Do You Have A Parachute Plan?

Get a ladies and gentlemen, welcome to the Trader Cobb Crypto Podcast. Tell you what you could do to help us out. If you like the shows and the new structure that I'm trying to deliver upon, which is a little bit longer, but also bringing in some topics that I think are really important for traders and investors to help out. Give us a ranking. On your app,

give us a ranking there, or write a review, or better, yep. Do all of the above and tell you mates about it, because it does help us in a big way. Today's show, I'm going to go through the market first, and then at the end of going through the top 10, I'm going to talk to you about, I guess, self-management and risk management and how we

can make sure that we don't spiral, because I know what happens, and I know a lot of people, myself included, where it's been very, very, very detrimental to my outcomes as a trade-up. So first and foremost, we're going to jump into the top 10, which sees the market not doing a great deal, to be honest, but look, I'll tell you one other thing. I did a

scan not too long ago, and there's a lot more opportunity out there than I thought that there might have been. Yeah, there's quite a few charts. They're setting up with cradles and breakouts, and it's just a matter of being a little bit patient now to see what sets up for us. So we're going into the back end of the trading day, and possibly even working into

tomorrow, because there are some higher timeframes that play there as well. As far as it goes for the market, so far, what have we? Well, with Bitcoin, look, God of the honest, not a great deal is happening. The four hour, still a bit of a mess. You saw the run up through yesterday, and then two sharp four hour candles, the first down, 1.35%, the second down,

1.90%. And it really took the sale, or the wind out of the sale of Bitcoin, as Bitcoin had pushed to new daily highs yesterday. We got to a higher 17,423 before we ended up closing at 16,958. It was down 0.9% of a percent yesterday. And whilst it's not the end of the world, the longer we remain sideways, the more ugly it kind of gets. I want

to see Bitcoin push up through 17,550 on its way to 18,5. Y18,5, the only reason for that number. It's not to do with what predictions I am making. It's to do with wanting to see good trending conditions. And a move up to there would do the market wonders as far as opening up some of those higher timeframes and lower timeframes for us traders. So, I'm going

to be able to take advantage of. Currently, Bitcoin is at 16,971, and it's up 0.1% of a day. On to the Ethereum next, which again, yesterday did close down 1.6% lower. The daily trend is still more or less in play. Again, we need to see these highs get taken out. The high that I'm talking about is 1,1315. And something in the vicinity of, I know, 1,1414,

150 at the end of the week would be what I'm looking for. That's the level of 18,5 on Bitcoin that I've discussed as well. It just gives the daily trend a bit more follow-through. And it will be a lot better for us traders. It's down 0.2% right now. $1,256. I'm stalking a short. Yes, we do have some support sitting row, row. It's going around 285.92. You

can go and have a look at the lines and draw it in as you see fit to do so. But there is support building into there. And I'm looking at sort of the 8 hour and higher as we have lower highs building into that. And if we do take out those lows, I wouldn't be surprised at all to see Binance on the decline yet again. Aside

from that level of support, there's nothing really to speak of. On to XRP right now and XRP. Well, it was down yesterday. Only a little bit. 0.1% closing at 38.9. So it's down 1.6% today. It's a 38.29. It's been a bit of a messy chart too, you know, up and then down and then up and then down. Not much. Cyclicity. Not really what I'm looking for

in the market to 38.2 cents. Doge is at 10 cents on the dingaling. It's down 1.2% today. Yesterday up 0.6% of a percent, but as I say, it has declined again. Will it hold 10 cents? Or will we see a market? Why draw down? It's quite possible with the weakness that's been around. We've we had a nice move up your last week. And since then we've

done sweet bugger all. And it's just a matter of time before we see something happen. I don't want it to be sideways. There are options for shorts. Like I said with Binance. There's a couple of others that are out there in my watch list of the members have their video. But yeah, we've got options long. And short. It's just a matter of the market working out

which way it wants to go. All the card are down. Next, which was up yesterday 0.1% closing at 31.9 cents. Today, how ever it is down 0.4% sorry yesterday it was down 0.9. I had the wrong. A time frame up. So bearish candle in the cradle zone. Not a downtrend on the daily. So not tradable in my eyes. But as I said yesterday down 0.87% today

down 0.4 to 31.8 cents. Not a really attractive chart to be honest. Matt, take up next again another one that's got an uptrend on the daily. But needs to carry its way through. It was down a percent yesterday closing at 91 cents at 90.8 right now down 0.4% lower. High coming in now on the four hour chart. If it pushes to new lows, you know creating

lower lows. That's something workable and hold your phone one second. There is a bit of support coming in here. I didn't notice this earlier. Support set 90 cents now. I'm going to go down the time frame. Oh yeah, that could build. That's going in my watch list now too. Still a fair bit of work to do before I get a Bitcoin breakout type trade. But certainly

keeping a close eye on that going into the close of today, which will be sorry the close of the day, which will be tomorrow morning. We'll see if it builds on the dot next, which is down 0.2% today after selling off 1.8% yesterday. It closes at $5.48. It's down and now at $5.47. So not really much to speak of there for dot. Solana was up yesterday

