I awoke to find #Litecoin down again today, back in the gutter. I #Tweeted at @DaveKranzler yesterday, "I hope these crypto's go to zero". A couple of days ago I had to make a difficult decision... After HODLing for the longest time, I had to short my positions. At that moment shorting those positions was a difficult thing to do, but in hind sight it has proven to be a good choice. The #Short may be you best friend.
Have you ever stared at the Gdax order book, watching orders come in, hoping the price would bump only to watch it drop? I have, more than I should've, but I've definitely learned about market dynamics and trading from it. Markets Never go straight up, but they do come down pretty darn fast... Which brings me to the topic of todays article, No HODL, Wizards in Alchemy, a brief two point argument as to why you should not listen to these goons on youtube.
The image above is a Litecoin chart of the past 6 months of price action. Many people bought in at the area called "buy" on the left hand side. At that time, the youtube pumpers were saying buy... It may or may not have been a good time to buy, regardless, that isn't the point here. Move to the next point titled short... If you bought where the #youttube pumpers told you to buy and followed their #DeathCult modo to #HODL, you set yourself up to lose money. However, had you known anything about trading and chart reading, you would have realized that a #BumpAndRun occurred and that was the point to short the market. Now had you shorted, you could have preserved capital and bought at a lower price, now owning the same amount of shares and keeping cash in your pocket... If you HODL'd, you just lost money. If you HODL'd all the way down, you lost a lot of money.
I follow this guy because he's always right, and he actually teaches principles of economics. If you follow this guy long enough and follow the markets, you will see crypto is not an isolated market...ESPECIALLY NOW! The bankers are in this maket, and crypto now follows the Bond, Stock, and Metals markets. Secondly, by following this guy, Greg Mannarino, one can learn the art of shorting, taking profits, and not being greedy. One thing Greg will never tell you, HODL. I still believe HODL is the worst financial advice ever provided and you should too.
Most people are familiar with this guy. I've followed him for many years, he is interesting to listen to and I've learned a lot from him... However, he DOES NOT PROVIDE, GOOD FINANCIAL ADVICE! So while he provides valuable information, you should not do what he suggests doing. You will often hear this person advising to HODL, again that is the worst financial advice ever given.
I have followed this guy for a long time too, he also does not give sound financial advice. He presents himself as a guy who has made good calls in crypto and made a lot of money, and maybe he has, but past does not determine future. If this guy understood principles in trading, he'd be a millionaire. He is entertaining to watch, he can be funny at times, I particularly like when he reads the news...
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What you need to know about the last two guys, most important thing of all... These guys are #Wizards... They are perform a type of #Alchemy. The material they present has nothing to do with their objectives, they use obfuscation to do it. Their goals are to get more followers so that they get more Youtube payouts and can sell you their other products which they will make money off of. I'm not saying the things these people say are 100% right or 100% wrong, I'm not saying they are trying to scam you, but I am saying is that they are in fact Occult Wizards and the are in fact selling you things through the art of #Alchemy... As much as it hurts your heart to hear this, it's the absolute truth.. Sadly, these guys probably don't even truly realize what they are doing.
Don't hold your breath if you think you are going to get rich on #Crypto tomorrow, and don't HODL if you actually want to make money.. Sure you could end of getting rich, just like when playing at the roulette table, but you're more likely to lose. If you are going to invest in anything, learn about it, understand the risks, be happy if you make 3%, but the likelihood of you becoming a millionaire over night is extremely small.
Be well, learn how to trade, learn how to read charts and Don't HODL!
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