đŽ In the past 24 hours, the crypto market experienced significant liquidations, amounting to around $715 million.
Many traders are suggesting that this is the final dip and the market is poised for a rally from here. However, whether or not the market will rally isn't the most important thing. Instead, ask yourself these critical questions:
- If it rallies, how will you profit from the rally?
- How will you cut your losses if it doesnât rally?
- What signals from the charts and data confirm the rally or indicate a downturn?
- What is your risk management strategy?
- How will you adjust your positions based on market conditions?
- What is your exit strategy for both profits and losses?
The focus should be on preparation and strategy rather than speculation. Look at the charts, analyze the data, and trade based on informed decisions. Formulate a plan, act according to what the market tells you, and be ready to adjust if things donât go as expected.
âIt was never my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!"
- Jesse Livermore
This highlights the importance of patience and discipline in trading. Waiting for the right opportunity is like an insurance policy for your trades, ensuring that your decisions are based on solid analysis rather than guesswork.
Ultimately, successful trading is about making informed decisions, managing risk, and being prepared for any outcome. Use these questions to guide your strategy and ensure you're ready for whatever the market throws at you.
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