I've been getting into Trading as of late.
I ran some numbers, I'm down around $8,000 USD, so one could think I would give up at one point since I'm such a failure
But you see, that money is like my tuition, and I'm learning a fuckton. In fact, I was down to 14k at one point, but this last month I've made a lot of good calls and well, the learning continues.
I came up with a smol guideline list that, naturally, you will not follow if you want to go down the same route I went. That's normal, you have to learn on your own, but at the same time, it doesn't hurt anyone if I share this here:
Think with your brain and don’t ask for targets or hand-holding if you want to truly evolve.
Imagine being at a party where everyone’s doing the Macarena, and you’re the only one asking for step-by-step instructions. You’ve got to learn the moves yourself if you want to truly bust a groove in the crypto dance.
Don’t collect projects with the "catch them all Pokemon style," focus on a few strong PA ones.
Instead of hoarding every shiny new token like Pokémon cards, focus on a few strong projects. Picture Ash Ketchum with a backpack full of Pikachus—cute but not very strategic.
Don’t chase 50xs because it’s the only way you have to "make it"; take small and regular profits + wait for the next favorable high R/R opportunity and compound.
Chasing 50x gains is like betting your life savings on a scratch-off ticket. Instead, think of it like collecting interest from your savings account—small, regular gains add up over time without the heart attacks.
Understand that you’re at the bottom of the "food chain," thus don’t follow hype or engagement farmers but scroll through past posts to see if they have a good track record.
Following hype is like taking diet advice from the Cookie Monster. Scroll through those influencers’ past posts to see if they actually know what they’re talking about or if they’re just handing out cookies.
Before entering/exiting a position, analyze if you’re catching a good R/R opportunity or if the HTF trend is already overextended.
Picture diving into a swimming pool without checking if there’s water first. Analyze the risk/reward before you take the plunge.
Be like a chameleon ready to change colors as the trend changes; don’t get stuck in your biggest beliefs or desires.
Imagine a chameleon at a disco party—always changing colors to match the flashy lights. Adapt to market trends instead of stubbornly clinging to outdated beliefs.
When you make a profit, assess if it’s just a stroke of luck or a real skill, otherwise you’ll risk overestimating your abilities and making future horrible financial decisions.
Think of yourself as a chef who just made a perfect soufflé—was it skill or a fluke? Assess your profits critically before you declare yourself the Gordon Ramsay of crypto.
Figure out that all of the news you see on X is released with the sole intention of triggering an emotional response and 99% of the time is bullst to "justify" the PA, forcing you to take a predetermined path.
Remember, news in crypto is like clickbait headlines—designed to make you react, not think. Approach it with the skepticism of a cat investigating a cucumber.
Comprehend that when your desire to sell overtakes your desire to buy, the bottom is likely near and vice versa.
Imagine you’re at a Black Friday sale—when everyone’s frantically selling their items, it’s probably the best time to buy. And when everyone’s buying, maybe hold off on that impulse purchase.
Wait for HTF closures above key SHs/SLs with candle bodies before taking the next decision.
It’s like waiting for the final scene of a thriller movie to understand the plot. Don’t jump to conclusions until the candle bodies confirm the trend.
I know you won't listen to this, but hey, at least you'll be able to bang your head against the wall once you make mistakes I told you how to avoid, and you will come back to this post for confirmation bias.
Great advice mate!
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