The Hard Part--Sitting on your hands with a big position
Ok I timed that pretty well. 100k call that it's imminent and it happens within 6 hours and I'm properly positioned.
Here's the hard part... it's exciting to watch quotes and root for more, exciting to open up the broker PnL and see big green numbers. But the key to trading is executing the fundamental tenets.
Hold for target--my first one is 120k. Given that I have some options that expire within 2 weeks or a month, selling a little early (110-115k) on discretion may be ok. But let's not sell at 103k just because they doubled. Get some distance out of this. This could be the exponential phase. This could be the part of the trend where nobody knows where to sell anymore because it got above 100k so it gets thin on the books. Who knows?
Let disappointment happen. Don't overthink and anticipate it happening. If this wants to reversal candle back under 98k in the same day, let it happen and just stop out all the leveraged positions (keep the spot from lower prices). I don't think this happens but it can. It's just going to have to show me.
So. It breaks with distance to 120k. Or close. Or it doesn't and disappoints me, I take a small loss. No big deal.
Yesterday, you know what I was doing before I decided to make an aggressive bitcoin buy? Cleaning our apartment and watching re-runs of Sopranos. I thought it was a no-trade day for me. The gut call just came organically. And I think I should mirror that approach as the stock tries to hold higher and keep going... stay off chats, stay off twitter, don't gaze at PnL too long (try to forget it), and just look at the chart very periodically on a higher timeframe. Don't lose focus and day trade random things and try to get involved too late on COIN (which was a great breakout chart that I didn't take). Don't get attached to gains and don't let anyone else's plan or perspective poison my own. This is Pete 2.0 trading--less is more and feeling like I own my every win (and loss, when it comes).