In my first #crypto bullrun I turned $5,000 into $1,000,000
I then rode it down back to $20,000
Here are the 10 most important lessons I learned over the past 6.5 years ππΌ
I then rode it down back to $20,000
Here are the 10 most important lessons I learned over the past 6.5 years ππΌ
1) You don't need leverage
Leverage trading is without doubt one of the most common reasons why traders go broke.
Let's say you have the perfect setup and you overleverage
You simply won't be able to handle the PNL swings and are either going to get chopped or close at a loss
Leverage trading is without doubt one of the most common reasons why traders go broke.
Let's say you have the perfect setup and you overleverage
You simply won't be able to handle the PNL swings and are either going to get chopped or close at a loss
2) Don't revenge trade
I used to let my emotions dictate my trades and this has costed me well over 7 figures.
One trade closed at a loss, oh well let's jump straight into another one. Instead of reducing risk a common trait is to risk more.
This is gambling not trading.
I used to let my emotions dictate my trades and this has costed me well over 7 figures.
One trade closed at a loss, oh well let's jump straight into another one. Instead of reducing risk a common trait is to risk more.
This is gambling not trading.
3) Don't overtrade
During the 2021 bull market I can with a hand on my heart say I overtraded. I overtraded a lot.
I would get outperformed by normies that sat on positions and did nothing.
Now I only do high/mid timeframe swing positions with no micromanaging.
Less is more.
During the 2021 bull market I can with a hand on my heart say I overtraded. I overtraded a lot.
I would get outperformed by normies that sat on positions and did nothing.
Now I only do high/mid timeframe swing positions with no micromanaging.
Less is more.
4) Understand when to risk less and when to risk more
During bull markets you can get away with doing a lot of dumb sh*t, you should still learn when to risk less or more
This takes years to master, however during bull keep it simple: buy every retrace till it does not work
During bull markets you can get away with doing a lot of dumb sh*t, you should still learn when to risk less or more
This takes years to master, however during bull keep it simple: buy every retrace till it does not work
5) Your network is your networth
If you have no friends to discuss and exchange information you are missing out
In a space where insider information is everywhere it would be silly not to network
Surround yourself with people more successful than you.
I still have a mentor
If you have no friends to discuss and exchange information you are missing out
In a space where insider information is everywhere it would be silly not to network
Surround yourself with people more successful than you.
I still have a mentor
6) Understand your edge and then stick to it
If you are good at finding newly listed low cap coins then stick to that.
If you are good at doing fundamental analysis, then stick to that.
If you are good at helping projects, then stick to that.
Play your edge and win
If you are good at finding newly listed low cap coins then stick to that.
If you are good at doing fundamental analysis, then stick to that.
If you are good at helping projects, then stick to that.
Play your edge and win
7) Build a reputation and don't trust people blindly
I always try to do my own due diligence
I have been fucked over by people I considered friends and that has costed me reputation and money before
and ofc I have shilled coins that went to 0 many times over the years
I always try to do my own due diligence
I have been fucked over by people I considered friends and that has costed me reputation and money before
and ofc I have shilled coins that went to 0 many times over the years
8) Let winners run and cut losses quickly
I would proceed to try and find lagging altcoins in the same sector/with the same narrative that haven't pumped yet and buy these.
This is the dumbest thing you can do, read here
x.com
I would proceed to try and find lagging altcoins in the same sector/with the same narrative that haven't pumped yet and buy these.
This is the dumbest thing you can do, read here
x.com
9) Don't fight the trend
Early during the 2020 run-up I would try to constantly look for local tops and short entries.
I would hedge then unhedge and then hedge and unhedge again.
If the trend is up don't fight it.
Look for longs and buy retraces until it does not work.
Early during the 2020 run-up I would try to constantly look for local tops and short entries.
I would hedge then unhedge and then hedge and unhedge again.
If the trend is up don't fight it.
Look for longs and buy retraces until it does not work.
10) Find the right people to get information from
Twitter is without doubt the best source of information for crypto, it can however quickly turn into mainstream media if you follow the wrong people.
Your feed should be full of crypto nothing else.
I keep my follow list short.
Twitter is without doubt the best source of information for crypto, it can however quickly turn into mainstream media if you follow the wrong people.
Your feed should be full of crypto nothing else.
I keep my follow list short.
Loading suggestions...