I’ve traded every boom and bust pattern in bitcoin for 10 years.
Here’s what I’ve learned about the mental game of market cycles and how to be a profitable trader or investor after going full-time in 2013.
A non-ai generated thread based on my real-life experience 👇
Price is down 70%
It’s hard as hell for most people to buy after price is down 70% or more off of all-time highs…
Even if they know to “buy low and sell high”
It’s easier to buy when groupthink it cheering price higher.
How much do I buy?
Ok, so “How much do I buy” in a bear market?
There’s only one correct answer:
Buy an amount you wouldn’t freak out & sell if price crashed another 90%, and where you would still have dry powder to buy lower.
Also, buy an amount you wouldn’t have FOMO if prices went up 10x.
HODL no matter what?
Don’t believe people that preach HODL no matter what
90%+ of them sell the lows, disappear during bear markets, and aren’t honest about their positions.
Follow your OWN risk tolerance and take profit during bubbles.
USE BITCOIN TO IMPROVE THE QUALITY OF YOUR LIFE!
The media
Ignore the media.
Seriously, fuck them.
They’re not traders and have no skin in the game.
believe in bitcoin
Yes, we “believe in bitcoin”, but there’s always a possibility that we don’t get another all-time high.
Accept the risk or stay away.
You alone are responsible
You alone are responsible for managing and protecting your positions.
Even experienced traders & investors can get lazy and mismanage their funds.
Be diligent.
Stop blindly following “crypto influencers”
I’ve seen dozens come and go over the past decade.
There are very few with integrity that don’t:
- take money to promote projects
- front-run & pump n dump
- compromise their integrity for a little bit of money.
Lastly, buckle up and be grateful
We’re living through the biggest redefinition of money in thousands of years.
Have some fun and enjoy the process of building life-changing wealth!
I’m honored to be on this journey with you guys 😎
Battle time
Trading is a battle…
Investing is a competition…
And you need adversarial thinking to win.
Assume everyone is trying to take your money.
Look for society’s blind spots. That’s where you’ll find profits.