omg, this materials are so good. Can wait tommorow
The fomo can be real in this market… patience is key
I just got bitch-slapped with some knowledge… Market psychology in my opinion probably play a more important role in crypto than in the traditional market because of the fast pace. Excited for the next video!
I have many coins that get blown with the wind. If we pump again I’m out of half of them
Majority of my money is in BTC, ICX and I have few altcoins but less than 30% of my total investment so there’s not much fear when BTC and ICX swing up and down like a yo-yo but as the days goes by and I finish another day of B90X, I have been learning more and more about how to be a smarter investor, especially when it comes to taking profits, entry points, exit points and how to use many more useful tools to make educated decisions. Thanks to all of this, I guess it has made me more conscious and more careful than ever before investor/trader but at the same time, because of all this new knowledge I have added, I have also become more greedy.
Before, when I first got in crypto, I didn’t know much about cryptocurrency’s and only knew about Bitcoin and ICON so I put my money in both hoping that if just put it in a ledger and storage it somewhere safe and around 5 years later or later, I take it out and it could be worth the future of my future kids.(I want a big family so I was gonna need a lot of greens)
Nowadays, I still consider myself a long-term HODLer overall and for example, my BTC are stored safe and those don’t get touched but as of late I have swing traded with some of my ICX coins and actually made some good gains from some altcoins but I don’t do it very often. I am an emotional person and during those trade days, my blood pressure probably doubled, especially when those digits went below my initial entry price. That’s why I learned I am better at just HODLing and forgetting about it but at the same time, I’m not gonna lie, when I see the market swing and I see a good entry point, I get tempted to throw in some coins… but after some thinking, I remember that ultimately, the safest move is to do nothing, at least for me.
In my opinion, knowledge is power but power goes hand to hand with greed. Adding to my previous post, if we learn how to balance and control greed + knowledge. We should all have a smooth roadtrip overall with some small bumps here and there but what it doesn’t kill you, makes you stronger.
Have you checked out the past few B90X courses?
They mostly talk about your questions, if you haven’t checked them out, I recommend it.
Right, yeah I checked them out, they were helpful!
great advice. Thank you for the mentoring.
Only fear in this market is not hitting my end of the year goal. Which isn’t a big deal either way still hodling years after.
Greed affects my DCA sometimes when I see it dip on Wednesday I buy in. Usually drops even lower on Friday but either way always DCA only on Wednesday and Fridays.
Accumulate X amount of coins based on realistic EOY price predictions for X amount of fiat.
Take small profits as coin climbs to exiting point.
- TRADING RULES
Buy at cost and hodl or buy more at cost during dip and hodl.
Self-awareness and control of yourself is also the key to life, well presented Peter, thank you.
Understand what you fear: Of missing out on the next best thing that’s comes along and not having enough to invest. losing my ass.
Understand how greed moves you: Going all in on the next coin and not sticking to my long term DCA plan.
Create those goals!: DCA… forget the FUD and FOMO hold for the long term of project i believe in that will survive 5-10+ years
Create trading rules!: Deposit a comfortable amount that’s not my bread money to DCA and use a small fraction to play with day trading to understand TA better
DAY 32 - Fear, Greed, Goals, Trading Rules
Looks like I will have two crypto portfolios:
- the Pre-B90X portfolio (aka the FUD/FOMO file)
- and the Post-B90X portfolio (aka the DCA/Measured Restraint file)
PS. Love that Bruce Lee stuff
DAY 32 – Took a break……now moving on……
I can definitely take somethings away from this lesson.
Today I purchased on emotions (FOMO and greed). I’m seeing lots of articles about BTC getting up to $25k by EOY, so I felt like now was a good time to buy more. If I don’t buy now, I’ll miss out on these sale prices. Normally I buy $250 of BTC on each DCA entry. Today I bought $1k because I was feeling greedy. I think I need to set some strict rules for myself about my frequency and amount for DCA.
I’m also feeling scared about my lack of diversification. My crypto portfolio is 20x larger than my stock portfolio. This is partially because I feel like the stock market is ready for a correction, but also because I still need to learn so much more about stocks. I also figure I’ll get a better return out of Crypto than stock -even if it is volatile.
Understand my fear: My fear is loosing my money. Its not my bread money, but I worked extra hard to get some scratch to put into investing and trading in crypto, I fear that if I do not do well I will miss the shot at the moon.
