My name is Sir Lambo Moon, the moon's first gentleman scholar. I have invested and traded my way to a Lambo and then the moon.
Some call it luck since I found out about BTC in 2012 and invested in 2013. But... methinks it took a lot of testicular fortitude to hodl through 3 major bubbles (2013,2013,2017), especially with the naysayers, obituaries and well-respected-legacy villains (haters) this new ecosystem has accumulated.
A few years back I learned the craft of charting and trading, which has increased my hodlings exponentially over the previous buy/hodl years.
I believe that most people SHOULD NOT trade. Only a tiny number ever become profitable, and crypto is much more volatile than any traditional market, rekting people on the daily.
Perhaps you should increase your knowledge and perfect your system on paper accounts before putting real money into it. However, you won't. Most people aren't patient. You'll win a trade, think it's easy, become greedy, stop learning, stop improving your system (if you had one at all) and then... you become the Rekt'd.
DYK, everyone is a trader?
Some people trade time for a paycheck.
Some people trade risk for profits.
Some trade happiness for security.
Some trade principles for politics.
Some trade ethics for cash.
Trading has two main ingredients, your psychology, and (trading) system. Don't have one or the other, you lose!
Your trading system encompasses risk/reward, entries, exits, portfolio management, etc. It gives you confidence in a repeatable system with proven results. Some trades win, some lose, but you know out of 100 trades how many you should win and by how much.
For example, one of my systems only wins a trade 40% of the time, but the profits are 7:1. You take those odds all day every day my friend.
I could actually win more trades, but my profit ratio comes down dramatically, as well as more managing of the trade, yuck. Sidenote: IMO, there is nothing worse than exiting a trade early in crypto. I hate it more than just losing the trade outright.
Psychology is your temperament, attitude, and outlook. Keeping your mind right is the most critical aspect of trading. Trading has so many highs/lows, and you feel like a God one day, a fool the next. Good psychology forces you to stick to your system, be patient and let the market come to you.
"The big money is not in the buying or selling, but in the waiting" Charlie Munger
It is your psychology that helps you weather those 60 losing trades (out of 100), your belief and trust in your system. With so many moving parts to a single trade, and so much effort going into the entry AND exit (the entries were easy for me, exits took much longer to master). Crypto is unlike any other asset, the moves/gains can be huge/exponential, exiting early hurts my soul :(
I go more into the psychology and systems in future posts, so hit subscribe below and smash that like button!!! 🤪
You cannot be a successful trader if you are a maximalist. You may be a great investor, but a great trader you are not. Your bias distorts your decision making, and at best, you miss a ton of opportunities. At worse you hold onto shitcoins to long and lose the farm.
You must be like water my friend.
A successful trader is like water, reacting to the markets, letting new data change his/her opinions. I have strong opinions, but they are loosely hedl. When reading charts (TA), every new tick/bar is a new data point to consider. Same when examining the fundamentals.
BTW, a successful trader means someone who makes a living, and then some.
I am not special. I am an average person of average intelligence and limited resources (moar resources now, much wow, lol). I think the reason I became a good trader is due to the person/personality I have become, which is due to crypto. Bitcoin more specifically.
Over the last 6 years I have learned so much on topics I thought would never interest me, i.e., economics, game theory, geopolitics, trading/investing, charting, networks, cryptography, algorithms, the list goes on and is quite expansive.
It is this entanglement of disciplines that gives us, the regular people, an edge over the close-minded experts in each field. Which is why being open-minded is probably the best superpower to have in crypto.
Learning about this stuff has broadened my views and outlooks. I now consider myself a citizen of the world as opposed to the place of my birth.
I guess this is my passion. To be good at, or exceed in anything, it must become your passion. Passion will help you outwork smarter people and peeps with more resources. It will lead you and take you far even if you don't see the path ahead, it will reveal itself as you go. It is your edge, find your passion. (Future post on that as well)
I plan to release content blogs/vlogs about what I see in the space funneled down into two buckets, the technicals (anything with price/charts), and the fundamentals (news/stories that matter).
So long, farethewell, pip pip cheerio,
Sir Lambo Moon
(Sent from my Lambo)
(Also, I post my trades on twitter @SirLamboMoon)
