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.I am working hard to improve the newsletter, so there are a few quick things I want to mention. First, you will notice that I have added some additional writers and content from outside sources - I will be working with some other people in the space to add more content that aligns well with my mission. Second, I am moving the charts to the bottom of every email. This should tidy things up a bit. Many of you only want charts, many of you only want information and tips - this should make finding what you want easier.To that end, GMAIL and other services often truncate the emails because they are so long! When you reach the "end" of the email in your inbox, there is often a link on the bottom left that says "message clipped, view entire messages." You NEED TO CLICK THAT TO SEE EVERYTHING! The newsletter NEVER ends abruptly, and I have had comments wondering about this. You may be missing out on some of the best content if you do not make it all of the way to the bottom! The charts will always be down there moving forward.Now onto the good stuff.Most trade ideas don't work out.The sooner you accept that you will be "wrong" more than "right," the sooner you can start making money. As I have said countless times, your risk management strategy and ability to avoid emotional decisions is the key to trading success. Nobody has a crystal ball or can accurately predict future events.Many of the ideas that I post either do not come to fruition or never completely play out when they trigger. Some lead to stop losses, some lead to breaking even and some lead to large gains. As long as there are no large losses, you will be profitable. My success as a trader is not a result of making "great calls," but rather understanding how to capitalize on the ones that work out and take minimal losses on the ones that don't.I took an ill-advised short on Tesla at $1400. It was stupid - a decision that I made on a whim with no truly compelling reason to do so. Bad trading. What's important is that I had a tight stop loss, at $1425. It was a small loss, and Tesla rocketed to over $1700 the next day. I lost the battle but am alive to win the war. That said, the idea of shorting Tesla may have been correct - I was just too early and without a full plan. I have a better plan for my current Tesla short (below).I closed my SPY shorts from $315 at $320 yesterday. Then the market dropped. Another small loss. No big deal, but another trade that went the other way right after I closed. I exited near the top - it happens.I took a Bitcoin long at $9230, and doubled down at $9180, bringing my cost bases to $9205. I exited this trade for a small loss at $9180 because I had low conviction. Price rose slowly from there. I took a small loss that could have been a nice gain. This was poorly managed, because I exited before it played out on either side. My stop loss would not have triggered yet. A bad trade. Further, there was no reason to really be trading Bitcoin in such a tight range. I chopped myself up, something I try very hard to avoid.And how about DOGE? I added to my large position at 28 sats last week before it nearly doubled, with a cost basis around 25 sats (buying for months). I sold roughly 15% at 44 sats at the range highs, and then had another sell order for 15% trigger just under 60 sats. These were preset orders. That was all great. But then price dropped and I bought again at 39 sats and let this bleed down to 35, hitting my stop loss. I should not have added to the position. I am still in some of it, with a very low cost basis, but I was too aggressive and should have stuck to the original plan.It happens to all of us, nobody is perfect. Even with systems in place, we are still fallible human beings who make rash decisions. These are learning opportunities.But guess what? These losses do not MATTER AT ALL if you are on the right side of your other trades.I took more losses this week than I can recall in a long time, and still had one of my most profitable weeks ever.The few stocks that I have shared are all behaving like pumping alt coins. APT and CRON have made nice gains, while NBY went up almost 100% since I shared it 2 weeks ago, although it has dropped a bit. I can short Tesla 500 more times and take a small loss as a result of these few great trades.Elrond (ERD) is presently at 8X where we entered recently. I still have 60% of my position. That single trade will pay for 50 small losses in a row, if it happens. We have seen similar incredible trades on VET, TFUEL, ZIL, XVG and more. DOGE did a 2x in a few hours last week.Small losses, bigger gains. That's how we make money.What's In This Issue?Bitcoin Just Had Its Third Best Quarterly Close EverThe Wolf Of All Streets Podcast Ft. Jack TaoBonds & Yields 101 & 102 By Sahil BloomTradingView Adds Candlestick PatternsTrading Horizontal Support And ResistanceBank of England Debating Digital Currency CreationTrading Tip - Start On Larger Time FramesCOMP Hits A Billion In LoansMy Recommended Platforms And ToolsPhemexVoyagerBitcoin Thoughts And AnalysisAltcoin TradesLegacy Markets
The Wolf Den #74 - Trades, Lessons And News
