Life as a crypto trader// My life lessons - I need intestinal fortitude

in #crypto7 years ago

So, I wrote one piece in honor of the crypto traders not too long ago. Quite frankly this thing takes balls. Not just man balls, it can be giant lady balls too, or whale balls. The PC expression is intestinal fortitude, and it comes with an apology to everyone currently without intestines. You're people too, and can also be brave. What I'm saying is risking lots of money in a unstable market especially while my monthly bills comes out of this is borderline terrifying.

@haejin

I'm not sure if he's nutz or not. He might be accurate. Some think he's a quack. He might be picking winners in a bull market. I haven't fully made up my mind, but I do think that he has a fairly deep understanding of the principles he's talking about. He does have some useful thoughts and certainly has some eyes on him. Whether technical analysis or anything else is better than asking my lucky 8-ball I don't know.

Here's his post from earlier today. It's called his third alternate count.

Notice the nose diving red. I just quit my job to do this full time. Rough start would be a few days after that realize that we were at a rather extraordinary high for the moment, but having not sold off about to get hit with a brutal couple of whacks from the reality tree.

The positive upside

He talks about the positive upside in this graph-

The negative potential

That one looks a little grim for a guy who didn't cash some out at the top and so has nothing handy to buy the dip.

Seems as though the universe is providing multiple pathways forward and the question is which one will manifest.

Here's what happened today

I started shitting my pants roughly here

We plummeted to the resistance line. That was scary.

I had cleaned up after my self here

Only to then totally reshit my pants here

I'm literally thinking "if this goes any further I'm panic selling all of this shit."

Crypto trading is hard on the nerves

Look, it's one thing when I had a job and could just ride this shit out and not worry too much about the ups and downs because I didn't have to cash some of this shit out to live. Now I pay rent with this. I gotta say, it's fucking nerve wracking. Here's hoping the market goes up, jaws of wealth, triangles, and all the goodness that comes with that. I'm gonna be the first one cashing out fat stacks to fiat when the correction rights.

This is simply a long toast to the people that have done this a while

Maybe it's because I'm new and untested that it's extra scary to do this with mortgage money rather than simply lunch money, but being in this market is a mix of excilerating and terrifying. To the people that have held themselves together (pun intended) I tip my hat, I share my high regards, and will look to summon the will and the balls to do well at this. Cheers. Many blessings of lambos to you all.

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Kudos to you for your success, but if you get to a point where you're not risking the rent money, you'll find it much easier to ride out the swings. What you're experiencing is common to investors in the stock market, speculators in the futures market, professional gamblers, etc. It's tempting to go for the home run and bet big, but volatility cuts both ways. I expect that 2018 will be a great year for crypto investors, but I expect sharp corrections along the way. Diversification and proper position sizing will help us ride out the swings. It will also be important to pick the right cryptos in which to invest. Most cryptos are scams and will go to zero.

"Never confuse brains with a bull market."

"Diversification and proper position sizing will help us ride out the swings."

Yes, yes and yes..

Long term investing only for me; I'm not a day trader.
I understand the landscape and the tech, then try to feel the timing.

These days, watching the newspaper only gives you the propaganda to make the markets cool off. Not the reality, not the truth.

"Success is not final; failure is not fatal: It is the courage to continue that counts." ... @aggroed

It is all about emotional control. Controlling the two most important emotions in trading and investing, fear and greed.

I would say it is only about controlling fear, coz greed is a fear not to earn.

Aggroed, very eloquently put. Mentioning 'intestinal fortitude' so early in a post is commendable! I would be wary of other traders' claims that they have made money in this cut throat world of trading. They will only tell you about their big wins and never tell you about their great big losses they have had in the past. Trust me I've been there. All the best and I'll be intrigued to hear how you are doing over the next few days and weeks..

Nice post @aggroed! I am relatively new to trading Crypto. I've quickly learned to do my own research, dont panic, and stick to the reasons I bought in the first place. I lost about 20% of my initial investment buying/selling/chasing, decided to hold (hodl lol) and I've made money since!

The "worst" part of trading cryptos is you miss your trade because of a price spike and your left holding Bitcoins. That's why I don't sweat it when I miss a trade.

Thanks a million blessings to you too, I am learning, I am totally new to this, and I am seeking advice from all. Lol your post is very funny and true. Thank you for sharing and success, please keep an eye on your opinions.

The thing about haejin advices is that he claims he is a Elliot Wave Expert with 90% of accuracy.

Elliot Wave Counting technic is pretty controversial, and 90% of accuracy it pretty stretched (check this article for a good idea of pros and cons about Elliot wave)

I started do dive deeply into financial markets for about half a year, and all honest big players i met say two things is common:

  • The market devour those who want to go in to make quick easy money
  • There is no easy way. You have to study, win, lose, win, lose again, until you are ready to be a good player on the market.

Also, you need to find wich tools (Technical, Fundamental, etc) work for you.

And if you start to look into the intraday graphics you might go crazy, if you are not into day-trading.

And yeah, how the way you handle your emotions is a big part of the game.

I suggest you to watch this guy: @cryptovestor. He have honest views about the crypto markets, and have no fear of warning when things are not going "to the moon".

Also, a personal opinion, but its up to you what to do:

Don't keep all your money into cryptos. The risk and the volatility is too high to be 100% invested in it. Make sure you put some of you money on stable less risky investiment.

It can go "to the moon", but there is always the possibility of cryptos failing completly.

Peace man! Keep up the good work! Your Radio Shows on PAL are getting better everyday!

Second on following @cryptovestor. One of the crypto youtubers I have come to respect.

Friend, I had a lot of fun with your post, I share your ideas, I think that trading is purely emotional with basic concepts about how it works, but you really need to have courage to dedicate yourself full-time to this type of activities.

In 2017 a two year old could have made profits trading crypto, 2018 has the potential to make a lot of crypto traders look like a two year old!

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