According to this pseudonymous analyst, the second stage of the bull market is still far ahead. And we will all need patience to get there. Using Sentient Trader technical analysis software, Charting Cycles predicts that we are still at least a couple of months away from the end of the… cycle. We haven’t put the 18 months since Black Thursday. The flat-horizontal period that seems to last forever still has a long way to go.
Here is the table:
$ BTC – If you are a crypto bull, it’s time to practice your patience. We are probably still a long way from putting in the 18m channel. pic.twitter.com/35EBLLc2m6
– Charting Cycles (@ChartingCycles) July 15, 2021
And that brings us to the raison d’être of this article, patience. It is as Warren Buffett said, “The stock market is a device for transferring money from the impatient to the patient.” And, in this case, the same rules apply to the cryptocurrency market.
Related reading | Charlie Lee confirms that Litecoin is boring, but people should be patient
All we need is a little patience
The cryptocurrency market is wild. The ups and downs are not for the faint of heart. However, if you are not an intraday trader and you are not using leverage, are they really that relevant? Hopefully, you did your homework. You did your own research. Know the basics and invest wisely. If you made an informed decision and identified a buying opportunity, well, all you need is a little patience.
If you are playing long-term, control your emotions. It’s a terrifying journey, but nothing will come of hasty decisions and fearful trades. Remember, you did the research. You made your bet. If you are wrong, you are wrong, but respect the parameters that you set yourself. If you’ve identified an entry point, stick with it. If you have a target price, wait. You made the plan. As you move between your parameters, let the tiles fall where they can.
You can’t beat the market all day / every day. It is the nature of the game, you will be up and down. Be patient and stick to the plan. However, don’t hesitate to pull the trigger if things get ugly and the plan is broken.
BTC price chart on Bitbay | Source: BTC / USD on TradingView.com
Other sources tell us about patience in trading
Investopedia sums it all up and elaborates on the above idea:
… Much of trading is psychological, so patience is a great virtue for investors. Showing patience when entering a trade and being patient while a trade unfolds are integral parts of successful trading and investing. However, allowing patience to turn into stubbornness is something you should always watch out for; Consistently exiting a trade according to predefined criteria is one of the best methods to improve your success as a trader.
TradeYourEdge presents a new idea:
The market knows this better than you do, so never rush to negotiate. Please be patient and wait for the correct signal. There is a golden rule in trading: no signal, no trade.
On their MrIndice profile, eToro also summed up the idea:
MrIndice is a trader who understands the value of patience and self-discipline when investing. It’s a philosophy shared by many successful investors and worth exploring in more detail. There are many anecdotes about traders who followed hunches or responded to their intuition to make quick profits. But long-term success relies on effective fundamental and technical analysis, combined with reasoned strategies and logical thinking.
Cryptominium gives us some advice to exercise patience:
Another thing you can do to prepare is to create a business philosophy. Make sure you know what type of trader you are, how aggressive you want to be, and other philosophical rules you may want to adhere to.
One last thing before concluding the ceremony
Related reading | Patience Pays: Meet Popular Investor Reinhardt Coetzee
To close this, Coinsbank puts things in perspective:
Patience is the key to trading cryptocurrencies. Don’t be afraid of losing any deals – the market is so big and developing that there will be enough money for everyone. However, remember that it is easy to make money in the market, but it is difficult to keep what you have earned.
Featured Image from anncapictures on Pixabay – TradingView Charts