The Wolf Den #74 - Trades, Lessons And News
The Wolf Den #74 - Trades, Lessons And News
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.I am working hard to improve the newsletter, so there are a few quick things I want to mention. First, you will notice that I have added some additional writers and content from outside sources - I will be working with some other people in the space to add more content that aligns well with my mission. Second, I am moving the charts to the bottom of every email. This should tidy things up a bit. Many of you only want charts, many of you only want information and tips - this should make finding what you want easier.To that end, GMAIL and other services often truncate the emails because they are so long! When you reach the "end" of the email in your inbox, there is often a link on the bottom left that says "message clipped, view entire messages." You NEED TO CLICK THAT TO SEE EVERYTHING! The newsletter NEVER ends abruptly, and I have had comments wondering about this. You may be missing out on some of the best content if you do not make it all of the way to the bottom! The charts will always be down there moving forward.Now onto the good stuff.Most trade ideas don't work out.The sooner you accept that you will be "wrong" more than "right," the sooner you can start making money. As I have said countless times, your risk management strategy and ability to avoid emotional decisions is the key to trading success. Nobody has a crystal ball or can accurately predict future events.Many of the ideas that I post either do not come to fruition or never completely play out when they trigger. Some lead to stop losses, some lead to breaking even and some lead to large gains. As long as there are no large losses, you will be profitable. My success as a trader is not a result of making "great calls," but rather understanding how to capitalize on the ones that work out and take minimal losses on the ones that don't.I took an ill-advised short on Tesla at $1400. It was stupid - a decision that I made on a whim with no truly compelling reason to do so. Bad trading. What's important is that I had a tight stop loss, at $1425. It was a small loss, and Tesla rocketed to over $1700 the next day. I lost the battle but am alive to win the war. That said, the idea of shorting Tesla may have been correct - I was just too early and without a full plan. I have a better plan for my current Tesla short (below).I closed my SPY shorts from $315 at $320 yesterday. Then the market dropped. Another small loss. No big deal, but another trade that went the other way right after I closed. I exited near the top - it happens.I took a Bitcoin long at $9230, and doubled down at $9180, bringing my cost bases to $9205. I exited this trade for a small loss at $9180 because I had low conviction. Price rose slowly from there. I took a small loss that could have been a nice gain. This was poorly managed, because I exited before it played out on either side. My stop loss would not have triggered yet. A bad trade. Further, there was no reason to really be trading Bitcoin in such a tight range. I chopped myself up, something I try very hard to avoid.And how about DOGE? I added to my large position at 28 sats last week before it nearly doubled, with a cost basis around 25 sats (buying for months). I sold roughly 15% at 44 sats at the range highs, and then had another sell order for 15% trigger just under 60 sats. These were preset orders. That was all great. But then price dropped and I bought again at 39 sats and let this bleed down to 35, hitting my stop loss. I should not have added to the position. I am still in some of it, with a very low cost basis, but I was too aggressive and should have stuck to the original plan.It happens to all of us, nobody is perfect. Even with systems in place, we are still fallible human beings who make rash decisions. These are learning opportunities.But guess what? These losses do not MATTER AT ALL if you are on the right side of your other trades.I took more losses this week than I can recall in a long time, and still had one of my most profitable weeks ever.The few stocks that I have shared are all behaving like pumping alt coins. APT and CRON have made nice gains, while NBY went up almost 100% since I shared it 2 weeks ago, although it has dropped a bit. I can short Tesla 500 more times and take a small loss as a result of these few great trades.Elrond (ERD) is presently at 8X where we entered recently. I still have 60% of my position. That single trade will pay for 50 small losses in a row, if it happens. We have seen similar incredible trades on VET, TFUEL, ZIL, XVG and more. DOGE did a 2x in a few hours last week.Small losses, bigger gains. That's how we make money.What's In This Issue?Bitcoin Just Had Its Third Best Quarterly Close EverThe Wolf Of All Streets Podcast Ft. Jack TaoBonds & Yields 101 & 102 By Sahil BloomTradingView Adds Candlestick PatternsTrading Horizontal Support And ResistanceBank of England Debating Digital Currency CreationTrading Tip - Start On Larger Time FramesCOMP Hits A Billion In LoansMy Recommended Platforms And ToolsPhemexVoyagerBitcoin Thoughts And AnalysisAltcoin TradesLegacy Markets