Bitcoin Price Watch: Patience is King

Sometimes, oftentimes even, trading financial instruments can be very boring. There’s an old saying that goes something like this: more money is made by knowing when to stay out of the markets than when to get in, and throughout all my trading history, I’ve come to believe this statement is key to a profitable trading career. Overtrading is a sure fire way to quickly lose money in the financial markets, especially on the intraday charts – we’ve got to let the markets tell us when to enter, and only enter when certain factors come together to form a signal, with these factors defined as a strategy. It sounds simple on paper, but in practice it really isn’t. Staring at intraday charts when they are going nowhere can become tedious very quickly, and it’s often tempting to jump in on the assumption that price will behave how you expect it to and form a signal after you have already entered, or to disregard a factor altogether and enter in its absence. Most of the time, this sort of action results in losses, but psychologically the temptation is tough to overcome. That’s why you’ll see psychology form a mainstay of the majority

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