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- TSP#23: Patience - a crucial element
Marco Johanning
Hello everyone!
Welcome to edition #23 of my newsletter! Every Saturday I’ll be sending out a quick newsletter on how to master crypto.
Today, I focus on patience.
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Mindset
I'm pretty certain about one thing: The most common cause for traders blowing their accounts is impatience.
Impatience often leads to overtrading – executing multiple trades in quick succession without a solid strategy.
Conversely, patient traders analyze market trends, patiently wait for opportune moments, and execute well-thought-out trades.
In the fast-paced world of crypto, where prices can swing wildly within minutes, patience is the cornerstone upon which successful trading strategies are built.
5 Strategies
Make a Plan and Stick to it: Define your trading goals, risk tolerance, and profit targets in advance. Having a well-thought-out plan helps you stay focused and patient, avoiding impulsive decisions.
Write it down with a pen and paper!
Practice Mindfulness and Stay Calm: Practice mindfulness techniques such as deep breathing or meditation to stay calm and clear. I love the Wim Hof Method.
Start Small: Begin with a small position size.
Use a Stop-Loss: Choose your position size and leverage in a way that it won't hurt you if your stop loss is hit. This helps in keeping emotions calm.
Review and Learn from Past Trades: Analyze and journal your trades, both successes and failures. Identify patterns and mistakes.
In the end, it's not the quantity of trades that make you profitable, but minimizing your losses along the way and having winners that are so significant and accurate that they simply overshadow the losses.
Cut your losses quickly and let the winners run. And to find these winners, you need one thing above all:
Patience!
Twitter Reads
Mindblowing
🚨BREAKING: The U.S. system
The U.S. debt just increased by 275B more in 1 day.
More than half Bitcoin capitalization in just 24 hours.
The malicious spiral in which the U.S. is falling has several CRITICAL problems.
🔸Higher Interest Payment
Debt piling up -> government… twitter.com/i/web/status/1…
— ZERO IKA 🗡️ (@IamZeroIka)
4:34 PM • Oct 5, 2023
So September closed in the green.
The most bearish month reverted expectations towards the end.
Consens is uptober now.
I tend to be careful with this.— Crypto Phoenix (@phoenix_gems47)
7:52 AM • Oct 2, 2023
With my best regards and wishes, I hope you have a wonderful weekend.
Marco Johanning