and that's what we saw in the price action. Uh, uh charlie do you have anything to add on this. Um, as far as i'm concerned. Um. Yeah i mean i'm a technical analysis, trader myself, but. Really, it's. The one thing that i find. Out there it doesn't matter what market and what type of trader you're talking to. They all want to be right, as much as possible. But, i don't care about being right as much as possible and we all know that you don't have to be right, that frequently. And i think that's the main thing for me with technical analysis, it's not necessarily, about trying to be right 80, of the time. In your analysis. I'm quite prepared to be wrong. As long as my risk reward, is is there for me so, if i can get a half decent risk reward on some of these moves. That are there then does it matter, if i'm, wrong, 50, of the time or even sixty percent of the time it doesn't. Um one of my most one of my best technical, analysis, strategies, i have is actually, about 40. 40 45. Success, rate and yeah it's the most profitable, one that i have. Yeah, so, if you think about it there are two, two major avenues, to profitability. And technical trading, in all trading, for that matter, one is is. Your frequency. Um what percentage, of wins. Do you have, can be 40, can be 60. It it it's just a, number, and the other is the size of your winners versus the size of your losers, so i'm guessing. That um charlie has a, system, if it's only 40. Um, effective. And, um, but yet it's making money, so. Probably has, a win-loss, ratio of two or three to, one. Um in terms of the size of the winners versus, size, loses, and you know if if if starting, traders, would think, about, the relationship. Between, those. Two. Sets of numbers. And would really, look at them in their own trading process they would improve. Very quickly i think. Uh, risk.
Management, Was just mentioned, earlier. Uh because technical analysis, may not be the most important thing, in a trader's arsenal so before we get on to the actual technical, analysis, tools, uh i decided to really quickly. Grab, a slide, from a recent. Risk, management. Uh workshop, that i did, and in this slide. I'm, literally. Uh. I grabbed, a, page. From, uh wells wilder, jr's, book. From 1978. New concepts, and technical, trading, systems. And it was like a 70, page. Uh. Uh basically, manifest, on technical analysis, with one page, it being devoid, being devoted, to risk management, and here's what he writes, um, the message, uh, of this book. Is that there are three parts to a good technical, trading, plan. Uh using a good technical, system. Using the system on the right markets, at the right time, and using a good money management, technique. Of the three. The third is the most important, being money management. The easiest, to learn. And the hardest, to do, uh, and then um, and what i did with the slide i basically, said hey, there are infinite amount of places where you can learn technical, analysis. I teach technical, analysis. And i do my best, to teach you proper, risk management. And how, not to lose your entire account on one bad trade, but it's going to be the hardest thing for you to do, but number two i can't teach you, using the right technical, system. On the right asset, on the right time frame, uh and i think that is also a challenge. That a lot of traders, need to solve, and those that can't solve it, end up being, followers. Of other traders. Uh so what do you guys think about this dynamic. Of learning technical analysis. Knowing how to apply, technical analysis. And making sure, that, you have good, money management, and risk management. Uh so let's head over to, uh charlie and we'll start with you, uh because, you do. Have uh groups. And uh newsletters. And what do you think about this dynamic, and how should a new trader, manage this dynamic. Well yeah i mean i don't have newsletters, anymore that was years ago but um but i do have groups yeah, i think the there's a couple of things here um. We've talked about groups and followers, and stuff and we all have them. Um, is that a lot of people are looking for help and they're looking for, people who have got experience, in the markets, um for help and so, i'm quite happy to provide, my experience, in that in that regard, wherever i can help people then. That's a good thing. Um, but it as always, it is the most important, thing as what we we emphasize. Is. Good. Risk management, the problem that a lot of people have is they'll look at a chart, if they're a technician. Or maybe if it's a fundamentals. That are going on, and if they really believe. That, everything's, lined up and as you guys know sometimes, you can look at a chart and you can think wow that has got everything, lined up, and what happens to those average traders.
