Howdy fellas, I want to do a different style of video where I’m talking about some of the trades that have just happened in our system.
I just closed a trade for 184% profit,
and taking profits at that time was a mistake.
In this video, I want to talk about that specific trade that we got the trading signal entry for AGIX back in February 3rd, and yesterday when the prices made a top formation,
I took profit
but I took profits too soon.
So in this video, I’m going to talk about how my trade was actually against my trading system.
First of all, I want to talk about the signal that got me into this trade because it’s really important for what I’ll explain at the end of this video.
Then I’m going to talk about why I did the exit at this time and why that was a mistake, why I knew it was a mistake and I did it anyway.
Then I’ll talk about what I should have done with the trade but according to our trading system.
I think it was back in early February,
⟁ the agix versus Bitcoin price made a 123 formation that was a consolidation and it gave us a trading signal, and
➜ our system bought in with a copy trading account over on bitget.
Now the trading system doesn’t give me an exit signal yet,
but yesterday I closed that trade and I took profit at about 180%.
Why I Took Profits Too Soon!
And I took that profit for two reasons that are not related to my trading plan.
First was my ego; I wanted to prove that I’m correct and take this profit so that I have the profit.
I didn’t want to lose the profit, and that’s my second biggest trading mistake and I’ll explain more about that.
I wanted impressive stats in my copy trading account over following my trading plan.
The second reason I took that trading was so that I have that in my copy trading account so that the statistics are there of the 180% profit.
Can’t go wrong when you start stacking those 180% profits in your statistics.
That’s great stuff for the copy trading account, but it was actually against my trading plan rules.
Start a Trading Journal
So if you’ve ever written a trading plan for yourself and then you did something that was opposite to your trading plan,
it’s really important to journal every step of that trade.
Get To Know Your Errors
So that the next time you come around to that, you can make the decision whether or not you’re going to do that same error at that same time.
Two Types of Errors
This is really important because there are two types of errors that you make while you are a cryptocurrency Trader.
First is the type of error that you get punished for; you lose money.
So pretty soon you stop doing those kinds of errors or you have to quit trading.
The second type of error, though, is those errors that you can make just like I had made right now that you will never know that you made an error until somebody points it out to you.
Altcoin Season Secrets – The Wave and Pullback Strategy!
And so I want to talk about stage four of the trade, and then I’m going to tell you where you can go and learn about this for free for the next seven days.
Stage four of the trade is where the price moves up, and then it comes back and consolidates, and you add on so that you are bigger on your winning trades on these few trades that really do the big move and pull back.
➤ You want to add on to those, I’m thinking, because it seems to me that we’re at the very beginning of a very large three to five-wave stage.
Elliot Waves
So Elliot wave theorists are going to be super excited about what might be coming in altcoin season right now.
And that’s because we’re coming out of an especially long Wyckoff Accumulation Pattern in the charts with the altcoins.
And so I believe everything is building up for a wave and then a pullback and then wave again.
Two Mistakes
And so it was a mistake for me to take profit on my agix trade for two different reasons.
➥ First of all, I’m being fearful when I should be greedy, and
➥ Second of all, I’m doing an extra taxable event if I want to get back into that trade and make the profits as it continues the rest of the trade up.
So it would have been better for me to sit still,
but I took that profit so that
- I have the money and
- so that my statistics are in my copy trading account.
What Is Next?
And now I’ve taken that full wad of money, I took 17, we’ll say 17, and I turned it into 52.
I took that full 52; I put it into another chart that’s making the very same pattern that AGIX was making a month ago.
And now I don’t know, of course, if this new chart is going to do the same thing that AGIX just did but cross my fingers.
Let’s see how this turns out.
And so while I’m talking about the price chart pattern for one specific coin, it’s important to that all of the altcoins move together.
And it’s better for us to, it’s less risk if we go across more coins in smaller trades and we stay into a spot position so that there’s no cost for holding the trade for a long time.
Hidden Cost of Leveraged Trading
Even if you’re doing low leverage, leverage trading Futures Trading, there’s always those ongoing costs as you hold the trade.
Where as if you get into a spot position, you can relax more because that’s how many coins you have, and it’s easier to weather through some of the difficulties.
And you’re also there for some of those coins that do the big moves that you would could never have known that they were going to go through.
Exposing Trading Industry Secrets – Are You Being Manipulated?
One of the most important perspectives is to know that the exchanges and most of the YouTube influencers, they make their money by your trading activity.
For example, I was approached by one exchange to sponsor my videos, and then I contact another Exchange that had already sponsored me, and I said how much would you sponsor me?
And they said it’s based on how much trading activity you generate.
So the more I get everybody to churn their account, the more the exchanges pay me as a sponsor.
So then it encourages me to tell you that you should be day trading and that you should be trading and taking profits and then trading again and taking profits.
Whereas I’m not sponsored by an exchange, I’m not motivated by how often you trade.
I’m motivated by the fact that you sit on those trades for a long time and you make some phenomenal profits off of these things that change your life.
This is the kind of story I want to hear, not how often you trade.
Trade Smart – Step Away from the 15-Minute Charts!
I say step away from those 15-minute charts; you should be looking at the charts 20, 30 minutes a day.
And if you’re doing more than that, then you are micromanaging your money.
And you should trade in such a way that you can relax and let your money watch the charts instead of you.
Thanks again for being here; I appreciate your audience.
Trade safe and keep those losses small.