Professional Trader Sees Doge Market Uncertainty, Calls on Traders to Get Back to Basics
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO: DOGE).
Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ:TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters.
With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for.
Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale.
Eric Ferguson suggests using his Mindful Trader, a data-driven swing-trading strategy that can potentially help you grow your account. Eric says that because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level.
Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Eric believes the Mindful Trader has something for everyone.
Check out this link to learn more about Mindful Trader’s trading strategy.
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