They Bet the farm on it because they think well all of my indicators, are aligned. The heavens have aligned, for me. And that's the natural tendency. For most traders is to then think right i'm gonna bet the farm on that but. So often the ones that we think are all lined up are the ones that actually fail. And the ones that we actually in our gut feel most uncomfortable. About are the ones that actually work. So, um, yeah coming back to your first point about risk management, i mean we just say to our, traders. Risk up to one percent per trade, and if you stay below one percent per, for every trade. Then, um, you're pretty much going to keep yourself, safe you can, sustain, a drawdown, when drawdowns, come along, but you can still make some um decent, gains and have some good results, with that type of, risk per trade you can build your trades, and build into them and do all that sort of stuff but, if you start out at a maximum. Of up to one percent, risk per trade then, i think that's always a good advice. There are two aspects. Um. To, um this risk management, um piece. Number one uh charlie touched a little bit on it i have to disagree with him a little bit but um. Um, it's the, amount, committed to each trade. And and, there are. Very, good, formulas. For determining, how much you should commit. To a given trade i, really, commend. Everybody. The work of ralph, vince he's done more on position, sizing. Than i think anybody, else. Um, it's very mathematical. And if if that's, um. A little bit too mathematical. For you, perhaps. Another, practitioner. Van tharp. Um, who is written extensively. On position, sizing. Um, might, um contribute, to that. The second thing is. Um, second, portion of money management for me, other than position, sizing. Is, some, sort of risk control. I. Personally, like trailing, stops. Um. I i've, written, a couple of my own trailing stops. But um wells wilder suggested, one it's called parabolic. It's sort of a relentless, approach to a trading stop. In that it increments, each and every period no matter what. I prefer, um the work by. Of chuck lebeau. These are called chandelier, stops. And they, progress, as the trade progresses. So if the trade stalls, the stop will stall, that's the big difference between. Those two approaches. But they're they're they're both progressive, levels, um. That will keep you out of trouble. So position, sizing is absolutely, key. Um, i i think you should try to, determine, what it is in a formulaic. Manner. Um but you know a fixed, a fixed number can, can work as well, um and then the second piece is is some sort of risk control, and, for that. Trailing stops for me. All right and uh, vic jonas, uh tell us about your, uh any, like lessons, that you and your, uh and you said even trading for about seven years, uh, any, uh, horrifying, experience.
Of Not following, good risk management, rules you want to share. Sure all the time actually, um you know being able to control, fomo, in this market, is incredibly, important, uh, bitcoin. For the most part tends to range, and then every once in a while like we've seen the past week or so has a big move. Uh so, it's great that you're able to capitalize, on those big moves but during the times of consolidation. And ranging. Uh, the wicks we. We see because of the. Leverage, uh market, that, bitcoin is in in both, directions. Can. Wreck an account, especially, a uh account you use on, leveraged, trading so, um, you know in terms of me and how i, approach, risk management, a obviously. Never want to put all your eggs in one, basket, or one trade there's always another trade you know, if you have a, a chart that you're. Watching, and you miss your ideal. Entry, or, it, does something and you just aren't there to make the trade. Um. Preventing, yourself from chasing, into the trade, after you've missed your ideal, entry is so important. Um, as and the more i trade the more i become more conservative, i found in my trading. I. I. When you're new to trading, the um. Temptation. To. Uh. Up your, leverage. And to turn, a thousand. Make a thousand, look like 50. 000, with like a. You know. 10x, move or a 50x. Uh trade. Uh and thinking about oh my god i could make a ton of, money if bitcoin, has a huge pop there, uh but what the crypto markets tend to do, is to. Kind of screw people on both ends of the trade. You'll get your, darth maul wick that's that. Liquidates, your longs look likes for shorts. And in the end the closing, body, kind of stays, more or less where it was and that's what we continue to see. Uh in this bitcoin, market, so. Um, preserving. Capital. Risk, management. Uh, is the most important, thing because i think the, term. Rect. Is is thrown around a lot these days because people, get wrecked, very easily. And the volatility. In these markets especially in all coins. Can come so quick, and if you don't have a stop loss in, if you're not protecting, your capital, and if you're not protecting your winners you know it's okay to take a win, i think people when they're up in a trade. Um, and they're not used to being up in a trade don't know, what to do they're thinking they hit the, generational. Entry if you will. And they're kind of just let it ride. And, those are never that they just never work out that way you know that's why i look at trading, at terms of you know scalping, and swing trading.
