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 $3600 worth. PHEMEX is also celebrating their two year anniversary by sharing 2 BTC with 10 lucky winners to help them realize their dreams: https://anniversary.phemex.com/#dream-sectionKnow your strengths… and your weaknesses.Becoming a better trader requires that you not only focus on textbook knowledge but also on bettering yourself. You are the driver of your own success. Traders tend to focus solely on the market and forget that their own behaviors may be holding them back. This is why it is so important to put some focus on trading psychology.Trading psychology is centered around understanding the mind of a trader. As I mention over and over again, you cannot control the market but you can control how you react to it. For example, after taking a big loss, you may find yourself asking, “was it because the market acted oddly or because my stressful day affected my trading?” You need to be able to answer these questions if you are going to avoid making similar mistakes in the future.When you begin to understand your strengths and weaknesses, you begin to become more self-aware. This self-awareness is a priceless resource for a trader - and for any human being.Here are a few trading psychology lessons that may help you become more profitable.Know Your StrengthsKnowing your strengths is a crucial part of trading. It’s important to focus on what you are good at so that you may focus your attention on that area. Focus on what times of day you trade best, the setups you’re most successful with, the asset that you have made the most profit with, etc.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. Know Your WeaknessesKnowing your weaknesses is just as important as knowing your strengths. This trait is what keeps you out of trouble and allows you to preserve your capital. You wouldn’t enter a marathon if you’ve been lounging around on the couch for the past couple of months; this would lead to calamity. The same logic applies to trading. Don’t put yourself in a position that you are not equipped for. If you tend to perform poorly with short selling, avoid it. If you always lose money when trading low caps, avoid them. Don’t waste energy in areas that you will not excel in until you have spent time on the sidelines improving.Be ConfidentDeveloping confidence not only removes some of the stress from trading, but it also allows you to become more competent. If you always feel like you are going to fail, you may create a self-fulfilling situation. Find your niche and give yourself credit when credit is due.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. Know when you need to take a breakTrading can be stressful. As traders, we have the tendency to always want to be a part of the action. If you take a big loss, you want to get back in the game and recoup your lost capital. If you take a big gain, you want to claim more profits. It’s essential to take a break every now and then. This gives you time to refresh and come back to the market with a better mind state.There is no “one-size-fits-all” program for traders. Every one of us is different; therefore every trader will need to take different approaches. What works for one trader may not work for another. That being said, the end goal is the same for everyone: be aware of your own behaviors so that you can improve them in the future.I AM AWAY FROM MY DESK TODAY, AND UNABLE TO TAKE A LOOK AT THE CHARTS. I DID NOT WANT TO TAKE A DAY OFF, SO I STILL WROTE THE INTRO AND INCLUDED THE NEWS! I WILL ALSO BE TAKING A BREAK FROM YOUTUBE FOR THE NEXT WEEK - IT IS THE HOLIDAYS AND THE PERFECT TIME TO DECOMPRESS, STEP AWAY FROM THE CHARTS AND SPEND TIME WITH FAMILY. I WILL STILL SEND NEWSLETTERS.In This Issue:Know Your StrengthsPublicly Traded Company Staked $50M ETHNFTs Will Be Used As CollateralMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #394 - Know Your Strengths
The Wolf Den #394 - Know Your Strengths
The Wolf Den #394 - Know Your Strengths
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 $3600 worth. PHEMEX is also celebrating their two year anniversary by sharing 2 BTC with 10 lucky winners to help them realize their dreams: https://anniversary.phemex.com/#dream-sectionKnow your strengths… and your weaknesses.Becoming a better trader requires that you not only focus on textbook knowledge but also on bettering yourself. You are the driver of your own success. Traders tend to focus solely on the market and forget that their own behaviors may be holding them back. This is why it is so important to put some focus on trading psychology.Trading psychology is centered around understanding the mind of a trader. As I mention over and over again, you cannot control the market but you can control how you react to it. For example, after taking a big loss, you may find yourself asking, “was it because the market acted oddly or because my stressful day affected my trading?” You need to be able to answer these questions if you are going to avoid making similar mistakes in the future.When you begin to understand your strengths and weaknesses, you begin to become more self-aware. This self-awareness is a priceless resource for a trader - and for any human being.Here are a few trading psychology lessons that may help you become more profitable.Know Your StrengthsKnowing your strengths is a crucial part of trading. It’s important to focus on what you are good at so that you may focus your attention on that area. Focus on what times of day you trade best, the setups you’re most successful with, the asset that you have made the most profit with, etc.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. Know Your WeaknessesKnowing your weaknesses is just as important as knowing your strengths. This trait is what keeps you out of trouble and allows you to preserve your capital. You wouldn’t enter a marathon if you’ve been lounging around on the couch for the past couple of months; this would lead to calamity. The same logic applies to trading. Don’t put yourself in a position that you are not equipped for. If you tend to perform poorly with short selling, avoid it. If you always lose money when trading low caps, avoid them. Don’t waste energy in areas that you will not excel in until you have spent time on the sidelines improving.Be ConfidentDeveloping confidence not only removes some of the stress from trading, but it also allows you to become more competent. If you always feel like you are going to fail, you may create a self-fulfilling situation. Find your niche and give yourself credit when credit is due.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. Know when you need to take a breakTrading can be stressful. As traders, we have the tendency to always want to be a part of the action. If you take a big loss, you want to get back in the game and recoup your lost capital. If you take a big gain, you want to claim more profits. It’s essential to take a break every now and then. This gives you time to refresh and come back to the market with a better mind state.There is no “one-size-fits-all” program for traders. Every one of us is different; therefore every trader will need to take different approaches. What works for one trader may not work for another. That being said, the end goal is the same for everyone: be aware of your own behaviors so that you can improve them in the future.I AM AWAY FROM MY DESK TODAY, AND UNABLE TO TAKE A LOOK AT THE CHARTS. I DID NOT WANT TO TAKE A DAY OFF, SO I STILL WROTE THE INTRO AND INCLUDED THE NEWS! I WILL ALSO BE TAKING A BREAK FROM YOUTUBE FOR THE NEXT WEEK - IT IS THE HOLIDAYS AND THE PERFECT TIME TO DECOMPRESS, STEP AWAY FROM THE CHARTS AND SPEND TIME WITH FAMILY. I WILL STILL SEND NEWSLETTERS.In This Issue:Know Your StrengthsPublicly Traded Company Staked $50M ETHNFTs Will Be Used As CollateralMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO