Hello friends,
I have been quite bullish on bitcoin recently, and in my last trade, I entered at 9800 (bought the day of the green arrow) and sold again at 9800 (red arrow). I closed my trade as per my strategy regardless of my stop not being hit. I wasn't super happy to close it at the time because it felt a little premature, but as I hope I have made clear, I don't care what I think. I simply follow my strategy and no more. It is not my job to think or to feel when trading. It is my job to be a robotic man.
Regardless, the next day, the price went back up to about 10,400 or so and I was beginning to think I was going to miss a big move. Actually, I did believe I would miss a big move. I believed I was going to miss a big move and still didn't buy into bitcoin. This is following the strategy. As it turns out, bitcoin is back to where I left for the most part, but now I have the option to buy in if the strategy is met again. I thought I was going to miss the train, but I didn't.
My point with this is that we are all extremely delusional and essentially retarded. I have zero confidence in my ability to predict the future, my opinion on anything to that end means absolutely nothing to me, and it shouldn't to you either. If you read my posts, you should not do so because you think I am going to be right... I have no idea if I will be or not. What you should adsorb from me is that I never put myself in bad positions so I never leave with any broken bones. What you should absord is that I put my ego aside and simply let the markets and my strategies tell me how to behave.
I do not think I am special. I do not trade with the hopes of making millions this year. I simply trade to not blow up and with any luck I'll experience positive pnl over time. I recommend you have minimal expectations when it comes to trading, but do not shirk the work. Simply do what you should be doing and don't expect that to mean the universe owes you for your effort. Expect nothing from the external world. Believe you are not deserving of any greatness just as no one else is. If it comes along, then good for you, but see yourself as just another person. No more no less.
Bottom line, when you are emotional or let your ego tell you you are hot shit, you are very vulnerable to extremely negative performance that just may make your life seem not worth living. Don't be foolish. Be humble. Be reasonable. Have a strategy and follow it.
If you struggle managing your emotions, for starters, you might be risking too much. Consider risking less. You can also consider learning to automate your strategies and simply not keep track so much of what's going on. Other than that, I have a few suggestions from keeping yourself from doing majorly stupid things: do not trade past midnight or when you are tired, meditate, understand that pnl in the short term is noise and randomness and DOES NOT make you a genius or an idiot, do not try to make money too fast - focus on trying not to lose it all.
Good luck and don't do anything stupid,
-YS
I have been quite bullish on bitcoin recently, and in my last trade, I entered at 9800 (bought the day of the green arrow) and sold again at 9800 (red arrow). I closed my trade as per my strategy regardless of my stop not being hit. I wasn't super happy to close it at the time because it felt a little premature, but as I hope I have made clear, I don't care what I think. I simply follow my strategy and no more. It is not my job to think or to feel when trading. It is my job to be a robotic man.
Regardless, the next day, the price went back up to about 10,400 or so and I was beginning to think I was going to miss a big move. Actually, I did believe I would miss a big move. I believed I was going to miss a big move and still didn't buy into bitcoin. This is following the strategy. As it turns out, bitcoin is back to where I left for the most part, but now I have the option to buy in if the strategy is met again. I thought I was going to miss the train, but I didn't.
My point with this is that we are all extremely delusional and essentially retarded. I have zero confidence in my ability to predict the future, my opinion on anything to that end means absolutely nothing to me, and it shouldn't to you either. If you read my posts, you should not do so because you think I am going to be right... I have no idea if I will be or not. What you should adsorb from me is that I never put myself in bad positions so I never leave with any broken bones. What you should absord is that I put my ego aside and simply let the markets and my strategies tell me how to behave.
I do not think I am special. I do not trade with the hopes of making millions this year. I simply trade to not blow up and with any luck I'll experience positive pnl over time. I recommend you have minimal expectations when it comes to trading, but do not shirk the work. Simply do what you should be doing and don't expect that to mean the universe owes you for your effort. Expect nothing from the external world. Believe you are not deserving of any greatness just as no one else is. If it comes along, then good for you, but see yourself as just another person. No more no less.
Bottom line, when you are emotional or let your ego tell you you are hot shit, you are very vulnerable to extremely negative performance that just may make your life seem not worth living. Don't be foolish. Be humble. Be reasonable. Have a strategy and follow it.
If you struggle managing your emotions, for starters, you might be risking too much. Consider risking less. You can also consider learning to automate your strategies and simply not keep track so much of what's going on. Other than that, I have a few suggestions from keeping yourself from doing majorly stupid things: do not trade past midnight or when you are tired, meditate, understand that pnl in the short term is noise and randomness and DOES NOT make you a genius or an idiot, do not try to make money too fast - focus on trying not to lose it all.
Good luck and don't do anything stupid,
-YS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.