The Wolf Den #361 - Could Have, Should Have, Would Have
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.If you intend to take profit on any of your coins during this bull run, it is time to start mentally preparing yourself for what’s to come. There is no simple way to exit a position and maximize profit. If it was easy, everyone would time the top to perfection. Let’s go over a few tips.Practice Taking ProfitsIt’s good to get in the practice of selling, even if you start very small. Try selling .5% of your portfolio. My mentor Chris told me to sell any position that was up 3% for an entire month, just to orient my emotions to the feeling of exiting positions, even if it was "too early." I quickly got used to the feeling of taking profit and seeing price continue up, desensitizing me to fomo. Traders should find this exercise simple, but for investors this can be a lot harder. If all you have been doing is pressing the buy button for the past few years, it’s time to get in the habit of selling, just to get a feel for it. The last thing you want is to have cold feet when you rationally know it is time to sell.Immediately Close The Chart After SellingPart of being a good trader or investor is protecting and maintaining a healthy mental state. This means when you close a trade, you close the chart. My rule was always to immediately close the chart for at least 24 hours, whether the trade was in profit or at a loss. This helped me avoid FOMOing back in when price continued to rise, or revenge trading when I saw price bounce after a loss.If you want to revisit the chart to analyze your performance and enter the trade in your journal, that’s acceptable - but only after a day or two. Staring at the chart and obsessing over how you could have found a better exit is a guaranteed path to fomo and revenge trading. It’s ideal to sell a position and never look back, but not everyone can do this. Just focus on what is next, which leads me to my next piece of advice. Make A Plan For Your MoneyIf you are taking occasional profits at this stage of the bull market and looking for new opportunities - that’s a GO. But if it’s later in the bull market and you’re rolling hard-earned profits into the next "pump" - that’s a NO. Once all hell breaks loose near the top, it is best to remain sidelined and secure your profits. You are likely going to have to watch your previous investment gain another 20-30%, but if you follow rule #2 you will be okay.2017’s peak had incredible volatility, chopping up FOMOing traders who gave all of their profits back in a matter of days. Take your newfound wealth and consider new opportunities in an out of the crypto space i.e., yield, staking, real estate, or investing in a passion. Now is the time to start networking and thinking about your next move. If selling is your plan, talk to other investors who are also selling and collaborate on ways to put your newfound wealth to work.If you plan to HODL for a few decades, then simply do nothing and enjoy the fireworks.In This Issue:Could Have, Should Have, Would HaveBitcoin Thoughts And AnalysisAltcoin ChartsWill Facebook Own The Metaverse?Ethereum’s Altair Upgrade Was A SuccessMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #361 - Could Have, Should Have, Would Have
The Wolf Den #361 - Could Have, Should Have…
The Wolf Den #361 - Could Have, Should Have, Would Have
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.If you intend to take profit on any of your coins during this bull run, it is time to start mentally preparing yourself for what’s to come. There is no simple way to exit a position and maximize profit. If it was easy, everyone would time the top to perfection. Let’s go over a few tips.Practice Taking ProfitsIt’s good to get in the practice of selling, even if you start very small. Try selling .5% of your portfolio. My mentor Chris told me to sell any position that was up 3% for an entire month, just to orient my emotions to the feeling of exiting positions, even if it was "too early." I quickly got used to the feeling of taking profit and seeing price continue up, desensitizing me to fomo. Traders should find this exercise simple, but for investors this can be a lot harder. If all you have been doing is pressing the buy button for the past few years, it’s time to get in the habit of selling, just to get a feel for it. The last thing you want is to have cold feet when you rationally know it is time to sell.Immediately Close The Chart After SellingPart of being a good trader or investor is protecting and maintaining a healthy mental state. This means when you close a trade, you close the chart. My rule was always to immediately close the chart for at least 24 hours, whether the trade was in profit or at a loss. This helped me avoid FOMOing back in when price continued to rise, or revenge trading when I saw price bounce after a loss.If you want to revisit the chart to analyze your performance and enter the trade in your journal, that’s acceptable - but only after a day or two. Staring at the chart and obsessing over how you could have found a better exit is a guaranteed path to fomo and revenge trading. It’s ideal to sell a position and never look back, but not everyone can do this. Just focus on what is next, which leads me to my next piece of advice. Make A Plan For Your MoneyIf you are taking occasional profits at this stage of the bull market and looking for new opportunities - that’s a GO. But if it’s later in the bull market and you’re rolling hard-earned profits into the next "pump" - that’s a NO. Once all hell breaks loose near the top, it is best to remain sidelined and secure your profits. You are likely going to have to watch your previous investment gain another 20-30%, but if you follow rule #2 you will be okay.2017’s peak had incredible volatility, chopping up FOMOing traders who gave all of their profits back in a matter of days. Take your newfound wealth and consider new opportunities in an out of the crypto space i.e., yield, staking, real estate, or investing in a passion. Now is the time to start networking and thinking about your next move. If selling is your plan, talk to other investors who are also selling and collaborate on ways to put your newfound wealth to work.If you plan to HODL for a few decades, then simply do nothing and enjoy the fireworks.In This Issue:Could Have, Should Have, Would HaveBitcoin Thoughts And AnalysisAltcoin ChartsWill Facebook Own The Metaverse?Ethereum’s Altair Upgrade Was A SuccessMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO