I have discovered @Haejin about 2 months ago on Youtube and I have followed him and read his posts everyday since. I found out about this awesome platform through him.
DISCLAIMER : I have made some profits from his TA and also lost a little bit (overall gained) so please understand that this is nothing personal. Take this with a grain of salt. It's just my opinion and my intention is to warn people that didn't have the chance to go trough all of this.Upvote or downvote as you see fit but do know that whether you agree or disagree with this, downvote means hiding this warning from potential innocent people. So if this post gets downvoted all the way to being invisible I only ask for your upvote to keep it on a 0 level.
When I first started watching his clips I was completely sold. The way he talks + his calm voice got me intrigued but mostly the ... "My goal is to help and do no harm" is what got me hooked.
I have also learned about technical analysis for the first time thanks to him. The links at the end of every post he makes could be a treasure if you are new to investing/trading. I strongly recommend them as well as https://elliottwave-forecast.com/elliott-wave-theory/#fibonacci and https://medium.com/@Cryptilicious/risk-management-for-trading-8608d813872d if you want to have a shot at trading.
So let's get into it:
- Out of pure appreciation I have a made a Steemit account only to upvote his posts as he was so kindly asking "If this has been helpful to you, please consider upvoting on my Steemit blog" however when I first learned how upvotes work and that it basically earns him money and the fact that he was asking for them only to get more visibility ( "to help more people") is when my suspicious mind kicked in for the first time.
If more visibility is your goal than why would care at all about Steemit when compared to Youtube or Facebook? It's obvious that Steemit has nowhere near close the adoption of the previously mentioned platforms and thus it's most likely not the best way to pursue your goal......unless....oh wait ....maybe that isn't really his goal.
Oh well ...soon after profits were coming so I completely forgot/ignored this sign.
- A while later some older steemians noticed how @Haejin's earnings were piling up and started the flaging/voting war. The way he presented the facts initially convinced me that they are the bad guys downvoting him out of pure envy. However....as this conflict continued to grow up to the point where Haejin was asking his followers to buy SP in order to back him up, I started asking myself questions.
At that point I was getting more and more suspicious about this guy which I had a lot of respect and appreciation for. The thing is ....whatever his earnings were at that point ( I think it was getting over $2,000 / day ) ...it is also true that the bad guys had a good point : He is posting 10 times /day short posts which most likely shouldn't take him longer then 10-15 mins including the TA...30 mins at most. You might argue that he has to, considering the nature of the domain but there is also the option to have only one post including many TAs for the day ...or to update the post if there is urgency. And I have just noticed creating my first post now that there is even the option to decline payout.
By now it started smelling like greed to me. But I thought ... you know what ...his earnings are a reflection to how valuable he is to the marketplace so if the marketplace decides to pay him $100,000 / day ...good for him. It's not out of my pocket and is he helping people gain "Massive profits!" Considering how good he seems at TA and the fact that he has been doing this close to 20 years ( or so he says ) these earnings must be pennies in his pocket.
And then BTC's price started dropping again and again ....and his TA never predicted it. To my knowledge ...so far he has never mentioned to his followers to take profits ( well he did ..but after not before the fact). His bullish TA on every coin out there is so extreme that you might actually start to think if it's even possible, considering the current state of the market. All he sees is UP UP UP....never down ... he doesn't even consider it a possibility before actually starting to go down. And then it hit me :
If this guy has so much experience in TA ... and he is still so wrong on BTC's future price ...it most likely means he is actually bad at TA after all these years? I mean how much experience do you need on looking at these charts that after so many years you couldn't see this coming?
You might argue that ...oh well ...his TA doesn't include a time frame and in the end he will be right ....BTC will rise to 23k. But a good TA should have seen this coming ...especially with so much experience. Also you cannot ignore the fact that in the last month ...you could have basically roll the dice and with closed eyes invest in almost every altcoin there out of the top 100 and you would have made profits. (if you actually took the profits in time). And there goes his KABOOMS!!! He's such a master.
- And the cherry on the top of the cake : He is now teaching TA in a class course. Yup ...doing it privately no longer brings enough earnings, he is now doing it in a class with many students at the same time. And yes... he is doing it because he wants to help ....but you guessed it! It's not free :))
And here is the biggest question I want you to ask yourself:
What if he is not actually such a experienced/good TA? Considering the obvious stench of greed from his actions I am more inclined to think now that he is bad on TA and like he mentioned before he has failed many times over at trading and this is a perfect opportunity for him to earn some good cash. Think about it : What if he invests in a coin, pumps it as hard as he can with his TA ...and then dumps it on all his followers making "MASSIVE PROFITS". Have you noticed lately all the shit coins he has been doing TA on? You should know that the less marketcap a coin has the higher is his impact on it....and the bigger are his gains when dumping it. You have to realize there is a HUGE conflict of interest here.
