Trying to identify crucial levels for a bounce. I do not know where the bottom is and I am not trying to guess it either. I am however trying to identify potential areas that could give the market a push up and take it from there. Trade 1 level at a time and see what the market gives us.
I do not see how this can be a reversal point as the issues that drove the market down, are still in play and with potential for more downside in the near future. The direction of the trend is downwards. Will need to see a change of market structure to confirm a reversal.
Take it one level at a time and identify support and resistance. Trade those levels until it breaks to the upside or downside. There is no need for any kind of FOMO. It is ok to miss a trade and I would prefer that to losing money. You do not have to trade everyday. Only if one presents itself.
Capital Conservation is the most important factor in this market.
DO NOT listen to the twitter crews that always scream bullish. Listen to real traders and analysts. Many out there that do free market analysis. You do not need to pay 1000s for courses or indicators. Everything you need is out there for free. If anyone needs material on charting, message me and I will be happy to share what I have with you.
Very volatile market so capital preservation is the primary goal here.
Take small profits and compound it.
Find strong areas of support and resistance and trade accordingly.
Trade the range and not the news.
Inflation is high and so there should be no surprise each time to FED speaks, but there always seems to be some emotional sell off or pump each time. So watch out for those.
The biggest transfer of wealth of our times is happening at the moment, so make sure you fall on the right side.
Do not over complicate things. Stick to your levels and do not fall for "pumpamentals"
Remember this: YOU DO NOT NEED TO FIND THE EXACT BOTTOM OR TOP. Just need to find a good entry to take some money out of the market each time.
As a great trader once told me, when everything is bullish , look for a reason to be bearish (and vice versa) and you will never get surprised. Heard mentality will get you crushed in this market, so do not blindly follow any signals. Help yourself by learning some charting. Simply learning to identify support and resistance will save you some money. Take it one step at a time and you will get there. There will always be a new indicator or magical new tool that will promise the world. Remember this, most indicators are reactive tools and will give you a signal once a significant part of the move is already done for. Everything you need to trade can be found on tradingview and they are available for free. Many of your fellow traders have worked hard and have made many of their tools available to you for free. You do not need to spend 1000s to buy an indicator that will give you your dreams.
If this is your first bear market experience, hold steady and preserve your capital at all cost. Do not guess the bottom or short the bottom. When you make it to the other side of this market, it will change your life. You would have learnt a lot of things that will help you understand the market and will help you make better financial decisions in the future.
Final note. Everyone makes money in the market, but only a few manage to keep it. Be one of the few and not the many.
Good Luck with your trades and lets try to find ways to help each other to find a life of financial freedom.
I do not see how this can be a reversal point as the issues that drove the market down, are still in play and with potential for more downside in the near future. The direction of the trend is downwards. Will need to see a change of market structure to confirm a reversal.
Take it one level at a time and identify support and resistance. Trade those levels until it breaks to the upside or downside. There is no need for any kind of FOMO. It is ok to miss a trade and I would prefer that to losing money. You do not have to trade everyday. Only if one presents itself.
Capital Conservation is the most important factor in this market.
DO NOT listen to the twitter crews that always scream bullish. Listen to real traders and analysts. Many out there that do free market analysis. You do not need to pay 1000s for courses or indicators. Everything you need is out there for free. If anyone needs material on charting, message me and I will be happy to share what I have with you.
Very volatile market so capital preservation is the primary goal here.
Take small profits and compound it.
Find strong areas of support and resistance and trade accordingly.
Trade the range and not the news.
Inflation is high and so there should be no surprise each time to FED speaks, but there always seems to be some emotional sell off or pump each time. So watch out for those.
The biggest transfer of wealth of our times is happening at the moment, so make sure you fall on the right side.
Do not over complicate things. Stick to your levels and do not fall for "pumpamentals"
Remember this: YOU DO NOT NEED TO FIND THE EXACT BOTTOM OR TOP. Just need to find a good entry to take some money out of the market each time.
As a great trader once told me, when everything is bullish , look for a reason to be bearish (and vice versa) and you will never get surprised. Heard mentality will get you crushed in this market, so do not blindly follow any signals. Help yourself by learning some charting. Simply learning to identify support and resistance will save you some money. Take it one step at a time and you will get there. There will always be a new indicator or magical new tool that will promise the world. Remember this, most indicators are reactive tools and will give you a signal once a significant part of the move is already done for. Everything you need to trade can be found on tradingview and they are available for free. Many of your fellow traders have worked hard and have made many of their tools available to you for free. You do not need to spend 1000s to buy an indicator that will give you your dreams.
If this is your first bear market experience, hold steady and preserve your capital at all cost. Do not guess the bottom or short the bottom. When you make it to the other side of this market, it will change your life. You would have learnt a lot of things that will help you understand the market and will help you make better financial decisions in the future.
Final note. Everyone makes money in the market, but only a few manage to keep it. Be one of the few and not the many.
Good Luck with your trades and lets try to find ways to help each other to find a life of financial freedom.