Wisdom(Lucky)

[Cold Blooded Shiller @ColdBloodShill]

Trading Addiction

You're addicted. People don't like the term (more about that later) but unfortunately it's true. This thread isn't to make you feel bad, or to shame you, it's to hopefully try to assist with eliminating the negatives.

Sometimes that's good, sometimes that's bad. You'll go through various methods for justification but you also need to accept some of the truth to make better financial decisions.

A topic I've written about so many times but we're due for an update and a deeper dive into the new mechanics at play, along with the education for the new market participants.

Let's start with the classic addiction symptoms, firstly the real-life interrupters:

- Compulsively checking your phone for charts
- Unable to complete normal, everyday tasks without checking your phone in between
- Checking your phone in the middle of meals
- Doing one task on your phone and getting distracted half way through to look at charts
- Muscle memory loading up charts on autopilot when you unlock your phone
- Needing to keep your phone on charts when in the shower or somewhere else and finding creative ways to enable you to do that
- Telling your friends/family it's "work" or "important" and that you need to be on your phone
- Getting angry that you have to do something that breaks your time from access to a phone/charts
- Not listening to conversations or being distracted just staring at candles

And now the trading symptoms:

- Entering and re-entering the same position multiple times based on no change in setup
- Throwing money into coins based on small impulses on the LTF
- Throwing money into coins based on a green candle appearing to be moving fast
- Looking to utilise leverage whenever possible to hit bigger wins
- Never wanting to close or sell a position because "what if it goes higher"
- Starting to do the mental calculation for how much profit you'll have if your coin reaches a certain price
- Rotating between multiple coins all the time in the hopes of catching a big move but capturing none of them
- Always feeling "late" to coins and to moves in the market
- Feeling overly emotional about your positions and necessity to have access to an exchange

There's more examples but hopefully that's captured enough of them for you.

Let's break this down, remember the idea was not to shame you, it's to try and help.

Firstly, not all addiction is bad addition when it comes to trading. The majority of us are addicted, whether that's through the close ties to gambling or because of a genuine love and affinity for the world of crypto.

You have to learn to harness the good addiction, you have to have power over your actions and understand the differences between the good and the bad.

Spending time searching for opportunity = good

Blankly staring at a 5m chart entering and re-entering a position on max leverage = bad

You can see the common split here so I can leave you to come to your own conclusions about a positive use of time in this space and not something that's simply based on addictive gambling qualities.

Typically positive or good addiction doesn't actually involve money at all, it involves time. The longer you spend researching before actioning typically leads to better decision making, you're slower, more patient and have more information when it comes to putting money on the line. And you need to have that. You need to put the time in. Success doesn't come without earnings your stripes.

Addiction and impulsiveness are closely tied so our bad addiction qualities usually come from the decisions we make because we believe there will be a quick and very positive response from them.

FOMO into coins
Buying because someone tweeted
Attempting to use high leverage and getting chopped up

Impulsiveness is linked to time. Many people are in a rush to "make it" - they operate at 100mph constantly in the hopes of hitting it big. Giving themselves incredibly small time horizons for success.

We have a combination of addiction, impulsiveness and unrealistic time horizons.

Now the thing that really seals it for a lot of people is justification.

The justification side is very important to understand for addiction purposes. If you've found yourself justifying your actions because you believe they offer huge opportunity, like SOL presales, it's often just the minds way to allow you to complete the dumb action. People add justification to try and avoid the gambling or addiction label.

We often justify our actions as a way of deceiving ourselves that the stupidity can be accepted.

"use max lev because this could be the breakout"
"this presale really will moon"
"all my buddies think this is a good idea too"
"a lot of people are talking about this coin now!"

Our minds typically always look for the positive outcome first, especially those rooted in this space. We are often optimists because of our risk tolerance and so we allow that optimism to encourage us (or at least tip the scales) to make decisions we really shouldn't. Again, look back to examples of leverage usage and how we can convince ourselves very quickly that "now might be the opportunity to get in!"

But of course, reasoned, well balanced justification is important which is why we're brought full circle to the good vs bad addiction.

Addiction is tough, it is very hard to break, but you can be addicted in a positive way. Slow down the speed at which you chuck money away by actioning on your impulses and instead divert that passion and love you have for the space (and the potential for opportunity) into researching, educating yourself and coming up with smarter more informed ways to use your capital.

