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!Are you undercapitalized?As the saying goes, it takes money to make money. Many beginning traders are blinded by the promise of making boatloads of cash without leaving the comfort of their couch. This is a false reality unless they already have significant capital to trade with. A trader who wants to be a professional needs to be able to support their entire life with trading - that means their profit must cover their living expenses, without eating into their trading capital. In most parts of the world, this requires at least $50,000 - $100,000 to trade with, and a steady profit of 10% monthly. In reality, this is very difficult to achieve. As a result, many beginning traders find themselves under a great deal of stress when their expected trading returns fail to align with the actual results they produce. When I spoke to Peter Brandt, he recommended having a FULL TWO YEARS of living expenses set asides before you even start trading, just in case you are not profitable and have a bad run. That does not even include your capital for trading.If you want to be a pro trader and have a real chance at success, you have to start with a large stack. Catch-22.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsChart RequestsNexo - Yield, Loans, Exchange In OneNFT Sales Are On Fire, Newcomers BewareGoldman Sachs Is Also Exploring A Bitcoin ETFCathie Wood Is Bullish On BitcoinThe Wolf Of All Streets Podcast Ft. Ben AskrenMy Recommended Platforms And Tools
The Wolf Den #191 - Are You Undercapitalized?
The Wolf Den #191 - Are You Undercapitalized?
The Wolf Den #191 - Are You Undercapitalized?
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!Are you undercapitalized?As the saying goes, it takes money to make money. Many beginning traders are blinded by the promise of making boatloads of cash without leaving the comfort of their couch. This is a false reality unless they already have significant capital to trade with. A trader who wants to be a professional needs to be able to support their entire life with trading - that means their profit must cover their living expenses, without eating into their trading capital. In most parts of the world, this requires at least $50,000 - $100,000 to trade with, and a steady profit of 10% monthly. In reality, this is very difficult to achieve. As a result, many beginning traders find themselves under a great deal of stress when their expected trading returns fail to align with the actual results they produce. When I spoke to Peter Brandt, he recommended having a FULL TWO YEARS of living expenses set asides before you even start trading, just in case you are not profitable and have a bad run. That does not even include your capital for trading.If you want to be a pro trader and have a real chance at success, you have to start with a large stack. Catch-22.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsChart RequestsNexo - Yield, Loans, Exchange In OneNFT Sales Are On Fire, Newcomers BewareGoldman Sachs Is Also Exploring A Bitcoin ETFCathie Wood Is Bullish On BitcoinThe Wolf Of All Streets Podcast Ft. Ben AskrenMy Recommended Platforms And Tools