The Wolf Den #91 - Know Your Strengths, Ethereum Raging And More
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Know your strengths... and your weaknesses.Becoming a better trader requires that you not only focus on textbook knowledge, but also on bettering yourself. You are the driver of your own success. Traders tend to focus solely on the market and forget that their own behaviors may be holding them back. This is why it is so important to put some focus on trading psychology.Trading psychology is centered around understanding the mind of a trader. As I mention over and over again, you cannot control the market but you can control how you react to it. For example, after taking a big loss, you may find yourself asking, “Was it because the market acted oddly or because my stressful day affected my trading?” You need to be able to answer these questions if you are going to avoid making similar mistakes in the future.When you begin to understand your strengths and weaknesses, you begin to become more self-aware. This self-awareness is a priceless resource for a trader - and for any human being.Here are a few trading psychology lessons that may help you become more profitable.Know Your StrengthsKnowing your strengths is a crucial part of trading. It’s important to focus on what you are good at so that you may focus your attention in that area. Focus on what times of day you trade best , the setups you’re most successful with, the asset that you have made the most profit with etc.Know Your WeaknessesKnowing your weaknesses is just as important as knowing your strengths. This trait is what keeps you out of trouble and allows you to preserve your capital. You wouldn’t enter a marathon if you’ve been lounging around on the couch for the past couple of months; this would lead to calamity. The same logic applies to trading. Don’t put yourself in a position that you are not equipped for. If you tend to perform poorly with short selling, avoid it. If you always lose money when trading low caps, avoid them. Don’t waste energy in areas that you will not excel in until you have spent time on the sidelines improving.Be ConfidentDeveloping confidence not only removes some of the stress from trading, but it also allows you to become more competent. If you always feel like you are going to fail, you may create a self-fulfilling situation. Find your niche and give yourself credit when credit is due.Know when you need to take a breakTrading can be stressful. As traders, we have the tendency to always want to be a part of the action. If you take a big loss, you want to get back in the game and recoup your lost capital. If you take a big gain, you want to claim more profits. It’s essential to take a break every now and then. This gives you time to refresh and come back to the market with a better mind state.There is no “one-size-fits-all” program for traders. Every one of us is different; therefore every trader will need to take different approaches. What works for one trader may not work for another. That being said, the end goal is the same for everyone: be aware of your own behaviors so that you can improve them in the future.Note: I have moved the charts back to the top of the newsletter. I have had a number of complaints about them being at the bottom and gmail truncating the emails. It seems clear that many of you are here for the charts, so I have listened and put them back up top, front and center. You can always click the link gmail provides to read the entire email.Just a reminder to check out thewolfofallstreets.io. I try to “fill the gaps” between newsletter with more information and news on the site.What’s in this issue?Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy Markets$YFI Hysteria Clearly ExplainedWhen Life Gives You Peppers - A Story YFI Coin Reaches $38,000XRP Holders are Entitled to Spark TokenBitcoin Voted Safest Way To Invest In ArgentinaThe Wolf Of All Streets Podcast Ft. Samson MowMy Recommended Platforms And Tools
The Wolf Den #91 - Know Your Strengths, Ethereum Raging And More
The Wolf Den #91 - Know Your Strengths…
The Wolf Den #91 - Know Your Strengths, Ethereum Raging And More
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Know your strengths... and your weaknesses.Becoming a better trader requires that you not only focus on textbook knowledge, but also on bettering yourself. You are the driver of your own success. Traders tend to focus solely on the market and forget that their own behaviors may be holding them back. This is why it is so important to put some focus on trading psychology.Trading psychology is centered around understanding the mind of a trader. As I mention over and over again, you cannot control the market but you can control how you react to it. For example, after taking a big loss, you may find yourself asking, “Was it because the market acted oddly or because my stressful day affected my trading?” You need to be able to answer these questions if you are going to avoid making similar mistakes in the future.When you begin to understand your strengths and weaknesses, you begin to become more self-aware. This self-awareness is a priceless resource for a trader - and for any human being.Here are a few trading psychology lessons that may help you become more profitable.Know Your StrengthsKnowing your strengths is a crucial part of trading. It’s important to focus on what you are good at so that you may focus your attention in that area. Focus on what times of day you trade best , the setups you’re most successful with, the asset that you have made the most profit with etc.Know Your WeaknessesKnowing your weaknesses is just as important as knowing your strengths. This trait is what keeps you out of trouble and allows you to preserve your capital. You wouldn’t enter a marathon if you’ve been lounging around on the couch for the past couple of months; this would lead to calamity. The same logic applies to trading. Don’t put yourself in a position that you are not equipped for. If you tend to perform poorly with short selling, avoid it. If you always lose money when trading low caps, avoid them. Don’t waste energy in areas that you will not excel in until you have spent time on the sidelines improving.Be ConfidentDeveloping confidence not only removes some of the stress from trading, but it also allows you to become more competent. If you always feel like you are going to fail, you may create a self-fulfilling situation. Find your niche and give yourself credit when credit is due.Know when you need to take a breakTrading can be stressful. As traders, we have the tendency to always want to be a part of the action. If you take a big loss, you want to get back in the game and recoup your lost capital. If you take a big gain, you want to claim more profits. It’s essential to take a break every now and then. This gives you time to refresh and come back to the market with a better mind state.There is no “one-size-fits-all” program for traders. Every one of us is different; therefore every trader will need to take different approaches. What works for one trader may not work for another. That being said, the end goal is the same for everyone: be aware of your own behaviors so that you can improve them in the future.Note: I have moved the charts back to the top of the newsletter. I have had a number of complaints about them being at the bottom and gmail truncating the emails. It seems clear that many of you are here for the charts, so I have listened and put them back up top, front and center. You can always click the link gmail provides to read the entire email.Just a reminder to check out thewolfofallstreets.io. I try to “fill the gaps” between newsletter with more information and news on the site.What’s in this issue?Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy Markets$YFI Hysteria Clearly ExplainedWhen Life Gives You Peppers - A Story YFI Coin Reaches $38,000XRP Holders are Entitled to Spark TokenBitcoin Voted Safest Way To Invest In ArgentinaThe Wolf Of All Streets Podcast Ft. Samson MowMy Recommended Platforms And Tools