Hello there my fellow smooth-brain apes. It is I again, your unofficial master of the unknown dark arts of the crypto universe. Where we zap money from the markets, and grab cold hard cash from the belly of the beast, every single fuckin’ day (not really).
But we do the best we can right. Not every day is a winner, you have to learn and grow wise. Here’s a few words on trading that I’ve had on my mind as of late.
As you know, I have been reducing exposure to NFTs and altcoins for several weeks now, and rotating into ETH. I’ve also mentioned holding blue chip NFTs, and P2E coins are good ideas. But what I haven’t said is, I’m more focused on intraday trading these days. So I’ve had to button up my approach to the market more than what is normally required for my conventional long-term ‘investor’ strategy. Although to be honest, I much prefer the term ‘gambler’.
But that’s another story. Trading is great because there’s a real shot that you can some day acquire wealth. The big fuckin’ bucks. Millions, even hundreds of millions. But that kind of money is reserved for the truly elite of traders. For the rest of us mere mortals, there is still plenty of money to be made. To really do this successfully and not bullshit yourself into poverty, you need to follow a few golden principles to keep your mind in check.
Edge
Size
Balls
Boom. That’s all there is to it. I should just stop here.
The absolute first thing you should have is an edge on the market. You have to know something most people don’t. On wall street, there’s always a bigger player with more connections and better information. But if you’re like me, that’s just not in our reality. So the next best edge you can have is access to a tool that literally prints data that most people don’t know about. Something like this…
This bad boy keeps track of the money flowing in and out of the options market. And as we all know, options have a huge impact on the direction of crypto prices. Look at the chart. Reversal patterns were printed before major sell-offs and pumps. It’s definitely not perfect, but it’s my edge on the market nonetheless. And it’s great for keeping my theories in check.
Next, you need siiiiize. Big size. This ain’t what your momma told you in grade school. Big players make big money because they move with size on their bets. This is obviously dependent on your financial situation, but definitely you should be sizing your bets relative to your conviction. And be creative to come up with the capital to bet with if you’re struggling. There’s always a way.
The last principle is balls. Trading isn’t for the faint of heart. You need balls to enter a big position and hold until targets are achieved. Lately I like to trade the 1H - 4H charts, so my holding periods are not very long, but when things are going down (and you know you’re still right) only giant monster balls will keep you in the game.
So there it is guys. Just a few things I like to keep in mind before making a move.
Every dog has his day.
Chin up champ.
-Scared Money