0.88% it's up again today 1.5% it's $14.02. So this represents a new move on Solana with a higher low and a higher high on a four hour timeframe. Is it a really good tradeable chart right now? No. Because as I go down at a lower time frames, it's a bit of a mess. It's been pretty volatile. If it can carry its way through to maybe 15

bucks, the next pullback will be tradable. I said up 1.5%, which makes Solana a biggest gainer on the top 10 to date $14.02. Sheba Inu. Yes today. Big spike. It ended up closing up 0.75 of a percent. However, with that being said, at one stage Sheba was up 8.86%. So a very sharp pullback there on Sheba. It's pullback even further today down 1.17%. Now as I

said at the beginning of this podcast, I wanted to discuss a couple of things regarding losses and managing your self during these periods. Now in my courses, I talk about a parachute plan. And a point at which you should cut yourself off for the market and effectively cut yourself off from hemorrhaging more money. This is from a trade is point of view. As you know, we

risk manage everything to 1% as a maximum of a portfolio value. So we are managing our risk in that regard. And what we also need to understand is that, yes, sure, 1% what doesn't sound like very much is you can be death by a thousand cuts. And the problem that we have is if we don't have a point at which we stop. Pull ourselves up. And

we have to give ourselves a break. We can rack up those 1% losses in very, very quick succession. People often go in and start revenge trading. Revenge trading is the spiral. All if I can just get this back this much. What do they do? They double up their risk because they've lost 2 in a row. So now if they can get another win, they get 1

to 1. They've got their money back. The issue with this is what if it doesn't work out that way. What if it goes against you? So what do I mean by that? Well, you guys will know by this point and if you're a new listener, welcome for a start. If you're a new listener, everybody should have a trading plan. Now the way that I do this

and I've done for the last 17 years is checklist rules. Things written down, not just flims the ideas in my head. Things that I'm a kid. I have a good accountable for as an investor and a trader. Now we risk manage our positions to 1%, per trade. Okay. We also manage our risk by having what I call parachute plan. Why is it called a parachute plan?

Well, if you jump out of an airplane and you have not prepared yourself with a parachute, you're going to die. These are the facts of life. And it's very much the same in trading. If you do not have a plan, you plan to fail. So we have a plan. Kill it. If you don't have a plan, you can do it. You have a point at which

we put ourselves in the space to say, look, if I am down, maybe it's 2% in the day for you, I stopped trading. That could be four losses at half a percent each. So you're managing your risk even more closely, but you max out at 2% for the day. It could be 3% in a week. Stop trading. Wait for the week to pass, speak to a

mentor or assess your trades. Look at your screenshots. And it could be 6% in a month at which point you walk away because something's not working. Now whilst it might just be the market going against you and having a bit of a bad run. And it happens to all of us. No matter how good a trader you are, you are going to have these moments in

time where you get beaten up. Hey, if you're going to go on a winning streak, you can also go on a losing streak. Both can occur and you need to be prepared for both scenarios because it will happen. A point at which you stop and you walk away from the market allows us a couple of things. One, we remove ourselves from a dangerous environment whereby we

can continue to spiral. We take ourselves out of that emotional space. No, I am not doing this. I am walking away. There is no use in me being here. But the next trade, the next trade will always be there. But you don't want to do it from a point of emotion, a point of frustration or a point of anger. So that parachute plant is there to

stop you when you need to stop. And if you don't have a written down trading plan with your rules for your trades, as a matter of fact ask yourself this if you're a trader. Do you know your strategy? And you might say, yeah, I know my strategy. Well, can you write it down? Write it down into simple bullet checkpoints. It's exactly how I do it. It's

worked very well for me and thousands of people the world over. Hold yourself accountable. Measure yourself against the rules you set when you're not in the market. Because when you are in the market, your emotions come in because you're dealing with your own money. Money makes us do funny. Things you can make us do some very bad things. Take the money equation out of it by

sticking to a risk management plan, having a written down trading plan and make for goodness. So sure that you have your parachute plan. The point at which you remove yourself from the market, dust yourself off, feel your goodness again and come back when you feel up to the task. Guys, again, I appreciate you being here. Please, if you can write a review, I'm going to ask

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day. All right, that's it for me. Bye for now.