And Each trade, individually. I'll take a lot of trades, and try and make a few bucks on each trade, ah we're gonna kick this one off with on, uh mr bollinger. Uh and i'm gonna get very specific. Uh we're gonna get right to the meat, uh what are, your favorite. Technical, analysis. Tools, but i'm gonna. Remove the obvious. Stuff, uh so, uh no candlestick, patterns, uh no chart patterns, like triangles, or cups and handles, no moving averages. So we're talking, straight, up ta tools. Uh, name three. One of them can be an overlay. Like bollinger, bands, or ichimoku. Clouds. Or, uh you know parabolic, stars something overlays, on the price. And two of them, oscillators. Your macd, your rsi, your adx. You know have at it so what are your favorite. Uh ta tools that aren't obvious that everyone else uses. So this is what we call a fat pitch huh. It's obvious, for me it's bollinger, bands, um. As the overlay, and then the two indicators, that i would use as oscillators. Are percent, b which tells us where we are in relation to the bollinger, bands and bandwidth. Which tells us how wide the bollinger, bands are. Um, but, you know, having said that they're they're, in, especially. In the crypto space there are a ton, of other. Ta tools that work, really. Well. Um. We talked here about a. Bit about moving averages. And such, they can provide some useful information. The classic. Um overbought, oversold. Oscillators, such as rsi, and stochastics. Are are quite useful. And i, really, like, inter-market. Analysis. In the crypto, space. So, i i don't look at the the the tiny illiquid, coins, um i do, um. Um, i do watch an index, of them, um. That um. Perp um, index. Uh i find that that pretty useful. But i, look at the um. I look at the other major, coins where there's a lot of activity. Ether, and litecoin. Stuff like that, um, and i think um that goes that work goes back all the way to bill o'hama. Um writing so long ago he called it his 3d, method of of trading is just, look at related, things and see if they're, if they're confirming, your analysis. And i find that very very useful in the crypto space. All right thank you john, charlie let's go over to you, okay so very briefly i do use moving averages so i've taken quickly taken those off, as you said they're not allowed. But as you can see on the chart here i've taken some moving averages off but, um i've got i use a macd. Um i like using an macd, indicator, for, um divergences. I find that works really well against support or resistance. Um so that's a favorite of mine, and, just. Price action. And trend lines, and um horizontal. Support and resistance. Literally, just putting on, those horizontal, support and resistance, this is a chart of only enough euro dollar i know we're talking bitcoin, but i've just bought this one up because i think this has been a beautiful, pattern, for such a long time, this building. Uh long term trend line going all the way back to 2001. If i actually put this onto a, maybe a quarterly, chart you to see it a little bit easier, here, there we go, all the way back to 2000. This beautiful long-term, trend line that we keep on coming back down and bouncing around that's what we're bouncing off at the moment, then we've got this declining, trend line from the, the heiser 2008. Nine, and so. Um that's a, to me is beautiful. Chart, there and that's why i've been observing that we've got a couple of horizontal. Um, areas, of um, actually the first red line here, um that, that first red line going back to 2015. That around two. One. 114. On euro dollar, has been kept on coming back up to test it and i love it when price comes up to a, resistance, level or a support level, and keeps on bouncing, again, against, it because. At some point it's probably going to break through as you know under technical analysis rules so. Um, basics, really, price action, um. Horizontal, support and resistance, and trend lines. And a macd, there you go that's what i use. Show us more about you what are your favorite. Uh technical analysis, tools other than uh, uh so one overlay, and two oscillators. So um i try and find what are the best, rr. Setups, for me you know best risk, rewards, so i'm, not. Kissing up here but, the bollinger. Bands are a big part of my. Ta, i do like to use them i have, rules, for how the price action responds, on let's say the one hour chart. Uh, the six hour chart in the daily, chart, i'm very curious, in terms about the higher time frames as well in terms of my oscillators. I really like to use the rsi, and the stochastic, rsi. Um, i, uh adjust, my rsi, and stokes. Setting slightly higher, the default for the rsi, is, 70, 30 i go 80 20, and then the solve for the stochastic, is is 80 20. i go 90 10, and basically what that means for me is when the stochastic, rsi. Uh when. Both of our indicators, are swimming above 90. Or below, 10. Those are. Times when i'm saying okay is this an opportunity, to long or too short, i do not long.
