What was learned from CottonCandyTA’s “Bitcoin Trading (Free Course) Lesson 1: The Fundamentals“.
Disclaimer: I am not paid to promote or summarize the video content. I just think it’s good to get into the head of of someone who is trying to become a professional, so I leave my take on what I learned, and how it helps me progress as a trader.
In the first lesson, CottonCandyTA states that this course is for beginner traders who are trying to create a foundation, or for professionals who are looking to refine their skills. The fundamentals of trading boil down to accumulation and distribution, trends, and levels. Additionally, he glosses over what style of trading one might find themselves falling into: swing, scalp, or long position trader.
Within the course, CottonCandyTA will not focus on trading with a bunch of different indicators, trading the news, nor reading candlesticks. His reasoning for this is that accumulation, distribution, trends and levels will address when and where you make entries and exits. Accordingly, once you hear about the news of a stock/crypto, etc. it is already too late to make a move. The move has already happened, and now traders are just reacting to hearsay. As well, there are some traders that trade based on different candlestick patterns. He simply does not do that within his strategy, but will go over theories on candlestick patterns later.
Lastly, CottonCandyTA talks about trading tools used in this course. He reliably uses Trading View’s software platform, as it is an industry standard tool. Trading View allows traders to connect to different brokerage accounts to trade, read other trader’s posts, review different markets, such as stocks, bonds, indecies, cryptos, currencies, etc. TradingView also allows traders to set up market screeners, join different trading communities, and more.
Accumulation, Distribution, Support, Resistance, Trends, First touch, First test, Second test, Rejection, Swing Trader, Scalp Trader, Levels
Because I’ve traded for four years, I already knew about support and resistance levels, styles of trading, and the importance of not trading the news. However this lesson is great at removing some of my blind spots, like thinking I need to memorize every candlestick pattern in order to be an effective trader. I read a few books on candlestick patterns, but never truly put it into my day trading strategy. It’s great to know that candlestick patterns are not going to rule my entries and exits. From the books I’ve read, I was already forewarned about not trading the news, so this course just backs up that notion. Trading the news is like jumping into action, when the action has already happened in my experience.
What type of trader am I?
Right now, I use my same fallback pattern of being a swing trader. I usually enter a trade and hold my position for a couple of weeks. However, my weakness is not getting out soon enough sometimes. I have a hard time with being greedy, and typically think my trade can go up just a little higher. Sometimes it does, sometimes it does not. However, throughout the course, I do want to use what is learned to become an effective scalper. Scalp trading will be better for me in terms of how often I am checking my trades and can impact how well I sleep at night.
If someone is going to follow along with this course, I highly suggest watching every video sequentially. Each video builds off the previous video, which goes into depth about each aspect discussed. This is my second time watching the video course, but this time I am taking notes in order to write summaries, and document my progress with the video content. PlacingTheTrade.com is about the progression of being an amateur to professional trader, so everyone here gets a play-by-play of what it actually takes to become a professional trader.