Blowing Out At the Bottom With a Smile

First, let me say that I closed out all my speculative long bitcoin positions with Bitmex on the low of March 18th at approximately $7,400. It was substantial. Nearly 200 btc. I closed out not because I thought it was the thing to do but solely for money management and self discipline.

Second, almost immediately after I sold out the market rallied. Substantially! Like to over $1,500 to over $9,100! Had I held on I would not only have recovered my losses but would have made out like a bandit. My average buy price was just under $8,000!

There was a time when such a bad trade was gut wrenching. Sound familiar? Well, if such an experience hits home this article should be helpful. And I speak from the viewpoint of a successful bitcoin trader. I had a very good 2017 and finished in the top ten Bitmex notional traders. Some of you may know me from past posts on Bitmex chat or the interview I did with Tone Vays in December.

The Secret To Successful Trading

The secret of successful trading is not knowledge of the fundamentals. Nor is the secret to successful trading savvy technical analysis. Nor is the secret to successful trading insider knowledge. Nor is the secret to trading timing or wave theory. All of these…