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- TSP#24: Screen time
cMarco Johanning
Hello everyone!
Welcome to edition #24 of my newsletter! Every Saturday I’ll be sending out a quick newsletter on how to master crypto.
Today, I focus on screentime.
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Experience and Intuition
Screen time is one of the most important aspects on the path to profitable trading.
Of course, patterns, indicators, and market psychology form the foundation upon which all our decisions are based.
However, technical analysis should take place before trading, including objectives, key areas, stops, etc. When the price reaches a key area, it should already be clear what to do if X happens, or Y, or Z.
To be able to detect these scenarios early, whether the resistance will break, if it's going to be a bounce, or if the price is consolidating at the resistance, screen time is indispensable.
A 5-minute candle provides a certain level of information, but if you’ve watched it form, seen how many times the price was pulled back and forth, then you can observe how the bulls are fighting the bears and gain a completely different understanding of what's happening.
Over time, experience and intuition develops that is invaluable.
Of course, objectivity is needed. And data and facts and as little emotion as possible.
But when your analysis is sound, and your objectives are clear based on objective data, and you’re at the screen at the critical moment, and then, based on experience, you know what's happening and whether you want to pull the trigger or not, it doesn't get any better than that.
Action List
Instead of having multiple different trades open, it makes sense to take one coin and study it as thoroughly as possible.
Let's just take Bitcoin. Why? When Bitcoin pumps, most other cryptos tend to pump as well. With altcoins, it can quickly happen that you've done a great analysis, everything points to a short, and then Bitcoin pumps and disrupts your plans.
Spend as much time trading as possible.
Just do it. Observe the candle for half an hour and do nothing else. Or watch a coin for three hours while reading or browsing the internet on the side, but stick with that one coin and observe the changes over that time period. Then, the next day, come back to the same coin and continue.
Schedule your active trading times in the morning.
Why? You have a backpack full of decision-making power for each day. If it's empty during the day, it's empty, and even small things strain us. It's called decision fatigue.
That's why scheduling the day in advance is so important. Some successful people even wear the same clothes every day for this reason.
What does that mean for trading? If you mainly struggle with your own psychology, try to shift your trading to the earlier part of the day when you're still fresh and your backpack is still full. This prevents some bad decisions!
Twitter Reads
Just play the levels and price action!
Apparently, Caroline sold FTX customers #Bitcoin to keep it under $20k.
Trying to predict where an asset will go in this industry is close to impossible with all bad actors.
What you can do is play the levels and price reactions when they are hit.
It shouldn't matter to you… twitter.com/i/web/status/1…
— Bloodgood (@bloodgoodBTC)
11:45 AM • Oct 12, 2023
Macro
While real yields are ripping like this, it's no time to be adding more risk.
Put simply. Real yields higher --> get out of risk assets. Real yields lower --> get into risk assets.
As inflation falls (like now) and rates rise, investors are getting higher 'real' returns… twitter.com/i/web/status/1…
— tedtalksmacro (@tedtalksmacro)
12:28 PM • Oct 9, 2023
More alpha in my Telegram!
How I calculate Leverage and Stops.
I've had multiple requests for this today.Just dropped a video explaining it on my Telegram!
Find the link in my linktree – it's free! twitter.com/i/web/status/1…— Marco Johanning (@themarcojo)
6:14 PM • Oct 12, 2023
With my best regards and wishes, I hope you have a wonderful weekend.
Marco Johanning
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