This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!"Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul SamuelsonTrading should be boring. Really boring. Watching snails cross the road levels of boring.I have always loved the above quote, because I think that 99% of traders would be better off gambling in Vegas - at least you get free drinks while you are losing your money.This was a very hard lesson for me to learn. In my 20s, I played a ton of poker - in dingy card houses in New York City, in Atlantic City and Vegas and online. I was a decent player, although I lacked the emotional discipline and risk management to be truly successful. I largely treaded water, made very little and wasted a ton of valuable time and sleep.I found at a certain point that it was becoming far too time consuming. I would play out of boredom, in the middle of the night, first thing when I woke up and off to the side while I was doing other things. It became habitual to fill my free time (and not so free time) with a few hands at the poker table. One night at around 4 AM, I had just returned home from work (DJing) and a friend called and said that he had hired a limo to head to Atlantic City to play poker. The two of us caught a nap in the car and headed to the Taj Mahal.We were both exhausted, in limbo between intoxicated and hungover, and really not up for it by the time we arrived. We cashed in for some chips, went to the tables and did what was inevitable - we lost all of our money. A few times. So much so that we were no longer able to withdraw cash from the ATM. Further, the limo was a company car and went back to NYC hours before.So what happened? We got on a New Jersey Transit bus at 11 AM to head back to NYC. It was absolutely miserable and took about 3 hours to get us to the city. We were in terrible shape, exhausted, broke and nauseous. What's worse? I was wearing a brand new pair of underwear, which gave me contact dermatitis in all the wrong places. I was unable to sit comfortably for a week, and was in serious pain on the bus ride home.Good times.Lesson learned. I was a gambler and needed to stop before I developed a problem. So I stopped playing poker, easy.This translated to my trading as well. I turned everything around when I realized that trading should be a completely unemotional pursuit, that I should not be trading until it gave me little joy and absolutely no unhappiness.It's not easy to get to that point, but when you do you are ready to be a successful (and very bored) trader.NOTE: I have received some feedback that there are noticeably less chart in the past week or two in the newsletter. There is a reason for this - there are very few assets with charting or trading. Now that the newsletter is daily, I can pick and choose the few things that look decent on a daily basis, which means that some days (even weeks) there won't be many. I am not going to force charts and trades down your throats when Bitcoin is sideways (it was) and when altcoins look shaky (they do). When the time is right, I will have more charts for you than you know what to do with.Reminder that I am livestreaming today with Simon Dixon to discuss retiring on Bitcoin! You can get information on Retirement Plan B here.Link to the stream at 1:15 PM EST Thursday, December 10th: https://youtu.be/R03QUb4bD7QA general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT - I will only accept chart requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email! Also mark that I will chart them LIVE ON YOUTUBE at 2PM EST EVERY WEDNESDAY!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsChart RequestsUS Unemployment On The Rise - AgainBitPay and Paxos File to Become Federally Chartered BanksCongress is Demanding Crypto Clarity From the SECMovie Based On Silk Road Coming To Theaters in FebruaryThe Wolf Of All Streets Podcast Ft. Pablo GonzalezMy Recommended Platforms And Tools
The Wolf Den #133 - Trading Should Be Boring
The Wolf Den #133 - Trading Should Be Boring
The Wolf Den #133 - Trading Should Be Boring
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!"Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul SamuelsonTrading should be boring. Really boring. Watching snails cross the road levels of boring.I have always loved the above quote, because I think that 99% of traders would be better off gambling in Vegas - at least you get free drinks while you are losing your money.This was a very hard lesson for me to learn. In my 20s, I played a ton of poker - in dingy card houses in New York City, in Atlantic City and Vegas and online. I was a decent player, although I lacked the emotional discipline and risk management to be truly successful. I largely treaded water, made very little and wasted a ton of valuable time and sleep.I found at a certain point that it was becoming far too time consuming. I would play out of boredom, in the middle of the night, first thing when I woke up and off to the side while I was doing other things. It became habitual to fill my free time (and not so free time) with a few hands at the poker table. One night at around 4 AM, I had just returned home from work (DJing) and a friend called and said that he had hired a limo to head to Atlantic City to play poker. The two of us caught a nap in the car and headed to the Taj Mahal.We were both exhausted, in limbo between intoxicated and hungover, and really not up for it by the time we arrived. We cashed in for some chips, went to the tables and did what was inevitable - we lost all of our money. A few times. So much so that we were no longer able to withdraw cash from the ATM. Further, the limo was a company car and went back to NYC hours before.So what happened? We got on a New Jersey Transit bus at 11 AM to head back to NYC. It was absolutely miserable and took about 3 hours to get us to the city. We were in terrible shape, exhausted, broke and nauseous. What's worse? I was wearing a brand new pair of underwear, which gave me contact dermatitis in all the wrong places. I was unable to sit comfortably for a week, and was in serious pain on the bus ride home.Good times.Lesson learned. I was a gambler and needed to stop before I developed a problem. So I stopped playing poker, easy.This translated to my trading as well. I turned everything around when I realized that trading should be a completely unemotional pursuit, that I should not be trading until it gave me little joy and absolutely no unhappiness.It's not easy to get to that point, but when you do you are ready to be a successful (and very bored) trader.NOTE: I have received some feedback that there are noticeably less chart in the past week or two in the newsletter. There is a reason for this - there are very few assets with charting or trading. Now that the newsletter is daily, I can pick and choose the few things that look decent on a daily basis, which means that some days (even weeks) there won't be many. I am not going to force charts and trades down your throats when Bitcoin is sideways (it was) and when altcoins look shaky (they do). When the time is right, I will have more charts for you than you know what to do with.Reminder that I am livestreaming today with Simon Dixon to discuss retiring on Bitcoin! You can get information on Retirement Plan B here.Link to the stream at 1:15 PM EST Thursday, December 10th: https://youtu.be/R03QUb4bD7QA general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT - I will only accept chart requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email! Also mark that I will chart them LIVE ON YOUTUBE at 2PM EST EVERY WEDNESDAY!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsChart RequestsUS Unemployment On The Rise - AgainBitPay and Paxos File to Become Federally Chartered BanksCongress is Demanding Crypto Clarity From the SECMovie Based On Silk Road Coming To Theaters in FebruaryThe Wolf Of All Streets Podcast Ft. Pablo GonzalezMy Recommended Platforms And Tools