MyTA.Work - Xpod's Record




Trading anything from stocks to bitcoin has inherent risks. If you've found yourself here, MOST likely you trade some form of derivative contract revolving around cryptocurrencies. These derivatives allow you access to an INSANE amount of leverage. Leverage is a tool that if not used properly, will be the death of your trading account. Leverage is the only thing that can change speculating and trading into a continual return trip to the casino where you either win huge or lose big. Please refer to the information on this page as guidelines for following plays.

Types of Plays

Intermediate Plays

Intermediate Plays are fairly rare and take days of price action to form, Generally you'll find 1-2 of these plays week. Though they can be incredibly accurate and provide amazing risk-reward ratios, they are a lot less common to come by then your average trade.

Developing Plays

Developing Play's are a bit riskier, you'll generally find one of these each day. Developing plays are riskier because they only rely on a minor wave-count, where Intermediate plays rely on a minor & Intermediate wave count. These ones aren't as accurate as intermediate plays. These plays are subject to position switching.

Market Outlook Updates

Market Outlook Plays are possibly the riskiest ones. These are short term plays that most times, don't even have a wavecount. There just supposed to give you a view on where the market is in the short term, not something you should trade. These types of plays are only available in Telegram. They're most often used as updates to existing Intermediate and Developing Plays.


Position Scaling

Position scaling is a risk management tool used to secure a median entry in a support zone. No one can ever know the exact top or bottom consistently, so in order to get better entries in positions, its best to scale in multiple entries within a zone. Generally getting more aggressive the lower the price is in the zone. This way we can secure a median position. If a position is "25% Scaled in" it means that 25% of available capital is long/short. The % scaled in reflects the confidence of the move. In the example to the left of us, the price range to scale in is $16,475 - $16,210. This may seem like a wide range, but the range is in response to the move. I would put 10% around $16,475, 15% more in at $16,400 25% more at $16,300 and the remaining 50% at the $16,210 level. You won't always get all your limit orders in, but this way you'll still have some skin in the game for the next move.

Risk Management

RISK MANAGEMENT IS EVERYTHING. If your account is blown in 5 or 10 trades, you're doing this wrong. If you double the amount in your trade to make up for the losses in your last trade, you're doing this wrong. That is called gambler's fallacy. It runs RAMPANT when people have access to such leverage and don't know how to properly use it; x100 is like a nuclear warhead, you know it's there, but you thank god everyday that you don't have to use it. I strongly recommend using NO MORE THEN x10 LEVERAGE PER TRADE. Even that IS EXTREME. Personally, I would recommend x3-x6 at the most, but I understand the allure is very enticing. THE NUMBER 1 MISTAKE BAD TRADERS MAKE IS CUTTING GAINS TOO QUICKLY, AND LETTING LOSSES RUN TOO LONG. A stop-loss will be accompanied on almost every trade. Follow it, stop-loss hunting is bullshit perpetuated by people who want you to lose your money.

Price Point of Invalidation is the price point at which the play is no longer valid. Elliot Wave Theory provides us the advantage of knowing exactly when we're wrong.

Position Switching is exactly what it sounds like. This is where for some reason new price action/information has come to light and the earlier prediction is no longer valid and therefore our position/view on the market has changed.

This is just an overall warning that you should never trade with money you're not prepared to lose. Really think about that please. Trading with money you have an attachment too will almost always result in losses/second guessing from the play. It's just money, there's a lot more to life.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by MyTA or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

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