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. A quick note before we get started...Yesterday, I wrote a long intro on investing with regards to the war in Ukraine. As you know, I believe that it is important to stick to your strategy, continue to dollar cost average and buy dips with a VERY long time horizon (decades). But I want to touch on the fact that our portfolios should not be the main concern right now. Our thoughts should be with the people involved in this conflict who want nothing more than to live in peace and protect their families. Our portfolios will recover.“War is what happens when language fails.”It is both sad and shocking that in 2022 we are still repeating the same horrific patterns of our ancestors. I truly hope that this conflict is resolved quickly and with minimal human suffering. That's what truly matters.And now on to the newsletter...You are your own worst enemy.While traders and investors are inclined to blame the market and other outside factors for their failures, the real culprit is usually the person staring back at them in the mirror. Newcomers and seasoned investors alike fall into similar traps, usually a result of lack of patience and attempted short cuts that rarely work. Here are a few pitfalls that befall many market participants.Monkey See Monkey DoImitation may be the best form of flattery, but it rarely works in markets - especially crypto. We all have a friend, mentor, guru or random uncle that “made it big,” and they are likely telling you that you can get rich as well. Maybe they are flipping NFTs, offer copy trading services, or are a broker in the metaverse. Trying your luck at replicating their system is unlikely to work. Calculated risks are one thing, but attempting to mimic someone else's craft is an easy path to failure. If you want to be successful, you need to do the work yourself and formulate a strategy that suits you.Rushing To The Finish Line Find your preferred time frame and stick to it. Investors and traders should start with a low-time preference (which actually means long term investment) and remain there for the entirety of their career. Patience pays off, so when you see someone hit it big before you, don't get discouraged. Don't change your game plan to speed up the process. If you rush, you’re more likely to make mistakes and trade away your portfolio before it has time to grow.If You Can’t Sleep With It, Don’t Buy ItI mean this one literally. A lot of investors go to great strides to convince themselves that their underwater assets were a great purchase. The reality is that they were likely just a trader who refused to exit, turned investor, turned passionate community member once shit hit the fan. If your trade or investment is keeping you up at night in any way, shape, or form, drop it or reduce the size. You are both losing sleep and likely overexposed to the wrong asset. Obsession Is Not A StrengthWarren Buffet never attributed his wealth to outworking his counterparts. Famously averaging over 8 hours of sleep a night allowed Buffet to achieve optimal performance when he was working. If you are convinced that you need to put more hours into studying the market and watching your trades, you are probably missing some other flaws in your game plan. Obsessing over trades is a sure fire way to make bad emotional decisions that are counter to your original plan. Investing is a game played over one's entire lifetime, so you should avoid burnout at all costs.Generations of investors have become wealthy in markets without ever becoming traders or actively managing their portfolios. They have simply put away money that they could afford to not touch and let the market do the rest. This is the best approach for most people.Get out of your own way.To my free members (I love you!) - paid members receive emails like this one 5 times a week - Monday through Friday. Every Wednesday I chart any request sent by my paid members, often over 30 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.In This Issue:You Are Your Own Worst EnemyBitcoin Thoughts And AnalysisShort-Term Speculators Leave, But May Be Dragging the Market - IntoTheBlockAltcoin ChartsLegacy MarketsDon't Catch A Falling KnifeCointelegraph Releases Top 100 InfluencersGrayscale Wants A Spot ETFRussia To Seize Retail Funds?The Wolf Of All Streets Podcast Ft. Ray YoussefMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #443 - You Are Your Own Worst Enemy
The Wolf Den #443 - You Are Your Own Worst…
The Wolf Den #443 - You Are Your Own Worst Enemy
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. A quick note before we get started...Yesterday, I wrote a long intro on investing with regards to the war in Ukraine. As you know, I believe that it is important to stick to your strategy, continue to dollar cost average and buy dips with a VERY long time horizon (decades). But I want to touch on the fact that our portfolios should not be the main concern right now. Our thoughts should be with the people involved in this conflict who want nothing more than to live in peace and protect their families. Our portfolios will recover.“War is what happens when language fails.”It is both sad and shocking that in 2022 we are still repeating the same horrific patterns of our ancestors. I truly hope that this conflict is resolved quickly and with minimal human suffering. That's what truly matters.And now on to the newsletter...You are your own worst enemy.While traders and investors are inclined to blame the market and other outside factors for their failures, the real culprit is usually the person staring back at them in the mirror. Newcomers and seasoned investors alike fall into similar traps, usually a result of lack of patience and attempted short cuts that rarely work. Here are a few pitfalls that befall many market participants.Monkey See Monkey DoImitation may be the best form of flattery, but it rarely works in markets - especially crypto. We all have a friend, mentor, guru or random uncle that “made it big,” and they are likely telling you that you can get rich as well. Maybe they are flipping NFTs, offer copy trading services, or are a broker in the metaverse. Trying your luck at replicating their system is unlikely to work. Calculated risks are one thing, but attempting to mimic someone else's craft is an easy path to failure. If you want to be successful, you need to do the work yourself and formulate a strategy that suits you.Rushing To The Finish Line Find your preferred time frame and stick to it. Investors and traders should start with a low-time preference (which actually means long term investment) and remain there for the entirety of their career. Patience pays off, so when you see someone hit it big before you, don't get discouraged. Don't change your game plan to speed up the process. If you rush, you’re more likely to make mistakes and trade away your portfolio before it has time to grow.If You Can’t Sleep With It, Don’t Buy ItI mean this one literally. A lot of investors go to great strides to convince themselves that their underwater assets were a great purchase. The reality is that they were likely just a trader who refused to exit, turned investor, turned passionate community member once shit hit the fan. If your trade or investment is keeping you up at night in any way, shape, or form, drop it or reduce the size. You are both losing sleep and likely overexposed to the wrong asset. Obsession Is Not A StrengthWarren Buffet never attributed his wealth to outworking his counterparts. Famously averaging over 8 hours of sleep a night allowed Buffet to achieve optimal performance when he was working. If you are convinced that you need to put more hours into studying the market and watching your trades, you are probably missing some other flaws in your game plan. Obsessing over trades is a sure fire way to make bad emotional decisions that are counter to your original plan. Investing is a game played over one's entire lifetime, so you should avoid burnout at all costs.Generations of investors have become wealthy in markets without ever becoming traders or actively managing their portfolios. They have simply put away money that they could afford to not touch and let the market do the rest. This is the best approach for most people.Get out of your own way.To my free members (I love you!) - paid members receive emails like this one 5 times a week - Monday through Friday. Every Wednesday I chart any request sent by my paid members, often over 30 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.In This Issue:You Are Your Own Worst EnemyBitcoin Thoughts And AnalysisShort-Term Speculators Leave, But May Be Dragging the Market - IntoTheBlockAltcoin ChartsLegacy MarketsDon't Catch A Falling KnifeCointelegraph Releases Top 100 InfluencersGrayscale Wants A Spot ETFRussia To Seize Retail Funds?The Wolf Of All Streets Podcast Ft. Ray YoussefMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO