Position : Short
Entry Price : 26503
Take Profit : 25600
Stop Loss : 26900
Expecting Support & Resistance
Support : Around 27300
Resistance : Around 25500
Current Scenario : Overall short, expect to touch near 25500 line based on weekly chart and daily chart.
studying EmperorBTC masterclass and tried to adapt it to my real trading.
Although Emperor said that I should practice with paper trading before starting REAL trading, but I’d better paid for experience with small amount of dollars.
This is my problem I am realizing.
- Too optimisticMeans that I should cut loss but it is hard. I need to practice a lot for that.
- Too rushI am aware of that support & resistance always to be breakable, so although I calculate them but don’t trust.
However, I see that the support and resistance usually works. So, I am stick with the S&R and build my scenario and trade based on it.Here I am sharing Emperor BTC tutorial and 10 rules.
https://img1.wsimg.com/blobby/go/3145e02c-917b-4182-8cfe-7a4432e3459d/01%20EmperorBTC%20Trading%20Manual_final.pdf
I have been trading for about a decade. I have been liquidated, profitable, bankrupt several times.
Here are the RULES that you MUST follow to survive in the market long term.
Learn from history or perish. Here are my best trading lessons.
1. HOW MUCH TO INVEST.
Don’t invest at the cost of ruining your life.
Your investment should always be an almost insignificant amount. If you lose it, it should hurt a bit
but not ruin your life. Don’t go all in. EVER.
Don’t invest more than you can afford to lose.
2. TRADE SPOT. THEN FUTURES.
Practice a lot BEFORE trading.
Watch live charts, draw your levels, then paper trade.
After you’re comfortable with this, trade spot for some time and ONLY THEN move to
leverage/futures.
Using leverage without spot experience is a crime.
3. TWO SAVIOURS.
You cannot and will not survive in the long term without following the two tools of capital
preservation.
i. Stop Loss.
ii. Risk Management.
Both these tools are FAR more complicated than they sound. Read, understand and ONLY then trade.
4. DON’T BE A HERO TO FIGHT THE TREND.
Don’t try making quick trades by fighting the trend.
Use the weekly time frame and the 50 day moving average to find the trend and trade only in the
direction of the market.
5. NO GOOD ASSETS.
There are no good and bad assets. Don’t get attached to a coin or a stock. Your aim is to make profits,
to buy low and sell high.
Keep your logics, attachments and emotions away and TRADE THE CHART.
Eg. Cardano is shit but I made good money there.
6. EXIT AT THE FIRST SIGHT OF BEARISHNESS.
Don’t pray for a trade to go right. Don’t hope.
Your aim is to leave the market ASAP. Once the trade goes the opposite direction, don’t give control
to the market and keep hoping.
EXIT. Start afresh.
Cut your losses. Keep them small.
7. PLAN.
Don’t trade if you don’t have a planned entry, exit and invalidation point. Listening to opinions of
others will always get you rekt. Don’t even listen to me.
YOU have to plan your entry, position size and invalidation points.
8. IT’S SIMPLE YET MOST DIFFICULT.
Trading is easy, you don’t need complicated tools and 5 monitors. My mentor still trades with S/R
lines & volume, on his laptop.
The catch is, you need a plan.
-Manage position size.
-Pre-determined entries.
-Exit on invalidation.
-Cut losses.
9. TRADE MORE.
When learning, trade a lot. A LOT.
Trade with the trend, as many times a possible.
Your methods need real market testing. Trade more, let the market give you feedback, as much as
possible.
The only way to get better at free-throws is to keep practicing.
10. LEARN. LEARN. LEARN.
Trading is the most rewarding profession, ever.
You can’t expect it to be easy.
Journalise all trade. Take notes and keep learning.
I have made tutorials for all topics here. It works. It’s free.