#B90X - DAY 40 - Master the top 3 essential components for trading + 7 tips around personal trading psychology

b90x

#1

We’ve covered the following in previous B90X: Day 31,32,33:

1 - A sound individual psychology
2 - A logical trading system or process
3 - Good money management plan

  • Your trades must be based on clearly defined rules!
  • Analyze your feelings as you trade (talked about this before)
  • Make sure your decisions are intellectually sound (again, talked about this before)
  • Structure your money management so that no string of losses can kick you out of the game!

1 - Decide today that you’re in the market for the long haul
2 - Learn as much as you can. Read, listen to experts, but keep a healthy skepticism about everything. Ask questions, and do not accept experts at their word. EVEN ME!
3 - Do not get greedy and rush to trade - take your time to learn. Crypto is 24/7! The markets will be there with more good opportunities in the weeks and months and years ahead
4 - Develop a method for analyzing the market. Learn Technical Analysis which we covered from B90X Day 11-30. Test everything on historical data and then in the markets, using real money. Run experiments!
5 - Develop a money management plan. Your first goal must be long-term survival. Your second goal a steady growth of capital, and your third goal, making high profits. Most traders put the 3rd goal first and unaware of the 1st and 2nd goals!
6 - Be aware that a trader is the weakest link in a trading system. Learn to cut out impulsive trades. We’ve talked about personal emotion-management in the earlier episodes of Trading psychology!
7 - Winners think, feel, and act differently than losers. You must look within yourself, strip away your illusions, and change your old ways to being, thinking, and acting. Change is hard, but if you want to be a professional crypto investor/trader, you have to work on changing your personality!

  • IN TODAYS B90X program, leave a comment below in TheBitcoin.Pub and let us know what you’re going to be focusing on first in order to become better at trading and investing. Also, if you’re willing, tell us where your lacking, so we can help you!!!

October 10th 2017 - Have you created discipline? - ROLL CALL
#B90X - Full Trading, Market, and Personal Psychology 10 Part Series
#2

I’m usually this super emotional human being. I don´t just feel things. I FEEEEEEEL things. And that´s why I´m so astonished by myself right now . Because all of a sudden, since I entered the cryptoworld, a totally new side of me have emerged.
A rational, logial, systematical, analytical, strategical, patient side of myself that I didn’t even know existed. For the first time in my life I find myself being able to see money (in terms of cryptocurrencies) as something stimulating and amusing, and something I really like to understand and know everything about.

I don´t say I won´t ever fail again. I don´t say I wont ever get over emotional again. I just say I won´t waste this opportunity to become an even better version of myself. …(and a really wealthy better version of myself as well):stuck_out_tongue_winking_eye:

I am definatly in it for the long run, so thank you so much @peter för B90X wich is giving me the best insights and tools to make sure I stay in the game!

What I I have to work on right now is the more practical steps when I make a trade. I’m a little scared to miss something and do something wrong. Like for instance withdraw BTC to my OMG-wallet and things like that. The practical steps are just not a routine to me yet and I have to dubbel-check everything like ten times before I make a move… :slight_smile:


#3

the one thing that i learnt from getting an engineering degree is being able to sacrifice time when other people were enjoying themselves… this involved alot of emotional control… theres things to be learnt in everything and can be applied cross platforms… einsteins theory of relativity…everything is relative as long as theres consistency in application. bham!!! to the moon guys!! to the moon!!!


#4

I’ve definitely become more disciplined and made trades only on FRIDAYS and have been consistently depositing a small amount of money to prepare for the following week! :smiley:

Feels a heck of a lot better than just trading off of emotions and hype! :smiley:


#5

Dude! Can you elaborate on #7 a bit more? Winners definitely think different than “losers” but I don’t think a lot of people understand what that looks like (because they’re not thinking like winners yet). It’s something I’d like to hear more about. Have you thought of interviewing some “winners” about their thought processes, habits, and routines? You obviously operate as a winner, so I’d also love to hear about how you tailored your thought process to WIN! Personal psychology is so BIG in trading and in life. It’s what makes trading so awesome because to be successful you have to have the personal integrity to stick to your methods when nobody is watching or holding you accountable. It’s the ultimate test of personal development and it’s a big reason why I love trading!


#6

Good call. That’s actually what I want to do in more long form interviews. Is get great successful people on and talk about how they became successful!


#7

I feel like I need to go to FOMO Anonymous :slight_smile:

Hello, My name is SpeediMike and I am a habitual FOMO’r. Crowd: Hi SpeediMike…lol

To begin to address this bad habit, I am starting to use the lessons learned here: have a plan, research coins for a long time, avoid ICOs, and learn, learn, learn and I can see that I am doing it less and more importantly I feel better about what I am doing and I don’t have the emotional need to be looking at markets 24/7. I can tell you that Mrs. SpeediMike likes that part…lol.

My Daily Mantra: Be patient, our day will come and we all will have a seat on the :rocket:

#peace


#8

Mostly do not make emotional decisions.
Make well informed, confident planned buys.


#9

Woo! Day 40! Slow and steady…
I’d say I’ve been working on all three of these essentials pretty equally but still feel I have a long way to go. My focus has been to stay committed and just keep learning, I’m here to stay… and I WILL get that ticket. :rocket:


#10

Day 40. Wow! I’m sticking into it. Love this video. This sum up is something you can watch daily to remind you. Thank you.
I’ve so many things to learn and master. The fud loosing the money I put into Bitcoin is to high. I’m for the long game, but behavior like a day trader.
Next step:this weekend I’ll rewatch the last 10 episodes and create a financial plan.


#11

I’m working on #3 and #6, cutting out impulsive trades and trying to be less greedy, improving those steady gains.

I think I’ve decided that I’m in it for the long haul, #1, and I’m doing reasonably well at learning and market analysis, #2 and #4, but there is always room for improvement.

Definitely need a money management plan, #5, I currently have a steady source of income but if I quit my job then I’ll need to focus on this for sure.

As for #7, not sure how a winner thinks, I’m open to change (I think), hopefully I’ll now by the end. Your brain does a lot of things subconsciously and you can easily deceive yourself. As Richard Feynman said “The first principle is that you must not fool yourself — and you are the easiest person to fool.”.


#12

Very good point, I was also wondering about this. You don’t know what you don’t know.


#13

I find it difficult to change my thought processes to “think” successfully. I know that really successful people just see the world differently. It allows them to always find the golden path. I know I work as hard and as smart, but to change the rat-race mentality is tough. I wish I could have learned when I was much younger that opportunities are abundant outside of corporate America, but I know I have the drive and discipline to start now. That is why I mentioned earlier that I wanted to start a mastermind group. I need to surround myself with other “winners” to further shed the ingrained habits. @peter could you help out with what this new perspective looks like? Thanks!!


#14

Man. I really appreciate your honesty here.

Seeing a different perspective is nothing more than first looking at oneself.
What do you enjoy doing that you’d rather do than what you’re doing now?
Do you have the ability to grow yourself into some sort of mastery of it?
If so, you can begin experimenting on how to make it a service for others. (This is how you get paid to do something you like doing). Like what I’m doing now!

I get paid to help people learn how to build better software faster. That’s what keeps the gears moving, my brain active, and I love helping people. It’s also what keeps this business in crypto afloat (for now).

I love crypto. I’ll be here for a good long while.

But guess what? Interests change over time.

To find what you enjoy. You can master. You can sell.

Begin today. Small incremental steps. Speed of execution beats analyzing. Learn through experimentation.

Let’s go.