There is no way to tell as his portfolio is not transparent (even if it was we would still have no way of knowing if he has another one ) and this might all be just a conspiracy theory....but please people....DO NOT blindly follow his advice! Do not buy a coin because his TA showed you " the forest". Make sure you spend a lot of time researching the project & the team behind any coin before you invest in it. I have seen many times over people worshiping him in the comments. Please understand that whatever coin you would have picked to invest it ...would have brought you profits in the last month.
As a closing statement ( oh god.... there is much more I could say about this ....but 4 hrs have passed since I started this post...and my project's deadline is already short) ....my dear @Haejin thank you so much for bringing me into this crazy wild west of investing in crypto. Thank you so much for teaching me about TA. Thanks to your teachings I actually saw this coming and sold all my holdings 2 days ago when BTC was 13.4k (including altcoins) when I noticed the bearish flag:
And here it is a few hours later :
And people also please take a look at this :
You can't ignore how close this looks to the BTC's 2017 price chart. So I am inclined to think it's the bubble burst ...however BTC has had a few bubbles before....I think it's just a cycle ...and everytime the bubble gets bigger. I also disagree with how low the price could go based on that bubble chart ....because there are many investors waiting for a discount to get in ...which is why it never gets to that point.
P.S : @Haejin if you use your ways to make sure less people see this post it will only prove I am right.
REMEMBER: Always ask yourself what if? And don't invest more than you can handle losing!
I'm out! Cheers!
Wait... do you mean that someone posts on Steemit with the goal of earning money?
I'm just playing. I do see what you mean in that he has effectively discovered the best way to post on steemit to earn money. I'd suggest replicating his model OR alternatively if people really don't like his methods, we might need to change Steemit's incentive structure (since he's basically doing it exactly as the incentives would dictate).
But I think if your criticism is that he posts here to make money... well.. that should be obvious, I think.
I think you might have missed the point of my post.
I actually don't care how much money he makes. What I want is to warn his new followers not to blindly follow him because it's very probable he is taking advantage/ scamming them.
The problem is that the majority of your evidence has to do with him making money on his posts, which is pretty obviously the goal of steemit.
Again, this might just be a conspiracy theory ...
The only reason I mentioned his earnings is to notice his greed. The controversy here (or atleast just in my head) is whether he is a trying to help people get financial freedom or is just a scammer making money off of innocent people.
You're saying that he never posts about the price going down, but this is not true. It can't be true, he's using Elliot wave patterns. The corrections cannot be left out of this analysis. If you look at his altcoin predictions the predicted corrections are accurate. I personally don't use his (short term) BTC predictions because i cannot trade using them. They do seem to change every day, but he never claims that THIS IS IT, THIS IS HOW ITS GOING TO GO. Its always balanced out by saying this is merely his opinion and that the pathway might change with new information. His altcoin predictions are solid. The price path is often freakishly accurate. Ive been following this guy for over 2 months and he saw the altcoin boom coming, which made me a lot of money. Is he some kind of allknowing TA god, no, but he never claims to be. If he wants to make some money using steem, so what, people can make tons following his advise.
This guy doesn't get how Elliott works...
Too bad.
I agree. After second thought and a bit of time, I find it more and more disturbing, too. His followers treat him like a master and throw money at him. He always asks to be resteemed and upvoted. Why is that? This looks like a cult as he gets more and more followers. He does not do it out of kindness, but for profit. Beware.
I honestly think that his only mistake was not including a Risk Disclaimer in his TA (Technical Analysis-for all those who are wondering)..then again I only saw a single video.
Technical Analysis is VERY subjective.
A single chart could be analyzed a million different ways, and NO ONE PERSON knows the future, so it is safe to say that NO ONE can predict with 100% accuracy what ANY chart will do.
This is the nature of the trading game. Be prepared to be wrong, and if you might be wrong then BE SURE that you are comfortable with the amount of Risk Capital that could be lost.
Sounds to me like you were expecting him to be right just because you trusted him. If he has broken you're trust, I'm sorry. If anyone took a loss because you trusted him, I am very sorry.
FYI: I don't know @Haejin. When I became active here I started following anyone with a decent following and high reputation.
I agree, TA might be just load of BS and at the beginning there were many times when I thought exactly that.
However it's worth learning it if you are into trading because it seems that a good amount of people follow it and since the price is dictated by the people it's a useful tool if you are trying to stay ahead of the game.
Yes, I trusted him...at first with doubts, then almost blindly after making profits from his calls , then as more and more signs of greed appeared I started asking myself all these questions. And then I've lost any kind appreciation when I've seen his payed teaching class & and the fact that even though BTC is falling hard he is still calling crazy amounts of gains on some random coins.
I was lucky enough to have the time to learn and try to do TA myself and even more LUCKY to spot the signs of the current falling price. And I doubt most of his followers like me had the same luck/time which I why I want to warn them.
I agree with this.
He doesn't seem to follow a lot of news and online communities (like Reddit)...
Agreed, if you watch his videos he has lines drawn showing alternate scenarios which could play out based on the price action, but sometimes he doesn't actually talk about those alternate scenarios which then come to fruition. Once it happens, everyone cries foul.
