Fun Days On Twitter

erikah(83)

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Twitter, especially Crypto Twitter is a very toxic place, but can also be fun if you know how to handle the platform and especially your emotions.

Yesterday BTC broke out of the downward channel it has been moving within, since mid April or so. The minute BTC broke out, you could see tweets like I predicted this at the end of May and so on.

Photo by Chris Montgomery on Unsplash

Yesterday basically was a d*ck measuring contest again (which continues today as well, no worries), so called influencers or wannabes competing for a drop of attention, because they have tweeted a setup that came true, or so they say. Well, congratulations to those who have predicted the move, although, I don't think congratulations should be in order. Calling it right doesn't make you a millionaire. Executing it right does (maybe). You can be the best caller and still lose if you don't stick to the rules.

Last night, from around midnight to midday today (my time), BTC went kind of sideways for 12 hours, ranging between $28,200 and $29,200, which is normal as no asset is going to ever sky rocket in a straight line up. That was the time when you could see new predictions and new positions tweeted again. Some asked if we are shorting already while others actually shorted that level. Then not long ago, Jerome Powell came out, opened his mouth and the market started moving up and the majority was sitting on the wrong side of the action, again.

There's no way to know how many were able to make some profit from shorting, or close their trades at break even and how many got liquidated. It doesn't matter to me, because they knew the risk very well, and if not, now they definitely do. The thing is, you never know how much of these tweets are true.

Photo by Loic Leray on Unsplash

At the time of writing, BTC is at $30,400 which is an important level, strong resistance. Everyone, who has a bit of knowledge knows that. That's the level BTC has to break and turn into support. The excitement is huge across the board as 2 months was needed for the 20% retrace we had last and it took only 6 days to reach that level again.

The funny thing is, your success as a trader depends partly on how you can control your emotions. I've been practicing sitting on my hands, while trading Hive, as Hive is not as a volatile asset as BTC and moves in a different way. I'm not going to compare Hive's evolution to BTC as there's no point, you can look at the charts yourself.

These two days I was thinking about what is important to these Twitter finfluencers or wannabes. I had a lot of fun watching them compete unnecessarily, some even making a fool out of themselves, but not everyone had a lot of fun these days. I'm pretty sure quite many bought resistance and will be selling support as they can't see what kind of game is being played here. I've even seen tweets like "institutions are asking me how did I know". Well, you didn't. TA is all about probabilities, not certainties, so there are wins and losses as well, all the time. It's just that wins are celebrated very loudly, while losses are not disclosed and most of the time those prediction tweets are deleted. So, no, you didn't! Things turned out as you anticipated this time, you make a fuss, other times you stay quiet as your prediction was wrong. When things turn out as you anticipated, you tell people to join your VIP trading group. That's pretty much what they do, so you can figure out the rest.

Photo by Tingey Injury Law Firm on Unsplash

They say Twitter is a toxic place and you should stay away from it. Well, yes and no in my opinion. It is indeed a toxic place, but if you can control your emotions, there's no need to stay away from it as it's the best school ever. You can learn how you can't trust anyone but yourself, you can learn from other people's mistake and if you can't, you can make your own mistakes, lose everything, which is the best lesson as after that, you will definitely learn trading and quit believing everyone. Sounds brutal, but this is what usually happens.

I hope no one got hurt today. Stay safe out there.