When The 15, minute rsi, and stochastic, rsi. Are above, these, you know lines. Uh and i would consider a short or i i consider, a long and would never short, if they're on the lower end of the oscillator, spectrum. And that just gives me a sense of where we are in the overall, uh, kind of wave pattern. And where i can have my my best chance to trade, when these oscillators, are kind of in the middle. For me that's kind of no man's land and i don't see the clear signal. Uh to potentially. Take a trade so i'm looking for extremes. In those oscillators. Mostly on lower time frames because i'm more of a scalper. And then try and take advantage. Of those and those kind of offer me my best rr. I was just going to rad out she was just interested, in the, overbought, stochastics. Rsi, i mean i the one, just interesting, just because, for me, i'll i'll look at a chart like that if i put those indicate, types of indicators, on, if i see them overboard. We all know that markets can remain overbought for longer than you you think so is there another trigger that you'll use, because, sometimes, you'll get your rsa, or your stochastic, or get up there and it will sort of just wiggle along the top and as the market just trends. So do you use anything else to actually, help you, to decide, that actually this is coming off, and it's not actually just a strong trend. So these rules work best for me in a 5 and a 15, minute time frame. I absolutely, agree with you especially in bitcoin, that on the higher time frames. Daily. Weekly especially. You can have. Oscillators. Pegged. Way high. And that doesn't necessarily, mean, it's overbought. Therefore, i must sell. We saw clearly, with the, weekly, stochastic, rsi, that it was pegged at almost 100. For. Weeks basically. During the big. Run of 2019. And a very frothy, rsi. As well so. You're absolutely right that a market can range, and still rise, while these uh, oscillators. Are at their peaks. But that's why i, only use these specifically. For the very lower time frames. Because i'm not, looking for a trend, change, i'm looking for an opportunity. Of. Of a scalp trade, hey guys so let's move on to this dynamic, between fundamental, training and technical, analysis. So technical analysis. Is basically, a new tool, and, uh the millennials, and the new generation, is falling more and more in love with it but the uh but how much are the, big institutional, markets, uh are taking a ta. Seriously. And uh do you think that the amount of people. That are investing. In general. Uh is rising, uh for the, uh, more towards the ta, side, because institutionals. Are still all about fundamental, analysis. And what do you think that dynamic, is and do you think an at-home. Retail, trader. Even has a chance. To compete. In the fundamental, analysis, game because i honestly, don't think he does but i'm curious about your thoughts, yeah the the fa, part of bitcoin, is really fascinating. It kind of there's a there's so much more. Than. Than ta. That is available, to, analyze. Uh with bitcoin, you know on chain. Volume. And other indicators. Minor. Profitability. All these things that you don't necessarily. See on your bitcoin, chart, but have a can have a tremendous, impact in the price action or determining, what the future price action can be. Um i think a lot of altcoins, tend to drive on news events. Uh potential, partnerships.
With Uh. Bigger. Companies. Or, something that tend to kind of, move the price action, sometimes more than the actual. Uh chart is suggesting. So, um, fa does play a big role in this and i think, what i'm trying to do is enhance, my fa side, you know i feel like i'm pretty strong on the ta side, but in terms of the fa sign when it comes to bitcoin, there's a tremendous amount that you can study. That can, give you. A, lot more insight and data i think than the ta side can. Necessarily. Show you. Uh and charlie what do you think about the fundamental, analysis, versus. Ta, analysis. And uh what do you think about people, tend to confuse. News events that they hear, with fundamental, analysis, because i always love to separate, the two. Well yeah i mean um i think it comes down to our, innate. Human, nature. We need. To understand. Why something, happened, and fundamental, analysis, sort of helps our. That, that. Inner, desire, for people to be able to justify. Why some things happen one of the biggest questions i always get from traders, is, charlie why did the s p do this or why did bitcoin, do that and there has to be a reasoning, and, a sort of a fundamental. Reasoning as to why bitcoin, breakout, broke out last week, and or beginning of this week and i, i usually just say to them yeah there was more buyers and sellers you know, but um. But. Coming back to your point as well about. Um. Fund managers. And, what the, and this snobbery. Sort of element, to. Or where we don't use, technical analysis, and yet you look at some of the greatest traders. You know of all time and. Um. You know i always go back to the likes of market wizards and you look at paul tudor jones and ed sakota, and. Dennis and, some of these, famous, traders, they used a lot of technical analysis, in their approach. So. And i think for. Um. Certainly for the average. Retail, trader, who, is. Probably trading over a shorter. Time frame. Then, market sentiment. Is more important, in the shorter term, than fundamentals. In my view. So, and you can derive, market sentiment, from, the charts a lot of the time and from obviously sentiment measures, themselves, so, i think for the big, players the big funds, then fundamentals. Are important because they're trying to understand, those macro, trends, which are important to the time, horizon, that they're looking at but a trader who's looking to be in today, and be out next week i don't think it's as much. Personally i don't think it's as important. There's a the point to making, charlie's, idea, there, is that, you know there are no people that do not use technical, analysis.