If you look at the last month of his BTC predictions. His primary count has been wrong every time. And it has always become his alternate count.
Now not saying there’s anything wrong with that. But when you have such a poor strike rate with your primary counts it’s begs to question how good you really are at predicting primaries and TA. Since alternate counts are essentially just predicting the opposite of a primary. The argument that his alternate came true therefore proving his proficiency is invalid as 100% of the time price will either rise or drop therefore fulfilling either the primary or alternate counts.
A lot of good points here, but @haejin of course warns of the BTC downs almost every time it goes down. The Elliot Waves theory says that it can't go up more until it consolidates, so maybe you missed that because he says it like this - 'Small bump in road on way to MASSIVE PROFITS!!!!'
Anyway, @haejin has proved to be a great conversation starter, and perhaps the perfect guy to start real conversations on this platform about how flags work/should work.
Love and Light (and Massive Profits ;p)
Could you please point me to a single post where he warned that a correction is imminent on BTC's price BEFORE starting to correct?
"perhaps the perfect guy to start real conversations on this platform about how flags work/should work"
Yes I mostly agree with your analysis, though we are all human and all have greed of course. @haejin could be more transparent and balanced, for sure. He is probably heading this way, as you can feel in his last analisis maybe?
But would we have jump on it if it was not for the kabooms and all the fun around those uptrends moments.
@haejin does a good marketing job, and after all we are all in this market for the money, though the technology behind is so promising and in need for huge input of capital, so it can grow.
We will all benefit frm this technology, and thanks to all this new influx of capital, the world will be a better place.
Some would have lost money, other will make huge gains etc. But overall we are moving to a new order of things, that will empower the people overtime.
I think @haejin again has a clear preference for the most decentralized projects, and help push this new trend overall.
And we are all humans, so lets try not be too greedy and have fun along the way - by making the world a better place!
Thanks for your post ;)
I think you have really put your finger on something that runs deep in cryptocurrency. Somebody gets lucky and thinks they have a winning "strategy" it works just long enough for them to make a killing and everybody else...well we all knew there was risk. It takes a while but you can start to see the frauds and the ones who are in it for the right reasons.
I just posted this on an @berniesanders post. So far, I've only gotten one reply, which is kind of disappointing. I was hoping for more balance and less flame. But such is the emotional internet, I suppose :) Thank you for THIS post. It gives me something to think about. I, too, signed up for steemit because of Haejin. I'm still looking for answers to the question below, if anyone cares to share. I do understand that learning to read the charts for oneself is important but having a few that know how to do that too is helpful along the way. With that said, here's what I posted:
I have a question for the group. Admittedly, I'm newer to steemit. A watcher at this point in the game. I'm seeking out those with differing opinions, charts, TA's. I've seen Haejin's. And I've seen a lot of pushback but without mention of those with TA's that differ. So, basically, I've not found anything (yet) that would allow me to weigh the pros and cons of either position. I'm not in anyone's corner per se, I'm just trying to learn and be educated. I've seen a lot of posts about Haejin having terrible TA and so many others are better. Who are those that (any of you) follow?
I would love to learn! Having both types of TA would be helpful so that I can decide. Thank you for any answers here. Again, please know that I'm asking to learn, not to support one side or the other. Looking for balance :) Thanks!
Thanks for your suggestions. Philakonecrypto seems like exactly what I have been looking for.
I work in the stock market and have recently moved into crypto. I can tell you that, even with his techniques, you never look at a single piece of data to create trends.
My biggest problem with every TA is firstly, there is not time frame which is very bad. Second problem is he never uses multiple cryptos to formulate a trend (something we do in the stock market is to actually use a program to analyze thousands of stocks to formulate trends on specific stocks)
The problem with this, as you brought up with the bitcoin crashing thing, is that if some stocks with major influence start to crash then it is likely many other stocks will follow suit. The same appears to be true in crypto, and for this reason his analysis is not only done incorrectly but actually its very dangerous.
Another big point is that in the past year, almost all of crypto as a whole has gone p. Bitcoin was what? just under $2000 USD last January and now its at $11000+? You could have bought into any crypto and effectively made money, you don't need to be a genius with 30+ years of experience.
I seriously hope you do not get flagged to death for this post.
But it's easy to see that all the coins act in confluence, from any analysis and what we see at coingecko and the likes, and it's as easy to explain that haejin sees jaws of wealth rather than fangs of poverty everywhere ;)
I find haejin's prognoses charming and only follow them in part, when they go together well with what other analysts say and what makes sense to me as well.
Doesn't everybody ?
The "to the moon" spirit in the crypto community is very intoxicating, do you believe that by screaming "we'll all flounder in the ocean!" anyone will really be better off ?
As many won't.
Maybe within a year or so, the crypto market will be more integrated and much better analyzed, certainly regulated. Let's all wait till then and better not risk anything.
maybe he has whales who watch his videos and put against
Yup, I noticed the same thing. It's not even worth it to reply...at least not until the flaming war ends.