#b90x - DAY 39 - 3 TYPES OF MARKET GURUS in CRYPTO - BE CAREFUL! - MARKET PSYCHOLOGY

b90x

#1

Do you care about freedom and independence? I’m sure you do!
Here’s the problem. For most people, that’s simple lip service.
When people are put under pressure, they change their tune and start looking for "strong leadership."
Traders/Investors in distress often call for their superman and seek directions from assorted gurus.
Let’s talk about the types of gurus you can find in the crypto market today:

1 - Market Cycle Gurus - According to Elder Alexander, Market Gurus popup every market cycle, he says every 4 years, and their fame lasts about 2-3 years. It generally coincides with a major bull market. As it is easy to become a Guru when things are going very well.

  • What he/she says becomes a self-fulfilling prophecy in a bull market
  • These Gurus always come from the fringes of market analysis. They never are establishment analysts.
  • These Gurus remain famous for as long as the market behaves according to his theories
  • They are often ignored until his theory becomes correct
  • When the theory stops working, then love turns to hatred

WHAT DO TO?

  • When you recognize a successful new Guru emerge, it IS profitable to jump on his bandwagon…however, it is even more imporatnt to recognize when a Guru has reached his peak.
  • All Gurus crash, and by definition, they crash from the height of their fame.

2 - Magic Method Gurus - Becomes noticed in the financial scene after discovering a new analytic or trading method.

  • People are willing to pay top dollar for better trading tools…
  • As soon as enough people become familiar with a new method and test it in the markets, it inevitably deteriorates and starts losing popularity
  • Markets are forever chanigng, and methods that worked yesterday are not likely to work today, and even less likely to work a year from now!
  • However, we talked about this in B90X Day 38 around “automation myth!”

WHAT TO DO?

  • Experts say that the only way to profit on these magic method Gurus is if you’re one of the first to use the method that has been validated. If you aren’t a first mover, you’ll often not be able to make much profit
  • I believe that the “automation myth” is very much in play here. I don’t go buy methods and tools created by others. I use my own. I can “control” my own. I can experiment on my own.

3 - Dead Gurus - The legend of a dead Guru and his/her financial prowess will still impress many today.

  • These are men and women who have produced original research for many many years, then get lucky when the markets turn their way
  • They become a Market Cycle Guru and even a Magic Method Guru potentially at one point in time

WHAT TO DO?

  • I personally read a ton of books by dead people. I believe that extracting PRINCIPLES over PRACTICES are far more important ideas to learn from.

  • Looking at the meta of their lives, understanding how they disciplined themselves and learned by doing is what you should gleen from such individuals.

  • As an intelligent trader, you must realized that in the long run, no guru is going to make you rich. You have to work on that yourself!

  • Guru’s aren’t a bad thing. I think Gurus can help you learn far faster than most, however, I think it’s important to contexualize what they say to their particular time period.

IN TODAYS B90X - Tell us a story about how you’ve been sucked into the Guru theory. We’d love to learn about people you’ve come across. What did you learn? How can you help us learn from what you’ve extracted?


#B90X - Full Trading, Market, and Personal Psychology 10 Part Series
#2

I signed up for Jame’s Altucher’s newsletters. He talks about crypto but his company seems to advertise other tools to make lots of money in the stock market. I’m not sure if they are legit?

As for crypto Suppoman is recommending Bitquence. I think it probably has a future but I don’t know how he could be so confident.


#3

I have no idea how people can be confident in anything except bitcoin…


#4

I was one of the people who loved to find the “Guru”, the simple path to Lamboland. Whether it was Suppoman (Market Cycle), or QuickFingersLuc (Method) but then something clicked for me. I realized that unless these people were with me 24/7 and could tell me what to do what each and every trade, I better find a mentor to teach me versus one who just gives me the answers. This is so obvious, but the lure of fast money is too strong and you always feel left out otherwise. When I ran across CryptoGrinder and Andy, these guys are great. Their community to fantastic and very helpful, although many of their followers love to flip coins and go for HUGE gains. No probs there…so do I but these traders seem to do trading 24/7. But Ryan and Andy are mostly concerned that you grow, become independent and begin to think for themselves. I love that about them! Then they introduced me to @peter and seriously I have a Bro Crush on our DogeLord. Talk about helpful, talk about a great community and your community’s strategy seems to fit with my busy lifestyle…buy, HODL and smash more next week! I love it and I love this CryptoNation community. I feel like I have discovered where I belong.


#5

Awesome man! So glad you’re here! We doing it for the long haul!!!

Spread the word about the Pub to all you know!


#6

Boom that is man. You can always rely on yourself. So I continue to try to be the best version of me. I appreciate mentors, but I try to be my own guru. And I questions myself all the time!


#7

One must find one’s own way. No one can do it for you.


#8

I heard about antshares from that Suppoman. Perfect example of luck. I knew nothing, and went all in. I mean - he was saying sentences like : " dont sell you antshares for $6 if you bought them for $4, it’s a great coin, let it grow" .
It just resonated with me.
Next thing i know i was researching ANT, but direction was determined by pure luck.
Everybody was looking for next Ethereum, hypnotized by it’s unreal growth, so did I.


#9

Sometimes you get lucky!!!


#10

That guy is wrong 90% of times. I still can’t figure out how universe works. That’s 4 sigma event.


#11

really? suppoman is wrong a lot of the time?


#12

I wouldn’t know. I’ve never watched more than about 15 seconds of his videos.


#13

Can’t really contribute to this one, i got lucky & came across bitesizebitcoin channel early in my journey!


#14

Can’t say I’ve been sucked into any guru stuff, except maybe @peter’s buy Bitcoin, buy it at cost and HODL. :grin:
I almost jumped onto Bitconnect. Do those Bitconnect YouTubers count as gurus? Ultimately I decided against it, too many things just don’t add up… smells fishy.


#15

bitconneeeeeeeeeect!


#16

Not sure I’ve been sucked into any Guru’s theory yet… I try to find counter arguments and do my own research. Definitely sought help a couple of times when I was under pressures after panicking when my assumptions started to look bad.
I think that’s how I found @peter actually, when Bitcoin was crashing and Peter was telling everyone on bitesize bitcoin to calm down and relax, in multiple languages. Calmness personified.

There are a couple of other people (maybe Gurus) I follow on youtube but they are all a bit different and I try to take useful parts from all of them to make my own theories. I definitely prefer following people that admit that nothing is certain and they attach probabilities to events happening. A red flag for me is when a “guru” tells people that something will definitely happen or a coin will definitely rise in price to an arbitrary value.


#17

Throughout my early adult life, I was exposed to many “Gurus” telling me how I can become rich following their system. Unfortunately when I was younger and more naive I was not as informed and fell into Amway and Equinox (MLMs) pretty hard. It was not in the markets, but it gave me extraordinary insight into what to avoid. Now I am grateful since they taught me the hard way that opportunity comes from hard work and smart investing. There are a lot of good experts out there, but I always take what I need, leave the rest and verify with other sources.


#18

My “gurus” QuickFingersLuc and Peter. You need to make your own rules but is good to follow people that have had success, and that tell you out from that if somebody is selling you methods is because he makes his money selling you methods and not applying what they teach.


#19

I agree with your sentiment here. Can’t trust or rely on anyone else to make decisions for me.


#20

I’ve experienced all the 3 types of gurus, ive gained valuable insight from all types but rarely have i ever been burned or squeezed financially because i was always willing do my own research, verify and validate. I do like to be exposed to different opinions, be it popular or otherwise, so i can see whats out there. I will continue to be careful but my experience with gurus has been satisfactory thus far. Tis a slippery slope though i do recognize that…