I read something recently which i found to be very true and should be taken as a principle. I will quote it here:
As a veteran investor:
"I lurk here because I am entertained by the enthusiasm. Many of you remind me of myself 15 years ago. I think many of you younger guys who read this sub just learned an important lesson, so I'm going to bring it home.
NOBODY KNOWS WHAT THE FUCK IS GOING TO HAPPEN NEXT.
Technical Analysis is good at interpreting the past, but if it was able to actually predict the future then somebody already wrote a script that can suck the value out of that play faster than any of our monkey brains can.
This is true regarding ETH, BTC, the price of gold, the S&P, bond yields, you name it. Trading is not much different than gambling in the short term
Two Warren Buffet quotes (I think):
"The market can stay irrational for longer than you can stay solvent."
In other words the market doesn't give a shit how smart you think you are, you either need the ability to wait or you should not be in it.
"The market is a voting machine in the short term and a weighing machine in the long term."
In other words, what we just saw over the past 2 months was the voting machine. Now the weighing machine is kicking in. Perhaps we were a little overbought, fine. If you have time to wait then you'll see another cycle happen. If not, then you shouldn't be in it.
Good luck, young bucks. Keep reading these subs for fun, but remember:
NOBODY KNOWS WHAT THE FUCK THEY ARE TALKING ABOUT."
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See you next time @clahan
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See you next time @clahan
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