The Wolf Den #222 - Trade Less Assets, Make More Money
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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 !Some of the best traders that I have ever met only trade a single asset.If you have ever dabbled in Forex, you will find these people - fixated on a single pair and oblivious to every other unrelated asset in the world. They identify as such - I am a EUR/USD trader, and AUD/JPY trader, etc.In the crypto market, there are plenty of traders who have made millions only trading Bitcoin with leverage, completely ignoring altcoins and legacy markets. Then there are those who solely traded a single altcoin through 2017 and made generational wealth. I had a friend who only traded AION and turned thousands into millions focusing on this single coin. There are a lot of ways to skin a cat as a trader. There are endless opportunities for profit on thousands of assets and equally endless strategies for trading them. This can be a problem, especially in crypto where the casino never closes and there’s always a coin that is pumping harder than the one you are trading. It’s emotionally exhausting and inevitably causes FOMO.This phenomenon isn’t just unique to trading, investors are also susceptible to hyper-focused strategies. I know investors who have been Tesla bulls for years with no concern for other sectors outside of what affects their stock price. As far as crypto, many of my friends will only ever touch Bitcoin and that's okay. At the end of the day, it's about staying profitable and doing what you do best. I want everyone to have the opportunity to open their eyes to trading, investing, diversifying, etc. but will never knock a winning strategy no matter how contrarian or odd it may be. Right now, DOGE is pumping and beating about every crypto asset in the market. It can be tempting to compare your gains to what Doge is doing and leave you wondering why your promising coin is being outperformed by a meme coin. These thoughts are normal but acting on them can cost you a lot of money.So if you are overwhelmed with the amount of opportunity, then find a few assets that you prefer and study their price action and fundamentals. Get to know them better and focus on making money trading them. Eliminate the noise of crypto Twitter and other traders screaming about huge green candles on other coins - they become irrelevant to you if you are focused. This will inherently force you to slow down, waiting for the right opportunity to enter an investment or take a good trade on a chart that you know like the back of your hand. You will likely trade and invest less and make more. Everyone has a different approach - find one that works for you. If you are always jumping in and out of coins and “missing out,” this may be worth trying.I am doing a live AMA with Antoni Trenchev from Nexo today at 2PM EST. Come hang out and ask questions!https://www.youtube.com/watch?v=OJC_D6_lM0MIn This Issue:Bitcoin Thoughts And AnalysisHow To Create Your First Paper WalletThe Story Of Archegos Capital Management & Bill HwangMy Interview With Crypto Michaël van de PoppeJim Cramer Sold Half His BitcoinBen Askren Is Boxing Jake Paul TomorrowDeeper Network - Private, Secure And Fair InternetMy Recommended Platforms And Tools
The Wolf Den #222 - Trade Less Assets, Make More Money
The Wolf Den #222 - Trade Less Assets, Make…
The Wolf Den #222 - Trade Less Assets, Make More Money
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 !Some of the best traders that I have ever met only trade a single asset.If you have ever dabbled in Forex, you will find these people - fixated on a single pair and oblivious to every other unrelated asset in the world. They identify as such - I am a EUR/USD trader, and AUD/JPY trader, etc.In the crypto market, there are plenty of traders who have made millions only trading Bitcoin with leverage, completely ignoring altcoins and legacy markets. Then there are those who solely traded a single altcoin through 2017 and made generational wealth. I had a friend who only traded AION and turned thousands into millions focusing on this single coin. There are a lot of ways to skin a cat as a trader. There are endless opportunities for profit on thousands of assets and equally endless strategies for trading them. This can be a problem, especially in crypto where the casino never closes and there’s always a coin that is pumping harder than the one you are trading. It’s emotionally exhausting and inevitably causes FOMO.This phenomenon isn’t just unique to trading, investors are also susceptible to hyper-focused strategies. I know investors who have been Tesla bulls for years with no concern for other sectors outside of what affects their stock price. As far as crypto, many of my friends will only ever touch Bitcoin and that's okay. At the end of the day, it's about staying profitable and doing what you do best. I want everyone to have the opportunity to open their eyes to trading, investing, diversifying, etc. but will never knock a winning strategy no matter how contrarian or odd it may be. Right now, DOGE is pumping and beating about every crypto asset in the market. It can be tempting to compare your gains to what Doge is doing and leave you wondering why your promising coin is being outperformed by a meme coin. These thoughts are normal but acting on them can cost you a lot of money.So if you are overwhelmed with the amount of opportunity, then find a few assets that you prefer and study their price action and fundamentals. Get to know them better and focus on making money trading them. Eliminate the noise of crypto Twitter and other traders screaming about huge green candles on other coins - they become irrelevant to you if you are focused. This will inherently force you to slow down, waiting for the right opportunity to enter an investment or take a good trade on a chart that you know like the back of your hand. You will likely trade and invest less and make more. Everyone has a different approach - find one that works for you. If you are always jumping in and out of coins and “missing out,” this may be worth trying.I am doing a live AMA with Antoni Trenchev from Nexo today at 2PM EST. Come hang out and ask questions!https://www.youtube.com/watch?v=OJC_D6_lM0MIn This Issue:Bitcoin Thoughts And AnalysisHow To Create Your First Paper WalletThe Story Of Archegos Capital Management & Bill HwangMy Interview With Crypto Michaël van de PoppeJim Cramer Sold Half His BitcoinBen Askren Is Boxing Jake Paul TomorrowDeeper Network - Private, Secure And Fair InternetMy Recommended Platforms And Tools