As a trader, one of the biggest lessons to learn is taking your profits. And my guest Philip Salloum had this lesson in spades. Half a Million of them in fact. Trading Bitcoin during its epic bull run resulted in Philip amassing quite the profit. But, as you can guess all didn’t go so smoothly.
So, what happens after taking a hit like that? To find out, take a listen or look at the interview below.
And when you’re done be sure to check out the chart breakdown Philip put together where he shares his unique approach to finding key bounce levels in Bitcoin. Could these be used on other markets? Well, quite possibly. But it’s ingenious nevertheless… so be sure to watch!
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Philip’s Crypto Trading Approach
[07:47] What’s showing in your balance, in your crypto, is not really yours until you use it, pay for something in crypto, or you cash it back out.
[16:41] Don’t let that greed come and overcome you. Accept and be content with the profit that you’ve made for the day.
[23:22] Ask your family and friends what they think of BTC. If they speak positively, it’s probably time to short.
[24:08] If you’re going to start trading seven days a week, it probably won’t end well.
[25:28] If you don’t have your mindset on point, that’s why a lot of people fail.
[29:48] BTC and ETH are very correlated.
[33:08] Get the right education and get your mindset on point and the money will follow.
[34:08] Study the liquidity concepts and study volume.
[35:54] Whatever time you’ve got, dedicate it to your craft and that’s how you’ll master it.
[37:27] As a trader you’ll understand that less is more. Find what truly works for you and just focus on that.