I have a YouTube channel and put out free content daily - technical analysis, guests, education, daily livestreams and more. I am approaching 100,000k subscribers and I want to thank my community and give back. So I am doing a giveaway: 10 prizes of $500 in Bitcoin or Ethereum, amounting to $5,000 when I reach 100K.If you are already a subscriber - just hit this link. And if you are not a subscriber, subscribe to my channel and click the link under the last video to participate.Thank you for all of your support! None of what I do would be possible without all of you.This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. They are currently giving a $2100 bonus for depositing 1 BTC!!! Sign up with the link above and get some free Bitcoin. The one thing that you can always control in trading is how much money you lose.This is the most important, indisputable fact that you must accept if you are going to be a successful trader.You CANNOT control how much money you are going to make. A trade may never be in the green, so you may never have the opportunity to take profit. What you can be sure of is where you set your stop loss and how much of a loss you intend to take when you do so.The only small argument against this is slippage or a failed stop loss - but those should be minor issues when planning a trade, and are not a significant concern on any liquid asset or exchange.People give numerous reasons for refusing to take losses. Cutting your loss is damaging for your ego - often more-so than for your wallet. People are narcissistic and trading is an activity where we face the consequences of our most immediate decisions in real-time. Trading is a constant reminder of who we are, and the truth is unescapable.Everybody knows Freud's approach to psychoanalysis, identifying three parts of the personality : the Id (unconscious), the Ego / Me (what we are at a given moment in time and the Superego (the limits that society imposes on us,). You can also add to this the ideal Me, which is what we desire to be. This is the idea of comparing yourself to the perfect outcome that I have discussed in the past. You will always lose money if you gauge your performance on the best possible scenario.Trading reflects back at us what we really are, and the results are often brutal. Many traders will lose everything by not yielding because they fear being "wrong," and being wrong is damaging to their self-image, shattering their ideal Self and their Ego. That's why they move their stop losses in the middle of a trade.This is why we all know people who have been ruined in financial markets but still insist that they were right, that their analysis was solid, that the market was either totally manipulated or that only idiots trade. We hear this in Bitcoin all the time. It is simply a defensive mechanism to avoid accepting responsibility for their losses. They need to find a scapegoat: the broker, the indicator, the market itself, Twitter influencer or the whale that dumped.Few people I know can simply say “I was wrong.” Especially in markets. Usually a trader believes they were right, but an external force caused the loss. A person who can live off his trading is statistically exceptional - they are among only 5% of traders. They accept that they are imperfect, and will be wrong thousands of times. More importantly, they know that being wrong does not matter. What matters is following their plan and losing small.You must be totally uninhibited with no fear of failing. This makes trade management easier. You will stop moving your stop losses for fear of being wrong. You cannot combine your self worth, social status, profession and trading results with who you are. Most traders take a big loss and fall to pieces. Their psychological structure completely collapses. You are not your job, and your earnings are not your identity. I am not a better person because I made $100,000 this month, nor am I pathetic and stupid because I lost that amount.You have to stop identifying with it. It is not who you are.You will know that you have made it the day that a loss is no more than information like any other, which has no bearing on how you think about yourself. The same goes for a gain. A trader must strive toward psychological strength. Trading can be the path to becoming a more balanced, more accomplished person, and more than the path to just becoming “rich.” It can make you a better person, more capable of accepting and admitting when you are “wrong.”It’s all in your head.Plan your losses, accept them and move on. It’s the only thing you can control in trading.To my free members (I love you!) - paid members receive emails like this at 5 times a week - Monday through Friday. Every Wednesday I chart any request sent by my paid members, often over 30 or 40 charts. It’s a ridiculous amount of work, but I do my best to add real value to anyone who subscribes. If you would like to join the paid side, you can do so for $15 a month here.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue: Control Your Losses... And Your MindBitcoin Thoughts And AnalysisAltcoin ChartsChart RequestsMicrosoft Moving Into BlockchainProtect Your Assets, NFTs IncludedMorgan Stanley Heavily Exposed To GBTCNews VideoStar AtlasThe Wolf Of All Streets Podcast Ft. Dan HeldMy Recommended Platforms And Tools
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The Wolf Den #316 - Control Your Losses…
