Alpha Mail #015 - Beegsmokey
Price action in crypto markets has been pretty scammy over the last few weeks. We've seen multiple fakeouts in both directions. For those brave or bored enough to trade it, it's been easy to get chopped up.
As a trader, it's important to have a sense of when conditions suit you and when they don't. Be clear when you do and do not want exposure to the market - something this week's interviewee Smokey really drives home in his interview.
Enjoy!
VA
INTERVIEW: BEEGSMOKEY
Smokey reveals his biggest edge, how he combines a rules-based system and discretionary trading methods, and why he writes his trading journal out by hand.
GRAPHIC #141 - BOUNCE
It doesn't have to, but it's nice when the market respects your level. It provides positive reinforcement and, importantly, removes potentially difficult decisions about cutting your position.
When there's no reaction to your level, it's tempting to 'tweak' your level or develop a narrative as to why the market is squeezing you. Ultimately, that's just cope.
I've tested my data and know that if price closes through my level, the most profitable thing for me to do is exit. Sure, sometimes it may just be a squeeze, but in the long run, it pays for me not to find out.