The Wolf Den #88 - Tips, Trades, Chart Requests And More
thewolfden.substack.com
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 would 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.If I had only ________ I would ________.If I had only held, I would have made a fortune. If I had only sold when I planned to, I would have made money instead of losing it. If I had only taken that job, I would be rich by now.This thinking is the enemy of success, especially as a trader.Nobody has a crystal ball. Nobody can see the future. We all "take profit too early" and stop out before price reverses. Comparing your results to a theoretical idea of what could have been impedes progress and leaves you existing in an emotional limbo, handicapped by the fear of another wrong decision or living in a past that can't be altered.You have NO IDEA WHAT WOULD HAVE HAPPENED if you had made a different decision in life.It happens. No use crying over spilt milk. The faster you get over your "mistake," the faster you can move on in a proper mindset and make a better decision in the future.People have a natural tendency to compare their results to the best possible situation after the fact. This is a useless and damaging exercise, because it implies that perfection is the only expected and acceptable result.I have talked to traders who are up many multiples on their portfolio but down a few percent from their all time high. They almost always complain that they are "down," because they are comparing their performance to the best possible outcome. Is this you? It has certainly been me.That's not how this works.Be honest with yourself. If you could do it all over again, would you really have sold at the exact top and rebought at the exact bottom? Just because the possibility of perfection existed does not mean that you would have actually executed. In fact, there's almost no way that you would have timed everything perfectly.Comparing your outcome to the best possible scenario in hindsight makes no sense, but we all do It. It's a deeply engrained psychological phenomenon.As traders and investors, we can never expect a straight line to the moon. There are always peaks and valleys, moments when we are scared and think the party is over, and times when we believe that the festival will never end. That's why every chart looks the way that it does, even in an uptrend - because that chart is just a visualization of human emotion and behavior.That's why you should be an investor first, check your portfolio less, and ride the wave to inevitable long term success.You are not perfect. I am not perfect. You have no idea what will happen after you execute or exit a trade or investment. Be content with your gains, learn from your mistakes and move on with a clear head.A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!CHARTS ARE AT THE BOTTOM OF THE NEWSLETTER! GMAIL MAY CUT OFF THE BOTTOM OF THE EMAIL, SO YOU NEED TO HIT THE BUTTON TO SEE THE ENTIRE THING.What’s In This Issue:Tip: Take a 3% on Every Trade for a MonthThe Onion KingTop Signals From TMZThe Fed Has The Audacity To Blame AmateursRussia's Blockchain-Based Voting Brings LegitimacyFyooz Launch TomorrowThe Wolf Of All Streets Podcast Ft. Didi TaihuttuBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsMy Recommended Platforms And ToolsChart Requests
The Wolf Den #88 - Tips, Trades, Chart Requests And More
The Wolf Den #88 - Tips, Trades, Chart…
The Wolf Den #88 - Tips, Trades, Chart Requests 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 would 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.If I had only ________ I would ________.If I had only held, I would have made a fortune. If I had only sold when I planned to, I would have made money instead of losing it. If I had only taken that job, I would be rich by now.This thinking is the enemy of success, especially as a trader.Nobody has a crystal ball. Nobody can see the future. We all "take profit too early" and stop out before price reverses. Comparing your results to a theoretical idea of what could have been impedes progress and leaves you existing in an emotional limbo, handicapped by the fear of another wrong decision or living in a past that can't be altered.You have NO IDEA WHAT WOULD HAVE HAPPENED if you had made a different decision in life.It happens. No use crying over spilt milk. The faster you get over your "mistake," the faster you can move on in a proper mindset and make a better decision in the future.People have a natural tendency to compare their results to the best possible situation after the fact. This is a useless and damaging exercise, because it implies that perfection is the only expected and acceptable result.I have talked to traders who are up many multiples on their portfolio but down a few percent from their all time high. They almost always complain that they are "down," because they are comparing their performance to the best possible outcome. Is this you? It has certainly been me.That's not how this works.Be honest with yourself. If you could do it all over again, would you really have sold at the exact top and rebought at the exact bottom? Just because the possibility of perfection existed does not mean that you would have actually executed. In fact, there's almost no way that you would have timed everything perfectly.Comparing your outcome to the best possible scenario in hindsight makes no sense, but we all do It. It's a deeply engrained psychological phenomenon.As traders and investors, we can never expect a straight line to the moon. There are always peaks and valleys, moments when we are scared and think the party is over, and times when we believe that the festival will never end. That's why every chart looks the way that it does, even in an uptrend - because that chart is just a visualization of human emotion and behavior.That's why you should be an investor first, check your portfolio less, and ride the wave to inevitable long term success.You are not perfect. I am not perfect. You have no idea what will happen after you execute or exit a trade or investment. Be content with your gains, learn from your mistakes and move on with a clear head.A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!CHARTS ARE AT THE BOTTOM OF THE NEWSLETTER! GMAIL MAY CUT OFF THE BOTTOM OF THE EMAIL, SO YOU NEED TO HIT THE BUTTON TO SEE THE ENTIRE THING.What’s In This Issue:Tip: Take a 3% on Every Trade for a MonthThe Onion KingTop Signals From TMZThe Fed Has The Audacity To Blame AmateursRussia's Blockchain-Based Voting Brings LegitimacyFyooz Launch TomorrowThe Wolf Of All Streets Podcast Ft. Didi TaihuttuBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsMy Recommended Platforms And ToolsChart Requests