I give my secret so you too can be an amateur, but please do not share it with anyone else, it might stop working... First of all, I've read a lot of trading books psychology, Trading in the Zone, 4 of The Market Wizards books, Reminiscenses, The way of the warrior trader, The Pit Bull, Fooled by Randmoness, and they are crucial for emotional control My secret to being an amateur trader is a variation of the great philosopher Gambledore You cannot win if you do not want to lose If 90% of the traders are losers, it's because they want to win, ergo, in order to win, you want to lose, then what comes next is you will fail like 90% of the traders, you will fail to lose, and... Today, bitcoin was already up a lot, above $100k, maybe it was resistance, you know, it will pull back, I said fuck it, put a trade... and it was a winner Ok, like most traders, I feel I have a winning trade, I say I do not want to give it back on the next trade which will be a loser, like most traders, after a winning trade, they lose I said to myself, fuck you pussy, you think bitcoin is going to go up, I say yes, then I tell myself, put the fucking trade, and if you lose, you lose, remember the motto... I trade 24/7, but only if bitcoin is going up, otherwise when it's just chopping around or trending down, I do not trade, I day trade, I hold a trade for a day or 2 or longer, I lose sleep, yes, I wake up, close the position if it has moved too much, otherwise, sleep is overrated, I can sleep when I am dead That is all, hope it helps others to stay motivated, that's what those trading psychology books have done, they give us motivation to always try, to be the amateur trader we've always wanted to be God speed
I do not have a job... but I try to side hustle, got lucky last year mstr options and all, this year started rough, but getting better now, hope it continues... This thread is bitcoin perpetual futures amateur trading, only small amount, to pass the time, no life-changing outcomes from this hobby However, the positions in the stock market could have significant amount (for me) if mstr hits >$1000 before eoy 2025
what platform are you using to place trades? i have multicharts and cant get my secret password thingy accepted. have you been doing limit orders? i found that i can usually buy much lower and sell much higher when getting in and out of trades that the current quote. using coinbase platform it's pretty good. i love the free historical data and its perfect.
Trading Books....there's about as much wisdom, success and practicality in there....as going to an actor who plays a doctor for medical advice. It may sound intelligent in theory, hindsight, but delivers no true yield depth for no one.
you’ve been candid about your risk. How do you feel that your ability to eat is dictated by bitcoin going up?
I use a centralized exchange, all the platforms work much the same way, mexc, binance, etc, even the dexes, hyperliquid, gmx, etc I use limit, enter on a pull back for a good discounted entry (buy the dip) I try to get bigger moves > 500 per btc
The framing is not correct, my family's ability to eat is not dictated by bitcoin going up, part of the risk management is cash management and having enough fiat for a couple of years of living expenses And bitcoin only has to stay above $50k we have enough runway for decades, if bitcoin is lower like what happened in 2022-2023 bear market, I could always go back to work, computer technician is not replaced by AI, since it's physical work Within 5 years bitcoin will be $1M/btc and should have enough for generational wealth, within 10 years bitcoin will be $5M/btc and will have enough for multi-generational wealth.... and within 20 years bitcoin will be $10M/btc... The key is to survive the next 1-2 bear market within this 5 year period mstr could provide some runway funds for the next 5 years
big gamble all the crypto - but hey just need new suckers born - look at the stock market it's the same bubble.