Topic Progress:

Controlling Emotions

One of the hardest parts of trading is sitting on your hands and doing nothing. It’s called “the wait trade.” The majority of full-time traders, according to many research sources, spend more time on the sidelines not trading than they do in positions. In the case of intraday trading, forcing trades may mean entering a trade too soon, prior to chart confirmation, or well before the parameters established for the trade have been met. This often arises out of the, feeling of “needing to be doing something.” It may mean chasing trades up or down if several entries are narrowly missed, only to see the trade turn against you. There are times when it is simply best to sit on the sidelines, and wait for the best opportunities to come to you.

Forcing trades may also mean selling too soon over and over, which results in not maximizing your profits. As a Crypto Target Trader, you may spend a whole day to several days accumulating positions without ever closing a trade. As your targets are gradually hit, you can lock in your profits and suddenly realize a very nice percentage return over that period of time. Try to avoid feeling the pressure of making sure you take some profit every day. Even when you take one trade and scale in and out, it is still just one trading opportunity.If you’ve established a trading plan for a currency, then let the trade come to you. Never force your way into a trade simply for the sake of trading. If you miss a few, so be it. Simply look for the next trading opportunity. There are plenty of currencies and a 24-hour a day market, so there will be plenty of future opportunities. The trade you miss is not the last trade in the Crypto. Forcing trades, however, can lead to sloppy trading, which usually ends in losses.

Matrix Room Recording from September 26th, 2019 where Scott talks about forcing trades

TIMESTAMPS
0:01:37 *Introduction
0:02:11 *AMB/BTC
0:02:57 *WABI/BTC
0:03:41 *WAN/BTC
0:04:42 *MCO/BTC
0:06:21 *MDA/BTC
0:06:58 *MFT/BTC
0:07:48 *MTH/BTC
0:08:49 *SNGLS/BTC
0:09:15 *TRX/BTC
0:09:32 *XLM/BTC
0:09:59 *XRP/BTC
0:10:42 *OCEAN/BTC
0:11:58 *NANO/BTC
0:12:24 *LTC/USD
0:13:33 *CND/BTC
0:16:16 *BTC/USD
0:35:42 *BNB/BTC
0:36:25 *FCT/BTC
0:37:12 *ETH/USD
0:38:37 *LTC/USD
0:40:55 *BTC/USD
0:50:04 *LOOM/BTC
1:02:11 *ZRX/BTC
1:05:27 *ZRX/USD
1:07:08 *ZRX/BTC
1:09:30 *ZRX/USD
1:11:11 *IOTA/BTC
1:15:38 *KNC/BTC
1:16:49 *END

The Matrix Room Recording from October 1st, 2019 where Scott talks more about Pattern Breaks.

TIMESTAMPS
0:01:53 *INTRODUCTION
0:02:03 *ATOM/BTC
0:05:27 *FLO/BTC
0:07:00 *IOTA/BTC
0:10:26 *LINK/BTC
0:12:10 *MATIC/BTC
0:12:54 *THETA/BTC
0:13:38 *WAN/BTC
0:14:45 *WABI/BTC
0:16:16 *MDA/BTC
0:22:44 *VIBE/BTC
0:28:37 *VIBE/BTC & MDA/BTC
0:45:38 *RCN/BTC
0:46:37 *VIBE/BTC
0:47:55 *BTC/USD
0:58:26 *ETH/USD
1:05:19 *KEY/BTC
1:05:39 *LTC/USD
1:18:47 *END

Matrix Room recording from October 22nd, 2019.Timestamps:

TIMESTAMPS
0:02:12 *INTRODUCTION
0:03:08 *REN/BTC
0:14:43 *LINK/USD
0:15:56 *LINK/BTC
0:16:55 *BAT/BTC
0:19:01 *BNB/BTC
0:30:16 *BRD/BTC
0:32:11 *CMT/BTC
0:34:14 *CND/BTC
0:34:56 *DRGN/BTC
0:44:43 *ENJ/BTC
0:45:47 *EOS/USD
0:46:42 *ETH/BTC
0:50:01 *ETH/USD
0:51:38 *ETH/BTC SHORTS
0:52:41 *GO/BTC
0:55:26 *GVT/BTC (In-depth Analysis / Forcing Trades)
1:18:17 *LCC/BTC
1:19:25 *RCN/BTC
1:20:10 *WABI/BTC
1:21:00 *WPR/BTC
1:21:36 *END