wrong if one is elite enough his most worries should uncontrollable risk, and there are plenty of it in bitcoin trading
And yet some questioned me for asking too many questions and admitting I was no expert. I have been trading my own home grown system full time since 2010 and joined ET to see what is out there and how do professionals trade. I became a much better trader the last two years, thanks to coaching from folks like you, among others. Thanks.
I think I have questioned you about saying "thank you" at some point, but otherwise asking questions is the most welcome trait. The point I am trying to make is that making money is hard enough as is. Once you add the cognitive biases (take any, from ambiguity bias to zero-sum bias) it gets even harder.
48 Hours? Smart man. I moved firms and that money is still stuck in cash so whatever I made on bitcoin this year (smart mistake), I did not make on holding equities (stupid mistake)
Was there a reason you didn't put a collar on equities and ride things out? I thought that was the standard method of risk management for hnw individuals who didn't want to sell immediately. Just curious.
Because I was being a cocky moron. I was not looking to preserve capital, I was predicting a crash and thought I’d get long at the bottom. Well, at least I did not unload it all, just about half of it. PS. Watch now as people show up and say “but dude, it was clear the market was going up!”
Getting out or staying in are both superior to trying to hedge. There is a purpose for hedging. It is to preserve a gain when you can't get out, at a cost of course. (This seldom applies to traders). In the main, hedging is a tool encouraged by brokers so as to take more money from their clients. I found reading Soros was very helpful, it gave me a much better grasp of why the the market does what it does and I became more patient and less likely to exit prematurely.