We've just had the largest hedge fund degrossing event in at least ten years as we come nto tomorrow's midterm elections. Seems like the most prudent position is looking for a setup to long rather than short.

So, this #bitcoin post seems to have triggered one bearish person in particular pretty strongly. You can find him in the comments, but he has since blocked me. That said, don't ever become so married to a particular market thesis that you feel compelled to act in such a manner. This kind of response (whether your thesis is bullish or bearish) seems to come most often, but not always, from those who have already taunted others who hold an opposing thesis. Strong opinions weakly held is what you should strive for at all times.

Honest question: if your thesis is that #Bitcoin will drop below the ~$57K swing low, what invalidates it? I haven't come across anyone with a real invalidation, which is concerning. The invalidation is more important than the downside target because most traders struggle to let go of a market opinion when it goes against them, forcing themselves into losses they never should've taken in the first place.

October came and went without a breakdown into $40K or lower, as was promised. Be sure to check on your 4-year cycle friends and make sure they're alright.

Being a profitable trader has less to do with getting homerun hits and more to do with using proper risk management and consistently locking in profits. Take this $QNT/USD trade for instance. The original setup was 6.72R, and we even had the opportunity for a second trade of 2.05R while the first was still playing out. The average retail trader will see the chart and point out that we didn't get every penny of the run, as if they could've realistically done so (hindsight is always 20/20). The seasoned professional will focus on the fact that they locked in profits on two trades for a total of 8.77R, at a risk of 1R on each trade. It isn't the single trade you're currently on that determines your success in trading. That success is determined by how you do over time. Is your average winner greater than your average loser? And are you gradually increasing your win rate over time? If you can say yes to both of those things, then time and compounding end up doing the actual work to increase your capital account size.

I was recently thinking this same thing. I’ve stuck to educating and commenting. That said, I did have someone, a few years back, accuse me of getting people into #Bitcoin just so I could dump my bags on them. << True story. Also truly sad someone understood so little about bitcoin that they thought I held so much $BTC I needed to get people to buy into it just so I could unload all those heavy bags. 😂

Most retail traders are freaking out about stocks and crypto dropping right now. The rest of us are paying attention and watching for opportunities on the charts.

That's a hell of a four hour candle printing with bullish RSI divergence at the swing low (which is the monthly S1 pivot as seen in the next chart). Don't even get me started on the volume + price action analysis. The structural clues you're looking for now are a reclaim of the wedge, followed by an impulsive breakout and close above the weekly pivot (blue pivot on H4 chart), followed by an impulsive breakout and close above the monthly pivot (blue pivot on daily chart). Breaking out and closing above the wedge resistance really brings that ~$95K target into focus. Now, let's see what price action actually does. #Bitcoin $BTC

If this area holds as support, and hopefully we will see RSI reset into oversold as it does, then that would likely print this drop a a throwunder of wedge support and we should expect to see a reversal that's off to the races (or at least ~$95K). #Bitcoin $BTC https://t.co/we9uoTLdxH

Alright, y’all, I’m considering doing a daily live stream where I host different traders, trading/investing content creators, and builders and analysts each day called The Bearded Trader Podcast. We would be discussing markets, talking about things we’ve learned throughout the years when it comes to trading and investing, and more. Is this something you would be interested in watching? If so, tag your favorite trader/content creator below and if the interest is there let’s make it happen.