Understanding how greed moves me: Its there, no doubt. I would not be here doing B90X if it wasn’t. For now I will let it push me, I will use it as a tool. It is a driving force. Controlling its stupid side is what I want. Using structure and rules for investing and trading will be the key.
The goals have been roughed out. but not dialed in tight.
The trading rules have been put on paper, but will need to be adjusted as errors are encountered.
I think this is really getting momentum.
I really wish I would have completed B90X last year prior to starting to invest in crypto. This would have really helped me through the rise in Nov/Dec and the fall this year. I have lost so much that I’m just holding on hoping for another run so that I can move it all to BTC. I messed up and invested in way too many altcoins instead of following my initial plan.
Fear: Not getting in soon enough, losing money, etc. I don’t use my bread money, but I do try to cut all other expenses down enough to try and play catch up. I believe in cryptos and I do not watch the news or listen to people saying “it’s a scam, it’s dead”,etc. Gotta just hold up that FUD shield and keep your feet planted, because nothing worth it comes easy. You must grind.
Greed: We all just want that little bit more, but we don’t know what will happen in the next 5 seconds. It’s better to come out ahead than to risk everything.
Goals: I want to have the ability to payoff everything and not have to work. This is not saying I would not, BUT, I want to not feel rushed with my current job. I do love working on cars, but under the current circumstances I don’t have the luxury of checking everything for the “set commission payment” per job. I would gladly like to make half the hours I do a week. I don’t want to have to worry about making enough to scrape buy on a slow week. I just want to fix the cars on my own accord and enjoy it. Then later on,my wife and I have talked about starting up a doggy daycare/rescue.
Trading rules: Make a plan, stick to it. I feel slight regret in some of the coins I invested in, yet I think they have some potential. Understand everything is down so that’s most likely why they are down. I will not sell at a loss… but I will sell when they hit where I planned on.
The last time I went through this, I made some personal trading rules. This time I’m going through the rules to refine. As the rules I was using did not deliver the expected results. The rules will be adjusted based on experience of errors. Which basically boils down to a 90% overall.
Before any trading in the day is started, establish trading, support & resistant zones in a new unit of time. Look at the big and small picture. 1D, 4H, 1H, 30M, 15M. Make sure all lines extend into future enough to cover the days session.
Read trading rules in a new unit of time each day until they are engrained, corrected, and working.
The goal is to increase holdings in the coin being traded, not to make money. Excellent trading is the objective. (sell high, buy low) Use others FuD/FOMO to your advantage.
Check the graph every 30 minutes to check for potential entry/exit points.
Use RSI (over 70 under 30) and MACD (lining up for potential cross over) to spot potential ins and outs. Do not base buy/sells solely on RSI/MACD! Use other TA to confirm. No moji, spinning tops, shooting stars, hammers, etc. If confirmation is needed, get it. Or else, FOMO is involved.
Before pulling the trigger, establish the stop loss number. This should be based on the trading zones and resistant/support zones. Do not buy or sell until stops are calculated.
The goal should be a minimum of a $2 swing, this will give enough room for stop losses to be adjusted with profit.
After buy/sell instantly put in stop.
Check graph every 30 min for potential adjustment to stop. (do not waste time looking at graphs all the time. A decision on whether or not the stop needs adjusting or not should take no longer than 15 secs.
If the stop needs to be moved, it needs to have profit locked in (don’t forget the stop fees) otherwise, leave it alone. FOMO
If the price move is HUGE, give that dog a bit more leash with the stop. For a $2 move you could use a 50 cent stop, but a $4 move could be a $1 stop. Don’t be greedy. Be happy with a little profit and be grateful for a lot of profit. But do not cut your wins by putting a stop too close, until the volume settles down. The graph might be a lightning bolt.
Look for the turnaround. Do not get caught up in potential profits and adjusting stops and overlook the RSI/MACD indicators at the other side. If the indicators are right sell/buy, set stop and get ready for the other swing
Ain’t no looking down just hodl and take profits in the way up.
Definitely need to get better at taking profits on the way up, last year I didn’t partially because of being new and not doing enough research to understand the cyclical bear markets and partially because of them taxes. Not sure yet how I’m going to approach Q3 and Q4 bull run in terms of taking profit or just holding more long term for certain projects. Already struggling with potentially restructuring certain holdings but I am confident in my long term holds, just could use some extra ‘bread’ money from time to time.