The gambling capital spiral to zero is real. It haunts many people and unless you make changes to your actions, your dreams will remain unfulfilled.

Slow down.
Treat leverage sensibly.
Use your time wisely to make informed decisions.
Accept that success is built over many months/years.
Learn to change and adapt your negative behaviours.
Question your actions.
(And probably utilise spot and chill a lot more)

[Bluntz @Bluntz_Capital]

all 3 of the new major sol eco coins starting to run hard and have their price discovery runs, $jto, $jup, and $pyth.

but only one hasn't breached ath yet 👀

[CryptoBullet @CryptoBullet1]

@Andrew333074501 This https://t.co/XsQnaoFn3x

[few @fewseethis]

#bitcoin against m1 us money supply 👀

that is an unbelievable chart!

according to this view everything so far was just a test run for #btc.

do you bullieve?

[Jurrien Timmer @TimmerFidelity]

Here is some more detail on the 1966-1970 analog. I indexed the inflation-adjusted S&P 500 to the Oct 2022 and Oct 1966 lows. The similarities are obvious, not only cyclically but also in terms of the secular trend. The bottom panel shows the Fed’s policy rate then and now.🧵

[Sting 🎒 @KRTrades_]

Thanks for playing 🎯

$JUP

[Sting 🎒 @KRTrades_]

$PYTH ✅
$JUP ✅
$JTO 🕕

gib five dolla jeetooooo

[Jacob Canfield @JacobCanfield]

$JUP - Getting fully sent🔥

[Wisdom(Lucky) @tradergreenzone]

@cryptodude999 Hi bro. $JUP Please take a close look at Solana-based coin Jupiter.

[Inmortal @inmortalcrypto]

I just realized I can claim the $JUP airdrop, lmao.

It's like find some coins in the couch.

In view of this new event, send it higher. I'm not selling.

[Cheds Trading @BigCheds]

For those who are new here

$BCH $LTC $EOS $DOGE $SHIB pumps mark a local top for $BTC

[Wisdom(Lucky) @tradergreenzone]

@Trader_XO In particular, I became interested because it was the third time in two cycles that a new coin listed after a bull market ended and a long down market would rise by more than X100 in the next bull market. Please give me your opinion. Have a happy daily life. Thank you.

[Wisdom(Lucky) @tradergreenzone]

@Trader_XO I have been using coins since 2016, and looking back, it seems that only a few stocks of old coins in the past rose X100 times, and the rest rose X10 to 20 times at most.

[Wisdom(Lucky) @tradergreenzone]

@Trader_XO Hello xo. I am a fan of yours and have been reading your posts for about 4 years. I am curious about the buying point on the chart of $MANTA coin, which was listed on a similar date as the JUP coin you posted this time.

[Crypto Feras @CryptoFeras]

these are #Litecoin & #EOS for example
also I added $XRP chart Vs. $USD for those who didn't agree with using btc pair chart

show this thread to whoever recommends you to invest in old dead shid!

[Crypto Feras @CryptoFeras]

1st cycle is always the most profitable cycle for 99% of #Altcoins

after that, they get outperformed by #bitcoin & newer $alts due to:
1- big inflation/supply
2- less attention/hype

So if u r investing in 3 Cycles old #Alts, then u better consider above facts.

#XRP chart here is an example, #LTC, #EOS and others are the same

[Wisdom(Lucky) @tradergreenzone]

@CryptoSays I threw away the trashy EOS and changed my purchase plan to a new coin that was newly listed. Thank you joe.

[Wisdom(Lucky) @tradergreenzone]

@CryptoSays Hello Joe. EOS didn't move at all while other stocks were rising. Will it have future value? Or, I wonder if I should switch to a new coin that is being listed right now. Thank you.

[Wisdom(Lucky) @tradergreenzone]

@CryptoSays I am enjoying the chart you posted. I'm curious what the EOS chart is currently like. If it's okay, can you tell me your short term, medium term, long-term goals? thank you Bullet.

[Wisdom(Lucky) @tradergreenzone]

@CryptoBullet1 Hello Bullet, I am enjoying the chart you posted. I'm curious what the EOS chart is currently like. If it's okay, can you tell me your short term, medium term, long-term goals? thank you Bullet.