biggest learnings i took from all that:
- the only real lasting edges are execution and ability to adapt
- successful trading is a highly individual thing. strategy needs to be tailored to individual character (pessimist optimist, risk tolerance, time horizons, individual strengths and weaknesses etc.)
- experience is the teacher of all things. there is a big difference between knowing what the right thing to do is and being able to execute on that. therefore its better to try stuff and reflect upon own mistakes than reading books
- reflection is hugely important. mistake + reflection = progress
- being process-oriented rather than being results-oriented. this means the goal should be to make the best possible decisions in given situations rather than thinking in numbers
- one needs to build a process because your NW will always regress to the base level of your process. if you make money by excessive risk taking you will lose money by the same thing. the process is your base level and NW will always mean-revert to it. thats also the reason why most lottery millionaires end up broke after 5 years
- your individual process can only be built upon reflection
- understand that the quality of a decision cannot be judged by its immediate outcome. very powerful concept that only few use in daily life
- see yourself as perpetual student. do net let yourself lose courage because the same mistakes happen multiple times. learning from mistakes is not linear
- check yourself at all times and do not fall into hubris. god's sharpest arrows are reserved for the arrogant
- constantly work on mastering the control of your emotions. your job as a trader is to control your own emotions and take advantage of those who cannot
- the only real lasting edges are execution and ability to adapt
- successful trading is a highly individual thing. strategy needs to be tailored to individual character (pessimist optimist, risk tolerance, time horizons, individual strengths and weaknesses etc.)
- experience is the teacher of all things. there is a big difference between knowing what the right thing to do is and being able to execute on that. therefore its better to try stuff and reflect upon own mistakes than reading books
- reflection is hugely important. mistake + reflection = progress
- being process-oriented rather than being results-oriented. this means the goal should be to make the best possible decisions in given situations rather than thinking in numbers
- one needs to build a process because your NW will always regress to the base level of your process. if you make money by excessive risk taking you will lose money by the same thing. the process is your base level and NW will always mean-revert to it. thats also the reason why most lottery millionaires end up broke after 5 years
- your individual process can only be built upon reflection
- understand that the quality of a decision cannot be judged by its immediate outcome. very powerful concept that only few use in daily life
- see yourself as perpetual student. do net let yourself lose courage because the same mistakes happen multiple times. learning from mistakes is not linear
- check yourself at all times and do not fall into hubris. god's sharpest arrows are reserved for the arrogant
- constantly work on mastering the control of your emotions. your job as a trader is to control your own emotions and take advantage of those who cannot
Not often I post these extremely long messages, but y22's story is worth reading.
It is in 3 parts. See above.
One quote that stood out for me is this:
"with this out of the way i was left with 500k + money to cover living costs for a couple years of modest living. it was end of 2022, bear market. i rented an apartment, bought a desk for my computer and a mattress. slept on the floor, dreaming of becoming a millionaire."
It just shows how bad he wanted it. Sleeping on the floor with $500k to his name. Most ppl with 500k would splurge it on a nice car, mortgage for a good apartment and just go into debt.
Anyway, read it in full above 👆
It is in 3 parts. See above.
One quote that stood out for me is this:
"with this out of the way i was left with 500k + money to cover living costs for a couple years of modest living. it was end of 2022, bear market. i rented an apartment, bought a desk for my computer and a mattress. slept on the floor, dreaming of becoming a millionaire."
It just shows how bad he wanted it. Sleeping on the floor with $500k to his name. Most ppl with 500k would splurge it on a nice car, mortgage for a good apartment and just go into debt.
Anyway, read it in full above 👆
perhaps a new strategy from projects
1) get CEX to list pre-market
2) have it go down -60% during pre-market
3) on TGE a spot chart of the project looks really good & sell-off has already happened
no longer short MON (for now)
1) get CEX to list pre-market
2) have it go down -60% during pre-market
3) on TGE a spot chart of the project looks really good & sell-off has already happened
no longer short MON (for now)