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You are watching a very unique Bitcoin technical analysis.
It use Fibonacci ratios + support/resistance to find the best zones to enter and exit the market.
It was developed by Rick during his 8 years of Forex trading.
Here’s what to know when looking at the charts:
Blue triangles are drawn to define areas where the price will usually remains when buyers and sellers agrees on a coin value. Buying at the bottom and selling at the top is a good idea but these are not the best entries. You’ll have better odds of a successful trade when buying the breakout of that triangle.
Green and red rectangles are BUY and SELL points suggested by Rick. Bigger rectangles means better odds of a winning trade.
Green horizontal lines defines zones and I try to buy coins at the bottom of them
Targets are set where Rick thinks the bulk of the move will be done. You are probably better to close a trade there and move your money to another coin with better odds for a move up.
Tips for beginning traders:
– Trading is hard. 90% of traders never manage to be consistantly profitable.
– Greed is your enemy.
– A good trader is a good risk manager.
– Use Stop Loss and dont move them in the middle of a trade.
– The more leverage you use, the more certain you will fail.
– If you cant sleep at night, your positions are too big.
– You need to manage your emotions. Try meditation.
– You dont need to have positions open at all time.
– An average of 1% profit per week compounded will make you filthy rich.
– A good strategy is not the most important part of your success. Discipline is.
– Repeat this mantra: “I am a very good trader”
PS: Please dont use this mantra: “I am the best trader in the world!”, this one is for Rick only.
If you made money with Rick’s calls, and want to sleep well at night, simply donate 🙂
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