🧵: No trading software on the planet is as powerful as the algorithm in your head.
The best crypto traders know how to use it to their advantage to make the illustrious 1%.
Here’s how to utilise your biggest asset to significantly increase your chances of success in crypto. 👇
The best crypto traders know how to use it to their advantage to make the illustrious 1%.
Here’s how to utilise your biggest asset to significantly increase your chances of success in crypto. 👇
2/ Think of your mind as a complex and adaptive mental algorithm.
The more your push yourself, consume quality content and apply it to your investing, the stronger that algorithm becomes.
But there’s a lot that goes into this strengthening process.
Let’s dive in.
The more your push yourself, consume quality content and apply it to your investing, the stronger that algorithm becomes.
But there’s a lot that goes into this strengthening process.
Let’s dive in.
3/ The best traders in crypto improve their performance by:
• Taking risks
• Suffering losses (learning from experience)
• Exposing themselves to new situations (getting out of their comfort zone)
• Being consistent (solidifying neural pathways)
• Taking risks
• Suffering losses (learning from experience)
• Exposing themselves to new situations (getting out of their comfort zone)
• Being consistent (solidifying neural pathways)
4/ This calculation can be simplified as: Time + effort = reward.
But there are many variables that constitute each component of this equation.
Let’s break them down to determine how you can become a better investor/trader:
Firstly, time. 👇
But there are many variables that constitute each component of this equation.
Let’s break them down to determine how you can become a better investor/trader:
Firstly, time. 👇
5/ @Cristiano is the best because he works harder than everyone else.
Talent helps, but will only get you so far.
Saha: “If the session was at 10 am, I would arrive at 9am, do my stuff. He would be there at 8.30am.”
Work harder than the rest to be the best.
Talent helps, but will only get you so far.
Saha: “If the session was at 10 am, I would arrive at 9am, do my stuff. He would be there at 8.30am.”
Work harder than the rest to be the best.
6/ The more time you spend, the better.
You’ve probably heard of the 10,000 hour rule.
Gladwell stated that: “It takes 10,000 hours of intensive practice to achieve mastery of complex skills and materials.”
10,000 hours in crypto would put you in the top 1% of traders.
You’ve probably heard of the 10,000 hour rule.
Gladwell stated that: “It takes 10,000 hours of intensive practice to achieve mastery of complex skills and materials.”
10,000 hours in crypto would put you in the top 1% of traders.
7/ Although time expenditure is clearly important, it’s HOW you use that time that will ultimately dictate your success.
8/ In crypto, you could stare at charts all day and not learn a thing.
But, by:
• Actively trading
• Consulting with top investors
• Experimenting with new techniques
• Thinking critically and challenging your beliefs
You’re helping strengthen your mental algorithm.
But, by:
• Actively trading
• Consulting with top investors
• Experimenting with new techniques
• Thinking critically and challenging your beliefs
You’re helping strengthen your mental algorithm.
9/ The next variable is effort.
Effort is the hardest component to master. This is simply due to our anatomy.
The brain is lazy. We want quick hits of dopamine. We want easy money. We want instant gratification.
Effort is the hardest component to master. This is simply due to our anatomy.
The brain is lazy. We want quick hits of dopamine. We want easy money. We want instant gratification.
10/ But by delaying this gratification, you unlock the door to sustained success.
Set long term goals and reverse engineer them to create a tangible pathway to achieving them.
Long term objectives also make it a lot easier to fight the emotion of short term volatility.
Set long term goals and reverse engineer them to create a tangible pathway to achieving them.
Long term objectives also make it a lot easier to fight the emotion of short term volatility.
11/ In crypto, it feels like you’re fighting against the grain, because humans are heavily swayed by emotion.
Have you ever felt compelled to sell when the market is dropping? Or buy when the market is pumping?
Have you ever felt compelled to sell when the market is dropping? Or buy when the market is pumping?
12/ Truthfully, the most successful investors are the ones that do the opposite.
Millionaires were created in the 2018-2020 bear market because they were the ones accumulating when no one else wanted to.
Millionaires were created in the 2018-2020 bear market because they were the ones accumulating when no one else wanted to.
13/ Even over the past year, the whales have been accumulating when prices are low and selling when prices are high.
As hard as it is, removing emotion from your trading is the best thing you can do (especially during volatile times like these).
As hard as it is, removing emotion from your trading is the best thing you can do (especially during volatile times like these).
14/ The most crucial component of effort is consistency.
Stick to a daily routine. I wake up and:
• Review the day’s key events (Twitter, YouTube)
• Spot new trends (@nansen_ai, @DefiLlama, @glassnode, @tokenterminal)
• Manage my positions
• Consult projects/colleagues
Stick to a daily routine. I wake up and:
• Review the day’s key events (Twitter, YouTube)
• Spot new trends (@nansen_ai, @DefiLlama, @glassnode, @tokenterminal)
• Manage my positions
• Consult projects/colleagues
15/ Can’t afford paid subscriptions? That’s fine too.
I still use:
• @coingecko to compile watchlists and data
• Telegram and discord groups to source alpha and build connections
• Twitter and YouTube to discover quality content
• @DefiLlama, @0xCoindix etc.
I still use:
• @coingecko to compile watchlists and data
• Telegram and discord groups to source alpha and build connections
• Twitter and YouTube to discover quality content
• @DefiLlama, @0xCoindix etc.
16/ The key is, you have to stick to a strategy that works for you.
Some investors prefer day trading, some long-term investing, some a mix of both.
But the key is finding what works for you and your temperament.
The only way you’ll stick to a plan is if you enjoy doing it.
Some investors prefer day trading, some long-term investing, some a mix of both.
But the key is finding what works for you and your temperament.
The only way you’ll stick to a plan is if you enjoy doing it.
17/ Understanding your personal cruxes and strengths will help massively in terms of: a) strategy adherence, and b) strategy effectiveness.
• If you fall for confirmation bias, seek differing opinions.
• If you can’t handle losses, tweak your risk tolerance etc.
• If you fall for confirmation bias, seek differing opinions.
• If you can’t handle losses, tweak your risk tolerance etc.
18/ Trading and investing are just as much of a mental battle as they are financial.
But by understanding this, you can drastically shift the odds in your favour and tap into a gear that other’s can’t.
Your mind is your most powerful asset, it’s time to put it to work. 💪
But by understanding this, you can drastically shift the odds in your favour and tap into a gear that other’s can’t.
Your mind is your most powerful asset, it’s time to put it to work. 💪
If you enjoyed this thread, please like and retweet the first tweet. đź’™
Let’s help each other grow to become better traders/investors.
Let’s help each other grow to become better traders/investors.
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