It’s time to wake up and make some money. One of the most exciting use cases of crypto is to both earn yield and get low-interest credit loans, especially since your bank is literally throwing pennies at your feet. Nexo is leading the charge in this arena with 360-degree crypto banking services.If you are looking to park your crypto and earn yield, you can make up to 12% annual interest for doing nothing. If you are looking for a loan, they have them for as little as 5.9% APR and you don’t have to sell your crypto which is a taxable event. Their credit lines are dynamic, meaning that as the value of your crypto goes up, so does your available credit. Really cool and innovative.Check them out HERE and put your crypto to work for you.Emotional control is everything for a trader. The worst mistakes in trading are made when emotions take over, similar to how poker players often make poor decisions when they go "on tilt."Here are 4 quick tips for controlling your emotions as a trader.1. TAKE A WALK Even if it’s just for a minute.Given the fast and furious nature of day trading, it is too easy to get trapped in the sea of emotions.Walking away from your trading screen is a deliberate break in your trading tempo. It is a physical action that you take to control your trading tempo. This simple act clears your mind and reminds you that you are in control.Listening to music also helps to detach you from the market.The market does not drag you into a trade. Quite the opposite. You can walk away from the market any time you want. You are in control.2. STOP TRADING AFTER THREE CONSECUTIVE WINS OR LOSSES.Three consecutive wins make you feel like a super trader. You think that you cannot lose. You are invincible. You over-leverage and over-trade.Three consecutive losses make you feel like a loser. You don’t want to lose. Your emotions explode. You revenge trade.3. DON’T LOOK AT YOUR PROFIT AND LOSS WHILE YOU ARE TRADING.I can hardly think of a figure that causes a greater surge of emotions than your profit and loss. To many traders, the profit and loss figure is an expression of their self-worth. (Nope. You are greater than just your profit and loss.)4. ASK YOURSELF: “AM I SCARED?”Fear is an intense and destructive emotion that traders often encounter.When you are watching your trades unfold, keep asking yourself: “Am I scared?”At any point, if you answer “Yes,” Exit immediately.Review your trading rules.Reduce your trading size.Repeat.Control your emotions, control your trades.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.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsTIME Magazine Is Into BitcoinIs Ethereum Wildly Undervalued?Riot Blockchain Had A Profitable Q4Coinbase Direct Listing TomorrowThe Wolf Of All Streets Podcast Ft. Raoul PalMy Recommended Platforms And Tools
The Wolf Den #219 - Controlling Your Emotions
The Wolf Den #219 - Controlling Your Emotions
The Wolf Den #219 - Controlling Your Emotions
It’s time to wake up and make some money. One of the most exciting use cases of crypto is to both earn yield and get low-interest credit loans, especially since your bank is literally throwing pennies at your feet. Nexo is leading the charge in this arena with 360-degree crypto banking services.If you are looking to park your crypto and earn yield, you can make up to 12% annual interest for doing nothing. If you are looking for a loan, they have them for as little as 5.9% APR and you don’t have to sell your crypto which is a taxable event. Their credit lines are dynamic, meaning that as the value of your crypto goes up, so does your available credit. Really cool and innovative.Check them out HERE and put your crypto to work for you.Emotional control is everything for a trader. The worst mistakes in trading are made when emotions take over, similar to how poker players often make poor decisions when they go "on tilt."Here are 4 quick tips for controlling your emotions as a trader.1. TAKE A WALK Even if it’s just for a minute.Given the fast and furious nature of day trading, it is too easy to get trapped in the sea of emotions.Walking away from your trading screen is a deliberate break in your trading tempo. It is a physical action that you take to control your trading tempo. This simple act clears your mind and reminds you that you are in control.Listening to music also helps to detach you from the market.The market does not drag you into a trade. Quite the opposite. You can walk away from the market any time you want. You are in control.2. STOP TRADING AFTER THREE CONSECUTIVE WINS OR LOSSES.Three consecutive wins make you feel like a super trader. You think that you cannot lose. You are invincible. You over-leverage and over-trade.Three consecutive losses make you feel like a loser. You don’t want to lose. Your emotions explode. You revenge trade.3. DON’T LOOK AT YOUR PROFIT AND LOSS WHILE YOU ARE TRADING.I can hardly think of a figure that causes a greater surge of emotions than your profit and loss. To many traders, the profit and loss figure is an expression of their self-worth. (Nope. You are greater than just your profit and loss.)4. ASK YOURSELF: “AM I SCARED?”Fear is an intense and destructive emotion that traders often encounter.When you are watching your trades unfold, keep asking yourself: “Am I scared?”At any point, if you answer “Yes,” Exit immediately.Review your trading rules.Reduce your trading size.Repeat.Control your emotions, control your trades.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.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsTIME Magazine Is Into BitcoinIs Ethereum Wildly Undervalued?Riot Blockchain Had A Profitable Q4Coinbase Direct Listing TomorrowThe Wolf Of All Streets Podcast Ft. Raoul PalMy Recommended Platforms And Tools