Mike Tyson on Plans, what it says about trading Bitcoin

hey guys how are you it's been a while since I posted a motoring vlog to the community for the market sniper Channel so we've got a bit of a trading situation that's quite interesting we've had quite a ascending bottom breakout on Bitcoin and that then started to form a wedge a rising wedge it was going higher and higher and subsequently overnight it even went a little bit melt up which is the classic pop out the top so in a where'd you get three kinds of things that happen a rising wage this is why they technically not reliable for trading directionally they can sometimes just melt up and run in other words a rising which can sometimes just go up instead of the expected expected collapse or fall or sell-off it can do what's expected and do the traditional technical at analysis view of a spy down after squeezing squeezing and rising up and then option three which it often does in a practical sense but no textbook ever seems to mention except the HVF methodology you get a pop out at the top you keep squeezing you keep squeezing people are disparate to get in it keeps going higher and validating them then everyone goes into a fear of missing out all the last weekend's that have been watching it and wishing they were in early andand arrived late to the party and give it a pop out the top this then leaves very little money on the table or the sidelines to come in short term money they may well be longer to money you get yourself but that's what's happened with Bitcoin quite a big settle proper spike down and then everyone panics as my favorite philosopher in chief the great Iron Mike Tyson once said they all ever planned when asked he was asked about Bonecrusher Smith who said yeah Bonecrusher Smith the journalist has got a special plan for you Mike you know he's worked her out he's got a special plan Mike Tyson famously responded they all ever plan and then I hit them the concept behind that is many people in trading have a process or methodology that they likely adhering to and then some nasty effects start to take place and the plan just goes out the window and it's panic fear and emotional reactions and just survival and you you're either going to end up in a ring with Mike Tyson or you got to start adhering to your process and your methodology what do you do with a Bitcoin on the sell-off nothing it was signaled its price behavior it was probably going to have a sell off it could have melted up as well but it didn't give you that you earn your money by the things you do and don't do and the quality of the decisions you make that's trading you don't earn your money by lugging cement bags you don't own your money by having of stuff back every night for carrying them doing manual labor and other things you think it's the Big Easy it's a mental challenge it's a challenge so how good you are in sticking and adhering to your methodology and accepting outcome even when that means that a stop run so a stop could be run on Bitcoin and that set up as failed and that's just the probability of outcome game and trading is exactly that and now a game of outcomes for which you have no control over the outcome you only have control over how you elect to react to the outcome and this is the mindset aspect you've got to decide what kind of guy you are are you going to be panicking and running if you've gotten too big and you're watching that P&L and it's got emotional you're not adhering to your money management standards more likely that you're going to be panicked and running out of your methodology simple as that you've turned up the volume too loud and now the ears are aching you got to pull the plug so you've got to you've got to always stick consistent feature of money management's the set of rules so that it never gets too emotional and at the same time you got to stick to the methodology and if you don't have sufficient a methodology you need to develop one and you need a real edge and you need to understand that you have a real edge and you need to have tested that edge and you probably want it many years in different markets to be tested in other words it should be agnostic if it's a technical game that you play unfortunately just about everybody strategies that I see don't actually long-run provide edges and that's why we have the HVF method it's taken me 26 years to get to this point and most don't get there not that I'm special others have found ways it's not the only way to trade it's not the only way to make money but that needs to be a way that it's emotionally comfortable for you to stick to far better than a brilliant an absolute brilliant trading strategy is a good one that is one that you are capable of adhering to a brilliant one that makes an unbelievable amount of money but has a 70% drawdown and every time you would have panicked and sold it's no good it's no good at all what you need is a good method that you're capable of a hearing – in other words the emotional journey it gives you is such that you can bite your bottom lip and hold on and if you can't even on a good strategy that isn't over testing you on things like drawdown and how it works a number of windows a number of losers you either need to work at yourself and become more emotionally robust which is a mental and emotional development all you need to find a methodology that is even less testing my personal experience in teaching and delivering the HVF method is it's the most emotionally comfortable method that most people can adhere to the reasons are the following our stops are very tight so we quickly wronged and taken out when we in accuracy when the mark the actual setup triggers we are properly and brutally taken away from our stop levels and the trade moves quite quickly into a strong profit and generally remains there if it performs to target that is an emotionally comfortable journey something that puts you in and out of profits half the time and then dips back in and for which there is no substantial move away from your risk management point is not going to be emotionally comfortable something that has a high level of drawdown is not going to generally be emotionally comfortable something that gives you an a shedload of losers in a row before you eventually get one home run it's not going to be emotionally comfortable and if you don't go through all the losers and take every single trade and get grinded down you won't take the one that pays for the rest hvf method is none of these things and emotions in the psychology and your ability to understand and implement needs to be there and your robustness to the system needs to be there in this Bitcoin straight away win the cells everyone what do i do what do I do you don't do anything you need to know when the decision is no decision you read here to principle you watch it fall it hasn't run your stop level you're not going to be shaken out you sit and you relax and you leave the screens over watching over fascination that amplifies your emotional elements and eventually gets your tinkering and that's the key so a couple of thoughts for you there with Bitcoin courtesy of Iron Mike Tyson you've either got to have a plan and make damn sure it's got an edge and you can stick to it otherwise Big Mike is going to beat you up and you're going to be emotionally responding and running in fear anyway nice to check in with you guys and speak again soon those that want to find out more get in touch on the market sniper comm slash contact us have a chat to see if crypto trading and even FX trading or any form of trading is suitable for you and see what we've been able to achieve for others and if not just enjoy the clip if you liked it share and give it a thumbs up but if you don't don't speak to y'all soon enjoy your weekends

11 thoughts on “Mike Tyson on Plans, what it says about trading Bitcoin”

  1. Ya I know Francis doesn't think day trading bitcoin is the best idea. But hey if you are ever bored and wanna try something new check out https://whaleclub.co/join/EvjQ5 I feel like it's more enjoyable then Evolve and Bitmex

  2. Very inspirational as ever – Can anyone tell me where I'm going to find the best crypto charts with all the bells and whistles?

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