It Doesn't exist, there are no pure fundamentalists. They just simply don't exist, you show me a fundamentalist. That has never looked at a chart, and i will show you a pure fundamentalist. But they all look at charts. Right. So it's it's really important point they're all practicing, rational, analysis. They're all using technical, analysis, they're just not admitting. So here comes a tough one to put you guys on the spot. Um if technical, analysis. Is uh so great. Uh how come, uh people aren't, rich, and super rich and everyone is so successful. Uh trading. And why is it difficult, i have my answer but you guys are a panelist. Why is it so difficult. To wrap your best technical, analysis. Thinking. Into, a script. That automatically. Trades your market, profitably. Perpetually. Uh, what is the, uh what is holding that up so uh, uh i guess you know let's start with showing us on this one. Yeah it's understanding. How to trade a specific, time frame, you know if you're, using. Ta. Based on a one hour or a four hour. Uh, it feels like it's very important, to have a, sense of that particular trade that's for for me, would be, more of a swing trade. I would expect to be in this trade, uh for, hours, a day, maybe. Several days because i'm on that higher time frame, if i'm on a lower time frame of five or 15. I'm looking for a scalp trade i don't expect to be in this trade more than, ten minutes to a half hour probably max. Um, or else i probably didn't have like the the the the best entry in it, uh it's a great question because, we we have these, tools, that. Are supposed to. Show us the way. Either here's a buy signal or sell signal, but the markets don't necessarily. Then, trend in in one direction, like straight up or straight down, along the way you get your, your, troughs. Wicks stop outs, uh, throughout it so even though you can have the best ta, and really trust your tools. Uh then you have the the, the. Forces, of other traders. Uh. Bought trading. Uh the exchanges, themselves. And, it's. It behooves, the exchanges. To get you out of your, position. You know so, you're kind of fighting against all these things, uphill, so. I trust my ta, but you have to understand, how to use it in the context. Of the time frame you're actually applying it to. Uh, charlie let's go over to you and we'll save john for last on this one. I'm gonna i'm gonna pick up on the first element of your question which is, why, a technical, analyst, not, not rich or whatever it was you said something about the rituals. Some of them are some of them are but there's an expectation. That, if i learn technical analysis. I will be a gazillionaire. And there's reality. Somewhere in the middle between those two.
Yeah Yeah, well certainly the average retail trader the problem they have is they have a very short time horizon, they think that they can read a book and then become as you said a gazillionaire. And they forget about this whole thing called volume, in the market, and that they think that if i just carry on compounding. At, 10 percent a month and i've started off with my 10 000 pounds. Or 10 000, account then, yeah i'll be worth trillions, in a few years time it doesn't quite work that way but, um. The other, thing with with most, um, technicians. Well, as you, said there. Um. The good guys. Um, either, just carry on just trading their own money or actually become money managers, and so the very wealthiest, people traders, out there, are money managers, just mention any any name, and um, john i'm sure you've been a money manager. And maybe you still are sorry, yeah, so. The wealthiest, guys tend to manage other people's money because it's the easiest way to, um, to, trade. Very large sums, and to derive. Uh, performance, fees on the back of. That. I i would say that the. The the reason for lack of. Success, uh, whether it's. Huge success or just success, period. There are two reasons. Um first of all um, discipline. Black, specifically, a lack thereof. And emotions, which cause, a lack of discipline. Um. Though, that's, the big problem, um for traders. And then, you know if you want to, have one more, um, piece in in that puzzle. Um. Leverage. Leverage. Kills. It just does. Every time, you look at every, major. Financial. Problem, and it, the bottom line, was leverage. Every. Single. Time so the overuse of leverage. Allowing, emotions, to rule your process and lack of discipline. Those are the reasons, that people don't get wealthy, or. Even rich or. Do well or lose all their money. All right i have a follow-up, question, uh to money management, but we have a good question from the audience. Uh, that uh fits into exactly what we're talking about, are bots. Better, than humans. In at trading. Are emotional. Trades. Uh, a good thing for market, volatility. So what are your thoughts, on, uh putting your ideas, into a bot, uh versus. Uh, have uh, doing it yourself, like, like or does it depend on the person. Bots are fine, they they, they work perfectly, well, um, as long as the remarket. As long as the market, remains kind, when the market turns wicked, the bot dies. Um, that's just it and if you're, if you're fast enough to turn it off, um, and, and pick another, approach or another bot then, you know you can be successful, at that but, bots, only, matt, tra are able to trade the markets that they're matched to and and markets, evolve and change all the time so, there you go.
