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. Human beings are inherently biased. We are raised with certain sets of beliefs and often carry them through life without questioning whether they are correct or not. We inherit religion from our parents, often not considering that simply being born in a different family would likely change our core spiritual beliefs. We are loyal to our country because it’s where we are born and to our sports teams because the stadium is around the corner. We share the politics of our family, our city, and our state.With bias comes poorly acquired conviction. With poorly acquired conviction comes an emotional attachment to our beliefs and the inability to hear the other side of the story or come to our own rational conclusions.The right answer to almost any question or issue is usually in the middle.There are two quotes from Aristotle that I love on this topic.“Virtue is the golden mean between two vices, the one of excess and the other of deficiency.” - AristotleAnd this…“Neither should we forget the mean, which at the present day is lost sight of in perverted forms of government; for many practices which appear to be democratical are the ruin of democracies. . . Those who think that all virtue is to be found in their own party principles push matters to extremes; they do not consider that disproportion destroys a state.” - AristotleEven in 2022, it would be hard to find a more accurate quote for the situation in the United States. The country is dangerously polarized, with neither side willing to draw rational conclusions about even the simplest of topics. People jump over the line to the furthest of extremes on any issue, meaning that there is no possible way to come together and find a reasonable compromise. Bias infiltrates every decision that we make, the way we approach problems and issues.This is shockingly true in trading.Every time you open a chart, plan a trade or analyze an asset, you bring with you your biases. If you are a Bitcoin maximalist, you will likely fail to see the bearish case on the chart because of your emotional attachment to the asset. If you are a Facebook/Meta employee, it would be difficult to look at a chart without any emotional attachment or preconceived notion about the stock price. If you are holding an asset at a loss, you open a chart searching for a reason to be optimistic.Identifying and eliminating these biases in your life will help you tremendously with your trading. There’s no life hack for doing this that I know of - you just need to consider your mental and emotional state before you enter a trade, and try your hardest to look at the chart through an objective lens. With time, you will start to eliminate your own bias and see the biases of other people on the chart. That’s when you truly see the light.It will also make you a better person, capable of having a rational and polite debate about any topic, which is an added bonus!In This Issue:Challenge Your Biases Crypto's Institutional Appeal Continues to Grow - IntoTheBlockBitcoin Thoughts And AnalysisBTC Bonds Are Nearly HereThis Crypto Bill Could Be HugeChinese Stocks PlummetMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #457 - Challenge Your Biases
The Wolf Den #457 - Challenge Your Biases
The Wolf Den #457 - Challenge Your Biases
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. Human beings are inherently biased. We are raised with certain sets of beliefs and often carry them through life without questioning whether they are correct or not. We inherit religion from our parents, often not considering that simply being born in a different family would likely change our core spiritual beliefs. We are loyal to our country because it’s where we are born and to our sports teams because the stadium is around the corner. We share the politics of our family, our city, and our state.With bias comes poorly acquired conviction. With poorly acquired conviction comes an emotional attachment to our beliefs and the inability to hear the other side of the story or come to our own rational conclusions.The right answer to almost any question or issue is usually in the middle.There are two quotes from Aristotle that I love on this topic.“Virtue is the golden mean between two vices, the one of excess and the other of deficiency.” - AristotleAnd this…“Neither should we forget the mean, which at the present day is lost sight of in perverted forms of government; for many practices which appear to be democratical are the ruin of democracies. . . Those who think that all virtue is to be found in their own party principles push matters to extremes; they do not consider that disproportion destroys a state.” - AristotleEven in 2022, it would be hard to find a more accurate quote for the situation in the United States. The country is dangerously polarized, with neither side willing to draw rational conclusions about even the simplest of topics. People jump over the line to the furthest of extremes on any issue, meaning that there is no possible way to come together and find a reasonable compromise. Bias infiltrates every decision that we make, the way we approach problems and issues.This is shockingly true in trading.Every time you open a chart, plan a trade or analyze an asset, you bring with you your biases. If you are a Bitcoin maximalist, you will likely fail to see the bearish case on the chart because of your emotional attachment to the asset. If you are a Facebook/Meta employee, it would be difficult to look at a chart without any emotional attachment or preconceived notion about the stock price. If you are holding an asset at a loss, you open a chart searching for a reason to be optimistic.Identifying and eliminating these biases in your life will help you tremendously with your trading. There’s no life hack for doing this that I know of - you just need to consider your mental and emotional state before you enter a trade, and try your hardest to look at the chart through an objective lens. With time, you will start to eliminate your own bias and see the biases of other people on the chart. That’s when you truly see the light.It will also make you a better person, capable of having a rational and polite debate about any topic, which is an added bonus!In This Issue:Challenge Your Biases Crypto's Institutional Appeal Continues to Grow - IntoTheBlockBitcoin Thoughts And AnalysisBTC Bonds Are Nearly HereThis Crypto Bill Could Be HugeChinese Stocks PlummetMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO