Master Your Tools for Maximum Profit
Master Your Tools for Maximum Profit
The never ending quest for the perfect setup.
Hello degens!
Today was the FOMC meeting and, as we already know, the markets got a huge lift with everything sitting in green:
It’s very clear that JPOW and Co. are very much interested in preserving the wealth of those that hold most of the equity; which are the super rich already:
This is why trading bitcoin (and hodling it) is a worthwhile endeavor for me because I get to trade against the volatility that bitcoin brings as money flows in and out of the hands of these upper-crust folks; the won’t mind a few thousand here and there.
Bitcoin did what she always does and she did an awkward “melt-up” which I watched live — I had a thought of longing it but it was way too dangerous a call and so I sat out.
Now I see calls for shorts and I see a few patterns if you’re feeling courageous:
As I said, something is about to happen! The question is one of direction, naturally. And until I have some stronger confirmations, I’m going to play this safe and sideline my trading for the next day (or two).
Heck, with the wins so far this week I could take the rest of the week off! I’m 25% of the way to my monthly goal and way ahead of schedule and that feels great.
So I spent my time customizing my work area in TradingView taking the time to review all of my core oscillators and making sure I have the right colorations and settings for maximum effect.
I won’t lie as TradingView was incredibly overwhelming and downright scary when I first opened it up! I had no idea what I was doing and I had no idea where to start.
To be honest I think that’s the way it should be as if you can’t get your basic trading system setup then you shouldn’t be trading in the first place because without tools like TradingView I have no idea how you wouldn’t be just throwing money away as this is the only way that you can be remotely competitive!
Consider it as some of the initial overhead and cost of becoming a trader; that is to say that you are, in fact, investing your time into mastering new skills so that you can use these skills for profit. Not a bad deal if it’s in your lane.
So, get it done! Dive in and get dirty! Besides, there is so much creativity involved in trading and you get to do it your way. Maybe you’ll change the basic night / day mode or maybe you’ll customize every single oscillator you use — doesn’t matter! Whatever works for you.
You can create individual layouts and load them when you need them. For instance, I have specific layouts for my “snipe” trade workflows and for larger “swing” trades.
I have one that focuses just on volatility and volume and a bunch that showcase other industries and indexes as well as one singular layout for technical analysis.
One step further is taking your alert game to the next level and getting customized alerts for specific moments in price action or even oscillators that you use.
I have a few connected to volume and ATR, for instance as, as well as entry and exit points around price action that matters to my analysis.
They work great on mobile too:
One of the more nuanced ways to leverage alerts is after using a specific exchange for a long time you’ll begin to notice patterns that usually indicate certain reversals or heavy incoming volatility.
This is why I think it matters, especially in the beginning of a trader’s journey, to focus on just one asset on one exchange so that you can learn the fundamentals without having to also context switch — and there’s a real cost associated with this behavior — between assets and tradeables.
My belief is that, at least in the beginning, focus can accelerate the development of mastery and the outcomes are simple more profit as you can take advantage of hard-earned nuance and trading intuition that can give you an edge that no one can teach you (or take from you).
It is important that you take time to master your toolkit(s) and workflows because in the very beginning it’ll be mechanical and difficult as most of the skills you need won’t be in-sync and you won’t have the working knowledge (yet) to profitably trade consistently.
But, if you don’t give up and you give it the necessary investment of your time then tools like TradingView can literally open you up to making as much money as you want from a market that is ready to take your order — I quite literally look at my screen now and see opportunities for profit and the more experience I have the more satoshis I can stack.
And I know that that’s what you want to do too.
To infinity & bitcoin,
— 8ɃIT