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I have a YouTube channel and put out free content daily - technical analysis, guests, education, daily livestreams and more. I am approaching 100,000k subscribers and I want to thank my community and give back. So I am doing a giveaway: 10 prizes of $500 in Bitcoin or Ethereum, amounting to $5,000 when I reach 100K.If you are already a subscriber - just hit this link. And if you are not a subscriber, subscribe to my channel and click the link under the last video to participate.Thank you for all of your support! None of what I do would be possible without all of you.This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. They are currently giving a $2100 bonus for depositing 1 BTC!!! Sign up with the link above and get some free Bitcoin. The one thing that you can always control in trading is how much money you lose.This is the most important, indisputable fact that you must accept if you are going to be a successful trader.You CANNOT control how much money you are going to make. A trade may never be in the green, so you may never have the opportunity to take profit. What you can be sure of is where you set your stop loss and how much of a loss you intend to take when you do so.The only small argument against this is slippage or a failed stop loss - but those should be minor issues when planning a trade, and are not a significant concern on any liquid asset or exchange.People give numerous reasons for refusing to take losses. Cutting your loss is damaging for your ego - often more-so than for your wallet. People are narcissistic and trading is an activity where we face the consequences of our most immediate decisions in real-time. Trading is a constant reminder of who we are, and the truth is unescapable.Everybody knows Freud's approach to psychoanalysis, identifying three parts of the personality : the Id (unconscious), the Ego / Me (what we are at a given moment in time and the Superego (the limits that society imposes on us,). You can also add to this the ideal Me, which is what we desire to be. This is the idea of comparing yourself to the perfect outcome that I have discussed in the past. You will always lose money if you gauge your performance on the best possible scenario.Trading reflects back at us what we really are, and the results are often brutal. Many traders will lose everything by not yielding because they fear being "wrong," and being wrong is damaging to their self-image, shattering their ideal Self and their Ego. That's why they move their stop losses in the middle of a trade.This is why we all know people who have been ruined in financial markets but still insist that they were right, that their analysis was solid, that the market was either totally manipulated or that only idiots trade. We hear this in Bitcoin all the time. It is simply a defensive mechanism to avoid accepting responsibility for their losses. They need to find a scapegoat: the broker, the indicator, the market itself, Twitter influencer or the whale that dumped.Few people I know can simply say “I was wrong.” Especially in markets. Usually a trader believes they were right, but an external force caused the loss. A person who can live off his trading is statistically exceptional - they are among only 5% of traders. They accept that they are imperfect, and will be wrong thousands of times. More importantly, they know that being wrong does not matter. What matters is following their plan and losing small.You must be totally uninhibited with no fear of failing. This makes trade management easier. You will stop moving your stop losses for fear of being wrong. You cannot combine your self worth, social status, profession and trading results with who you are. Most traders take a big loss and fall to pieces. Their psychological structure completely collapses. You are not your job, and your earnings are not your identity. I am not a better person because I made $100,000 this month, nor am I pathetic and stupid because I lost that amount.You have to stop identifying with it. It is not who you are.You will know that you have made it the day that a loss is no more than information like any other, which has no bearing on how you think about yourself. The same goes for a gain. A trader must strive toward psychological strength. Trading can be the path to becoming a more balanced, more accomplished person, and more than the path to just becoming “rich.” It can make you a better person, more capable of accepting and admitting when you are “wrong.”It’s all in your head.Plan your losses, accept them and move on. It’s the only thing you can control in trading.To my free members (I love you!) - paid members receive emails like this at 5 times a week - Monday through Friday. Every Wednesday I chart any request sent by my paid members, often over 30 or 40 charts. It’s a ridiculous amount of work, but I do my best to add real value to anyone who subscribes. If you would like to join the paid side, you can do so for $15 a month here.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue: Control Your Losses... And Your MindBitcoin Thoughts And AnalysisAltcoin ChartsChart RequestsMicrosoft Moving Into BlockchainProtect Your Assets, NFTs IncludedMorgan Stanley Heavily Exposed To GBTCNews VideoStar AtlasThe Wolf Of All Streets Podcast Ft. Dan HeldMy Recommended Platforms And Tools