The Wolf Den #72 - Trades, DeFi, Project Reviews, Lessons And More
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This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. 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!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.Trading is a deeply personal pursuit.Many wrongly view it as a competition against other traders or a battle against the market. The reality is, your worst enemy is yourself. It is an endless battle to control your emotions and stick to your plan.“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” - Michael MarcusYou can’t copy someone else’s trades and expect to copy their results. Every person manages a trade differently and has a different risk profile. They are approaching each trade as a different percentage of their overall portfolio - one trader may be taking a tiny position, while another is heavily risk-on and throwing their entire trading stack at the trade. They are approaching each trade from a different perspective - one may be only trading the technicals, while another may have a deep fundamental belief in the asset. They are likely approaching each trade on different time frames - one may be a swing trader, looking to take profit in 2 months, while another may be a day trader looking for a quick scalp.Identifying who you are as a trader and developing a system that plays to your strengths and dampens your weaknesses is a must.YOU NEED YOUR OWN SYSTEM to protect you from.... yourself.Twitter, paid groups and newsletters are great for finding trade IDEAS, but should not be used for copying specific trades, even if you are using the same entry, stop loss and take profit levels to a T.As I often say, it does not matter what strategy, indicators or techniques you use to identify trades. What truly matter is your approach to risk and trade management, especially as it pertains to your specific portfolio and goals.My goal with the charts in this newsletter is to show you my approach. I want you to see the way that ideas formulate for me, and what it would take for me to actually execute a trade. This will NOT WORK FOR YOU. What you can do is take these ideas and plug it into your own system - if it fits, you can use these setups to trade them in your own manner.As an example... lately I have been largely using support and resistance and classical pattern charting - lots of descending resistance lines being broken on altcoin charts. It's what has been jumping out to me. If your normal favorite indicator is Moving Averages, then you can use my idea, pull up the MAs or EMAs and see if there is confluence. If the ideas go well together, you may find a great trade that works well with your own ideas.Copying trades and hoping to make money is a lazy approach and one that is likely to lose you money. Further, the person you are copying could disappear some day, leaving you with a loaded underwater portfolio and no understanding of how to trade your way out of it.Do the hard work. Learn to trade for yourself. It will give you a lifetime of satisfaction, freedom and profit if you take the time and learn to do it properly. This newsletter is a small step in the right direction, but there is endless free and paid information available to anyone who truly wants to master trading. My own mentor, Christopher Inks (who wrote an article on MACD below), has a full course and Discord group (that I admin and participate in) that is incredible - https://howtotradetowin.com/. If you do not want to pay, he does free livestreams regularly that are loaded with knowledge.To my free members (I love you!) - paid members receive emails like this at least 2-3 times a week. Every Thursday I chart any request sent by my paid members, often over 30 or 40 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.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email or sending me a DM on Twitter.What's In This Issue?Bitcoin Thoughts And AnalysisTrading With MACD 101 By Christopher InksThe Wolf Of All Streets Podcast Ft. Eric Feigl-DingpNetwork - The Future Of DeFi?UTrust Review - Bringing Us Closer To Mass AdoptionBitcoin DominanceAltcoin Charts And TradesWhat Is DeFi? By Adam TarlowskiLegacy MarketsShort Selling 101 By Sahil BloomMy Recommended Platforms And ToolsPhemex Adds TRX - ADA And ONT Coming SoonVoyager Adds Maker, COMP and 2FAGoldman Sachs Cuts US GDP Estimate
The Wolf Den #72 - Trades, DeFi, Project Reviews, Lessons And More
The Wolf Den #72 - Trades, DeFi, Project…
The Wolf Den #72 - Trades, DeFi, Project Reviews, Lessons And More
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. 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!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.Trading is a deeply personal pursuit.Many wrongly view it as a competition against other traders or a battle against the market. The reality is, your worst enemy is yourself. It is an endless battle to control your emotions and stick to your plan.“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” - Michael MarcusYou can’t copy someone else’s trades and expect to copy their results. Every person manages a trade differently and has a different risk profile. They are approaching each trade as a different percentage of their overall portfolio - one trader may be taking a tiny position, while another is heavily risk-on and throwing their entire trading stack at the trade. They are approaching each trade from a different perspective - one may be only trading the technicals, while another may have a deep fundamental belief in the asset. They are likely approaching each trade on different time frames - one may be a swing trader, looking to take profit in 2 months, while another may be a day trader looking for a quick scalp.Identifying who you are as a trader and developing a system that plays to your strengths and dampens your weaknesses is a must.YOU NEED YOUR OWN SYSTEM to protect you from.... yourself.Twitter, paid groups and newsletters are great for finding trade IDEAS, but should not be used for copying specific trades, even if you are using the same entry, stop loss and take profit levels to a T.As I often say, it does not matter what strategy, indicators or techniques you use to identify trades. What truly matter is your approach to risk and trade management, especially as it pertains to your specific portfolio and goals.My goal with the charts in this newsletter is to show you my approach. I want you to see the way that ideas formulate for me, and what it would take for me to actually execute a trade. This will NOT WORK FOR YOU. What you can do is take these ideas and plug it into your own system - if it fits, you can use these setups to trade them in your own manner.As an example... lately I have been largely using support and resistance and classical pattern charting - lots of descending resistance lines being broken on altcoin charts. It's what has been jumping out to me. If your normal favorite indicator is Moving Averages, then you can use my idea, pull up the MAs or EMAs and see if there is confluence. If the ideas go well together, you may find a great trade that works well with your own ideas.Copying trades and hoping to make money is a lazy approach and one that is likely to lose you money. Further, the person you are copying could disappear some day, leaving you with a loaded underwater portfolio and no understanding of how to trade your way out of it.Do the hard work. Learn to trade for yourself. It will give you a lifetime of satisfaction, freedom and profit if you take the time and learn to do it properly. This newsletter is a small step in the right direction, but there is endless free and paid information available to anyone who truly wants to master trading. My own mentor, Christopher Inks (who wrote an article on MACD below), has a full course and Discord group (that I admin and participate in) that is incredible - https://howtotradetowin.com/. If you do not want to pay, he does free livestreams regularly that are loaded with knowledge.To my free members (I love you!) - paid members receive emails like this at least 2-3 times a week. Every Thursday I chart any request sent by my paid members, often over 30 or 40 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.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email or sending me a DM on Twitter.What's In This Issue?Bitcoin Thoughts And AnalysisTrading With MACD 101 By Christopher InksThe Wolf Of All Streets Podcast Ft. Eric Feigl-DingpNetwork - The Future Of DeFi?UTrust Review - Bringing Us Closer To Mass AdoptionBitcoin DominanceAltcoin Charts And TradesWhat Is DeFi? By Adam TarlowskiLegacy MarketsShort Selling 101 By Sahil BloomMy Recommended Platforms And ToolsPhemex Adds TRX - ADA And ONT Coming SoonVoyager Adds Maker, COMP and 2FAGoldman Sachs Cuts US GDP Estimate