The Wolf Den #46 - Protection from SIM Swaps, BTC, Alts, Stock Trades
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This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.Please make sure to read about them below and sign up for an account! I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage - this is where I have been able to short LINK. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!You are the only person responsible for your financial decisions.I have drilled this point repeatedly, but it's still an essential idea to accept. While it is true with any monetary transaction that you choose to make, it is even more important to embrace when you are a trader.Regardless of where you get your trade ideas, whether it be from someone on Twitter, a paid group, an investment advisor, CNBC or your own analysis, at the end of the day, you are the person who stands to gain or lose on the trade.When you follow someone else, you have no idea how they are managing the trade, what their overall financial situation is or how they balance their portfolio. They may take a trade and exit for a small profit hours later while you hold it, watch it go up and then drop. Everyone manages risk differently.It is important to learn how to analyze an asset yourself, but even more important to TRUST your analysis. Everything else is noise. You can choose any technique or system that works for you. You can become a fundamental analyst and follow an asset closely. You can ignore fundamental analysis and purely trade the charts, based on a defined system that you have developed. You can read tea leaves or sacrifice baby unicorns to the trading gods to determine your trade entries. No matter what you do, it has to be based on a plan that suits you, and only you. And this plan must be based on good risk management.This takes time to develop and understand - this newsletter will hopefully be a valuable part of that journey. I am including an extensive lesson on position sizing today, which is arguably the most important aspect of risk management to master as a trader.Another key part of finding your path is to keep a trading journal. Record your trades, good and bad, and always review them - especially the losers. You have already paid for the lesson, you might as well learn it! If you do not learn from your losses, then what was the point of taking them in the first place? You will be doomed to repeat the same mistakes over and over until your account is empty.There's a lot to digest in this issue. I urge you to listen to the most recent podcast about SIM Swaps with Haseeb Awan, CEO of Efani. I have personally switched from T-Mobile to Efani as my phone carrier. I feel very confident I will never be sim swapped again. That said, there are many other ways for hackers to attack us, most of which we discussed.What’s in this issue?Bitcoin Thoughts And AnalysisSIM Swapping, Privacy & Security - Switch To EfaniThe Wolf Of All Street Podcast Ft. Haseeb AwanCharles Schwab Active Trader Pulse SurveyPosition Sizing Is EverythingAltcoinsLegacy MarketsAmerican Companies Are Testing China's Digital YuanPhemexVoyagerThe Best Bitcoin Threads
The Wolf Den #46 - Protection from SIM Swaps, BTC, Alts, Stock Trades
The Wolf Den #46 - Protection from SIM Swaps…
The Wolf Den #46 - Protection from SIM Swaps, BTC, Alts, Stock Trades
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.Please make sure to read about them below and sign up for an account! I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage - this is where I have been able to short LINK. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!You are the only person responsible for your financial decisions.I have drilled this point repeatedly, but it's still an essential idea to accept. While it is true with any monetary transaction that you choose to make, it is even more important to embrace when you are a trader.Regardless of where you get your trade ideas, whether it be from someone on Twitter, a paid group, an investment advisor, CNBC or your own analysis, at the end of the day, you are the person who stands to gain or lose on the trade.When you follow someone else, you have no idea how they are managing the trade, what their overall financial situation is or how they balance their portfolio. They may take a trade and exit for a small profit hours later while you hold it, watch it go up and then drop. Everyone manages risk differently.It is important to learn how to analyze an asset yourself, but even more important to TRUST your analysis. Everything else is noise. You can choose any technique or system that works for you. You can become a fundamental analyst and follow an asset closely. You can ignore fundamental analysis and purely trade the charts, based on a defined system that you have developed. You can read tea leaves or sacrifice baby unicorns to the trading gods to determine your trade entries. No matter what you do, it has to be based on a plan that suits you, and only you. And this plan must be based on good risk management.This takes time to develop and understand - this newsletter will hopefully be a valuable part of that journey. I am including an extensive lesson on position sizing today, which is arguably the most important aspect of risk management to master as a trader.Another key part of finding your path is to keep a trading journal. Record your trades, good and bad, and always review them - especially the losers. You have already paid for the lesson, you might as well learn it! If you do not learn from your losses, then what was the point of taking them in the first place? You will be doomed to repeat the same mistakes over and over until your account is empty.There's a lot to digest in this issue. I urge you to listen to the most recent podcast about SIM Swaps with Haseeb Awan, CEO of Efani. I have personally switched from T-Mobile to Efani as my phone carrier. I feel very confident I will never be sim swapped again. That said, there are many other ways for hackers to attack us, most of which we discussed.What’s in this issue?Bitcoin Thoughts And AnalysisSIM Swapping, Privacy & Security - Switch To EfaniThe Wolf Of All Street Podcast Ft. Haseeb AwanCharles Schwab Active Trader Pulse SurveyPosition Sizing Is EverythingAltcoinsLegacy MarketsAmerican Companies Are Testing China's Digital YuanPhemexVoyagerThe Best Bitcoin Threads