One basic risk management rule is to have a mental stop loss on your whole trading account (or even on your net worth)

When you reach this stop loss level, it means you should cut all of your positions.

Why this works: loss aversion often makes it impossible to close one deeply losing trade. But when you reframe the decision at the account level, it becomes much easier mentally.

This also forces you think in advance what your 'worst case scenario' looks like, and make sure you don't end up in a worst situation than this.

Then when you start trading again after that stop loss hit, you can start with a fresh mind, and much smaller positions, and with a focus on limiting drawdowns

After having seen what happened to all altcoin DATs, I'm not sure that as a $HYPE bull you should really wish $PURR to become a meaningful piece of the inflows into HYPE

Holders of Microstrategy debt are not panicking btw

What a great day to have a $MSTR earnings call lol

ouch

I'm long for a bounce and will add if we go to $69k-$70k

This PA is truly suffocating but after -20% in a week on BTC I have a hard time thinking we don't get any bounce at all from here

I will cut some if we go back to perma-bleeding during US hours

I can't really ignore that

The fact that there is no straightforward explanation for this level of relentless selling is what makes it legit scary

But I'd feel stupid in hindsight not bidding if we bounce here

I tried longing the bottom a few times yesterday and the last attempt made decent money but not enough to cover for the failed ones

Pretty insane to reach $60k when we were at $80k two days before, and this happened without even having a liquidation wick

We'll probably need some time to digest this all, not what I wanted to see but let's deal with it

$BTC looks stupidly cheap but it seems unlikely that we v-reverse after this so we might get some even cheaper

On LTF, I'd say gun to my head that we drift higher from here towards $70k again, but I'm not playing it with size given the fact that the high certainty trade was the $60k -> $65k+ move

So $BTC just bounced +16% to $69k

And we're only at the level... that felt like a good discount to long yesterday lol

That sell pressure was insane

I'm still shocked that no one with size showed up yesterday while we went from $70k to $60k with no bounce

I think a lot of the smart money who was ready to bid was waiting for an 'obvious' entry that would be liquidation driven, but it never really came, so they settled for the $60k round number, which was too stupid not to buy

Even if there was a decent amount of liquidations at the bottom, you can clearly see that there was no wick

The market has gotten smarter and you don't really get the no-brainer 2021-like liquidation candles anymore on $BTC