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!Hope Is Not A Trading Strategy... a reminder, as I have discussed this before.The impulse to be hopeful in markets is part of human nature. When you are fixated on a specific result but stymied on a price/time basis, hope becomes a dangerous four-letter word.There is nothing inherently wrong with hoping that a trade will go your way. However, many traders depend solely on hope to determine their exits and entries - and hope can rapidly to turn to fear and greed.Hope is contingent upon outside factors happening in your favor, so you become a cheerleader, hoping things will turn around or go your way. This is a very frustrating position to be in. Eventually, emotions take over. You may begin to doubt yourself. Instead of following the lead of the markets, you get angry when the markets don’t follow your lead. This becomes a downhill spiral, and it’s one that is very hard to recover from.Traders should have a fixed plan every time they enter and exit a trade with 3 prices in mind - entry, exit and stop loss. Period. These should not change after the trade is executed. This eliminates hope from the equation.Pay attention to the market action. Stop trading on hope. Stop wishing for a certain outcome. When money is on the line and volatility is elevated, tread carefully and trade your plan.I will be charting your requests live at 2PM EST. I accept them today until 1 PM EST. One request per person, please.Here's the link! https://www.youtube.com/watch?v=sXO7XVWdBckIn This Issue:A Deep Dive into Bitcoin Ownership From IntoTheBlockBitcoin Thoughts And AnalysisNews VideoDave Portnoy Is Launching An ETFChina Is Cutting Back On Bitcoin MiningAmazon AWS Integrates With EtheruemMy Recommended Platforms And Tools
The Wolf Den #190 - Hope Is Not A Strategy
The Wolf Den #190 - Hope Is Not A Strategy
The Wolf Den #190 - Hope Is Not A Strategy
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!Hope Is Not A Trading Strategy... a reminder, as I have discussed this before.The impulse to be hopeful in markets is part of human nature. When you are fixated on a specific result but stymied on a price/time basis, hope becomes a dangerous four-letter word.There is nothing inherently wrong with hoping that a trade will go your way. However, many traders depend solely on hope to determine their exits and entries - and hope can rapidly to turn to fear and greed.Hope is contingent upon outside factors happening in your favor, so you become a cheerleader, hoping things will turn around or go your way. This is a very frustrating position to be in. Eventually, emotions take over. You may begin to doubt yourself. Instead of following the lead of the markets, you get angry when the markets don’t follow your lead. This becomes a downhill spiral, and it’s one that is very hard to recover from.Traders should have a fixed plan every time they enter and exit a trade with 3 prices in mind - entry, exit and stop loss. Period. These should not change after the trade is executed. This eliminates hope from the equation.Pay attention to the market action. Stop trading on hope. Stop wishing for a certain outcome. When money is on the line and volatility is elevated, tread carefully and trade your plan.I will be charting your requests live at 2PM EST. I accept them today until 1 PM EST. One request per person, please.Here's the link! https://www.youtube.com/watch?v=sXO7XVWdBckIn This Issue:A Deep Dive into Bitcoin Ownership From IntoTheBlockBitcoin Thoughts And AnalysisNews VideoDave Portnoy Is Launching An ETFChina Is Cutting Back On Bitcoin MiningAmazon AWS Integrates With EtheruemMy Recommended Platforms And Tools