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!Have conviction.I rarely gamble or place bets, but recently I was following UFC and I placed a low odds parlay bet (2 or more bets in one) just for fun with my friends. I considered the small wager a loss as soon as I placed it, because the odds were extremely low, and the payout was very high. The bet needed 3 specific fighters to win, and against the odds, the first two legs of the bet hit. Being hyper-aware of my emotions throughout the fights, I found myself getting more and more excited as the bet was closer and closer to paying out.As it came down to the final fight of the parlay, Adesanya vs. Blachowicz, I increasingly began to question my bet. I needed another underdog to win, causing more anxiety. Hoping to ease my nerves, I did what a smart gambler would do and hedged my bet with an additional bet on the other fighter (Adesanya), just so I wouldn't walk home a loser. I could have hedged well enough to guarantee a profit if either fighter won, but I decided to either break even or walk away with a large payout. The emotions I felt during the fight brought me back to my beginning days of trading and reminded me why conviction matters so much.Without strong conviction in your strategy and beliefs, you are susceptible to emotional torment. It made me realize that there are probably millions of people in crypto right now deeply affected by price and volatility because they lack conviction. Crypto markets in particular can be an extremely scary place if you don't know what you’re doing. Price repeatedly has strong swings overnight, FUD headlines are a common occurrence, and blockchain is confusing as hell. Do yourself a favor and build your strategy and plan until you have conviction in your trades and investments. If you are unable to build your conviction, then it's probably best for both your money and sanity that you don't participate heavily in any market. The best investors have no emotion tied to their positions - they sleep comfortably at night without the urge to check their portfolio every moment. In practice it sounds simple, but conviction is built over time. It takes studying, practicing, and commitment. A prime example of a lack of conviction in crypto is Dave Portnoy. He FOMO’d into a position as a gambler rather than an investor. The market did what it does best and booted him right out. Read below in the news section for a deeper look at exactly what happened and my personal thoughts.Investing in crypto is far easier when you actually believe in the use case and importance. Then you don't feel like panic selling every time there is a small dip.I will be LIVE STREAMING today at 2 PM EST to discuss Bitcoin and markets. Don't miss it!https://www.youtube.com/watch?v=IC_V3IrojUEIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartskeyTango - DeFi SimplifiedDave Portnoy Admits Crypto DefeatBitcoin Historically Offers 230% Annualized ReturnsElon Musk Tweets About Doge While Under InvestigationMy Recommended Platforms And Tools
The Wolf Den #198 - Have Conviction
The Wolf Den #198 - Have Conviction
The Wolf Den #198 - Have Conviction
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!Have conviction.I rarely gamble or place bets, but recently I was following UFC and I placed a low odds parlay bet (2 or more bets in one) just for fun with my friends. I considered the small wager a loss as soon as I placed it, because the odds were extremely low, and the payout was very high. The bet needed 3 specific fighters to win, and against the odds, the first two legs of the bet hit. Being hyper-aware of my emotions throughout the fights, I found myself getting more and more excited as the bet was closer and closer to paying out.As it came down to the final fight of the parlay, Adesanya vs. Blachowicz, I increasingly began to question my bet. I needed another underdog to win, causing more anxiety. Hoping to ease my nerves, I did what a smart gambler would do and hedged my bet with an additional bet on the other fighter (Adesanya), just so I wouldn't walk home a loser. I could have hedged well enough to guarantee a profit if either fighter won, but I decided to either break even or walk away with a large payout. The emotions I felt during the fight brought me back to my beginning days of trading and reminded me why conviction matters so much.Without strong conviction in your strategy and beliefs, you are susceptible to emotional torment. It made me realize that there are probably millions of people in crypto right now deeply affected by price and volatility because they lack conviction. Crypto markets in particular can be an extremely scary place if you don't know what you’re doing. Price repeatedly has strong swings overnight, FUD headlines are a common occurrence, and blockchain is confusing as hell. Do yourself a favor and build your strategy and plan until you have conviction in your trades and investments. If you are unable to build your conviction, then it's probably best for both your money and sanity that you don't participate heavily in any market. The best investors have no emotion tied to their positions - they sleep comfortably at night without the urge to check their portfolio every moment. In practice it sounds simple, but conviction is built over time. It takes studying, practicing, and commitment. A prime example of a lack of conviction in crypto is Dave Portnoy. He FOMO’d into a position as a gambler rather than an investor. The market did what it does best and booted him right out. Read below in the news section for a deeper look at exactly what happened and my personal thoughts.Investing in crypto is far easier when you actually believe in the use case and importance. Then you don't feel like panic selling every time there is a small dip.I will be LIVE STREAMING today at 2 PM EST to discuss Bitcoin and markets. Don't miss it!https://www.youtube.com/watch?v=IC_V3IrojUEIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartskeyTango - DeFi SimplifiedDave Portnoy Admits Crypto DefeatBitcoin Historically Offers 230% Annualized ReturnsElon Musk Tweets About Doge While Under InvestigationMy Recommended Platforms And Tools