And, How do bots affect, technical analysis, do you guys think guys charlie go ahead feel very, answer both questions. Yeah i mean i'm i've never been a fan, of, of bots you know you look at um. The institutions. They have, very very deep pockets for developing, all sorts of elaborate, quantitative. Systems. Um, and yet, you get your average, retail, trader, who want to develop a bot, um, and have it scalping, all day long and the problem is with very short time frames. Is that there's always going to end up being execution, errors at some point even with a with a system. So my view is that yes they are useful. But as a as a supporting. Tool to the trader. So, they can be a great support, tool, from, um from a back from a testing perspective. And from an alert perspective. But the trader, still uses their skills, to then take the signal. And decide. Whether. That signal, is a good signal or not, much like any discretionary. Trader, anyone, here. Who, we are all looking at the charts. I'm a top-down, trader i use the higher time frames and go down to the smaller time frames, and, so, and, and you can make that, that, decision. Based on your experience, as a trader. But if you're just letting a robot, just trade, it's not really going to be able to do all of that and. As you said they, they can come and go very easily, with the market environment. When that changes, just like what we saw back in february march this, year. And so. I i i'm. I'm more pro. Full automated. Bots if they are trading off of higher time frames, um. Than if they're getting caught up trying to, scout all day long which i think are much more dangerous, in my view, uh so this is my, last question to you guys, and uh. You know what let's kick it off with uh with you john, uh if you can go, back in time. And give, a young, you. Uh, you know some advice. About, technical, analysis. Uh what would it be and at what point in your life. Um. It would be to get, much more serious about technical, analysis. Much, sooner. Um. And. Um. To pay, a lot, of attention, to the classics, those books that were written 50 60 80 years ago. Um, by the likes of wykoff, and drew, and. Edwards and mcgee. That that would be me. Uh, charlie how about you. Uh to my young self. I would say. Focus. Um one of the, the one thing that i did, and like most traders do in the early years and, is i was a searcher. Like, so many people are, and i went from system to system, from indicator, to indicator. And, never really got anywhere and the late mark douglas, um i met him. Maybe 20 years ago and i remember him saying to me, if you locked yourself, in a tree in a in a prison cell, for six months, and i just gave you a 10 period moving average i bet you after. Six months, you'd be able to make money because that's all you had, the problem we all have nowadays, is so much choice. That we, we just jump around, too much so, if i could go back to my former self then i'd say focus, on a few things. And get really good at those. Uh charles how about you. Uh knowing when to take a win, has been one of my, uh things i've been. Battling with as a trader for a while. When you're in a winning trade. Protecting, that is so important, i can't tell you how many times when as a young trader. I was in a winning trade that became a losing trade very quickly.
Because I just didn't want to take the win. I wanted higher, i wanted more. And, in waiting, and not selling, it it just. Costs a lot of money, and, real quick uh you know scaling, into trades, you never. Will hit the nut bottom or the top, but, if you don't scale in if you put all your eggs in one initial, entry. You don't have the leeway. To, dollar. Cost, into that trade, more effectively. So. Nibble into a trade nibble into a, position, and you'll have more. Options, on uh how you can trade it. Once again, we had a big jonas. Uh charlie burton, and the one and only john bollinger, thank you so much guys for joining this coin telegraph. Training. Experience. Uh. It's been awesome thank you guys. Thank you, thank you. Coin telegraph. Like subscribe, and. Hodl. You.
2020-09-01 03:06
