FOMO is such a delusional emotion. The reason why people buy tops is they hope they’ll be able to somehow replicate those investors who bought the dip.
You absolutely won’t and you are absolutely the exit liquidity.
Imagine working all week at your job and not getting PAID. Are you sure you 'bout that life?
I FINALLY broke even this week trading (not my investing account).
Crucial Lessons to take from this:
1) A highly rewarding life isn't always immediately rewarding. Most people wouldn't want to work all week without pay. A good trader expects a certain level of variance.
2) As a trader you have to continuously monitor your entire performance. One day, one trade, one week, means little if you're doing the right thing every day.
3) If I tilted on Tuesday and took stupid trades I could've wiped my my entire month's worth of progress.
4) What you see online from traders is mostly bullshit. Very few traders would tell you they had a break even week, let a lone a losing one.
Keep your heads up champs. This life is hard but it's worth it.
What burns a lot of traders is they can't differentiate between not buying stocks and shorting.
Just because it may not be a good time to buy stocks does not mean it's time to "short it to hell".
When we fail to realise how difficult the process towards freedom can be it is all too easy to become discouraged and give up.
At such times, patience and perseverance are absolutely essential. We also need to remember that difficulties and failures are often the back door to ultimate success 🙏❤️
1 A+ setup a day keeps the 9 to 5 away.
$NQ Long taken live in front of 500 people.
Details of the trade for your education:
- SMT
- PO3 into HTF FVG
- Swept RELs and London low in the process
- Close above FVG that swept liquidity
- At leat 2:1 R to get back to buyside
Most traders suck because they exhaust themselves throughout the trading day.
1) Trying to guess every single candle's direction
2) Overemphasizing losses
That shit is sooo draining...and draining = failing.
Stop it. You only need a part of the move to be profitable and losses are normal.
Bear market sentiment in #bitcoin. Members reaching out in fear asking if they should sell.
Yet price above what was in Feb! Jan was 27% lower!
No idea if this 6-month drawdown has ended or where it ends. But grow a pair if you're going to hold an asset with such tremendous volatility.
Know the timeframe you live on and see it from that perspective only.
Cannot stress this enough. Don’t keep your private keys, wallets, even expensive jewellery in your house.
Store in a safe location such as a trusted bank, even better not in your home country.
Put as much protection as possible on yourself. I speak from experience as now living with 24.7 security on myself and my family. There are crazy people out there, and they will do anything to get your money. Protect your assets, and protect your family! 🙏
So do we all think it’s just one big fucking coincidence that the market provides the best buying opportunity all year and all of a sudden Schwab, Fidelity, and Vanguard go down?
Loss Aversion v Loss Avoidance📉📉📉
We are naturally 'Loss Averse'. All humans🧍 are, in fact all animals 🫏are. Those animals that weren't loss averse. wouldn't have survived to pass on their DNA🧬.
Loss Aversion 😵💫 is a Survival Trait that biases our behaviours.
Loss Avoidance🛑 however, thats different!
Loss Avoidance is an implicit need to avoid any losses whatsoever. A life of Loss Avoidance is a life where you take 'No Risks'. 😒😒
Loss Avoidance in trading means not engaging with uncertainty, not taking risks, not flirting with danger. 🎢
Loss Avoidance will 100% guaranteed lead to failure in trading. 📉📈 - Loss Aversion by contrast, is so,mething you need to work with, navigate, and understand how it impacts you.
You are Loss Averse, work with that. But put simply, there is only one way to gaurantee avoidance of losses: By not trading. 🫷
In my early trading days, I use to think I had found a way to make money whilst avoiding losses. - It was a form of Arbitrage which seemed loss proof. 😜
However, every form of Arbitrage has a risk within it, though often its rarely obvious. - After a long period of success with this strategy, one day I found out, very painfully, where the risk in the arbitrage was. 🤕 - When arbitrage breaks down, usually the hit is huge, because usually the notional size trades you take in an arbitrage, are huge.
Quite, simply if you aren't willing to suffer losses in trading, you'l never win. 💰
In my book📕 'Mastering the Mental Game of Trading', I tell how you have to make a bargain with yourself whereby you accept losses, failure and setbacks, as the price of ultimate success, thus enabling you to engage more fully with risk and uncertainty.⚡️
In my bargain, I came up with the phrase, 'Learn to Love Your Losses'. - For without them, I could never win. 💕
I now saw my losses as essential. Losses were my capital, I needed them to win, so I decided I better learn to love them, rather than hate 🤬them, which leads to avoidance of them.
You can see this section of the Bargain 🤝you make with yourself👇
Election doesn't matter for #bitcoin. Doesn't need pro-#bitcoin administration.
#bitcoin operates in a vacuum. Always has. 3/4 of its existence was under Democrat admin + 4/4 under a hostile one.
I get 'number go up' = good for you, but is it good for #bitcoin?
The simple reason why ALL traders lose:
- They view entering trades as the main action
- They view waiting for your trade as "not doing anything"
In reality:
- Waiting for your A+ setup is the main action
- Entering trades is the minor action