"Why is learning trading absolutely best gamble you can take" - from D. Man

 Why is learning trading absolutely best gamble you can take

Learning to trade is EXTREMELY hard.

It is like deciding to become a sport player, but to get paid only if you make it to the olympics. Flat out, 90% of traders in forex loose money.

I’d say about 80% in crypto lose money (less because of long time consistant macro-bullishness of crypto). Same, 90% lose in day-trading.

In a way, trading is like sex.

Everyone thinks they are good at it, yet rarely anyone knows what is doing.

Trading is a scalable zero sum game… meaning the only disadvantage a super-winning trader has compared to losers is when he gets big, he gets liquidity problems with time. It means that even if 10% of traders are profitable, only like top 2% make some real coin.

Yeah - 2%

Put yourself in a room, or imagine… of hundred people… only two are successful, yet everyone is loud like they know trading. 

The biggest trading myth - that you need money!

“but I need money to start trading”

It’s the most absurd, most WRONG, most wrong direction myth that could exist.

When I was learning at times I had good money, and I got it rekt by trading. At other times I had little money and with improved accuracy I was able to quickly restore account to the fullest.

The magnificent opportunity of leverage enables you that you never need anyone else’s money, or bigger money or anything… with small sizes you can do 100x… however, for such things you need to know really really really well market, you need to enter most often limit entry at the bottom (very challenging), and have balls to hold for ages.

To illustrate you a picture.

If in one period I did 20 times 50x win… in the same period I maybe 2-3 times succeeded at 100x. 100x is incredibly harder to achieve.

These are like my rules of thumb leverage levels: 18x and 40x. 40x is much better than 50x, and 18x I found much better than 20x. Don’t ask me why, I just had more luck with it..  I have an idea (20xers can get rekt and you still survive), but I admit it is biased.

So why is trading the best gamble you can take?

Because the worst case you sharpen your mind, your skills. You get feedback from the market and evolve as a human as it challenges your emotions, your brain, your desire, everything… at the same time, if… you win… you win financial freedom in a way that is completely free from: having to talk to people, having a boss, having to make deals with anyone, selling anything, asking a permission…

What would I recommend beginner traders?

• 1) Trade spot shitcoins - it’s easy, and big whales cannot play with you, cannot marketmake you (low liquidity), basically you’re experiencing REAL human vs human trading… I talk about coins that are after 200th position in marketcap… that have up to 200k per day volume. Then you progress slowly.
• 2) Then trade spot bigger coins that are having market maker; then try leveraging now not shitcoins, but bigger caps (as shitcaps are actually more manipulated), but not top 5 caps… as they are special way of manipulation (especially: btc, eth, xrp, link)
• 3) Bitcoin on leverage is the hardest thing you can do in crypto. You need it only if you have big wallet that presents liquidity problems with alts.

Listen to D Man, re-read the above. Choose your level carefully. Because sometimes a mediocre player can be winner if he surrounds himself with fish (bad player term in poker)… 

And sometimes a pro can lose if he surrounds himself with other pros. Start with 1, and slowly progress as you gain edge. Listen to D Man. Know yourself is more important thank knowing your enemy - Sun Tszu

Big NO in trading - mind alterers

People watched Wolf of Wallstreet and think they are cool if they do drugs in trading. That’s wrong. Maybe mediocre corporate traders that get paid to play with other people’s money do it… but top notch winner would never do it.

Here’s why: big part of trading is psychological. If you take something that artificially changes your psychology, you are basically punching yourself before the boxing match… you are putting your own psychology at disadvantage. You should as often as possible trade in the same or similar, known state of mind. And that is when you watch charts, when you sleep, when you wake up… you must know that state.

Similar like people that experience something drunk, don’t remember it, but when they get drunk again they can remember it… the same way, your experiences on chart work, you remember them best in same state of mind, and no matter how many drugs you do, your most frequent state of mind is your natural state of mind, that’s why if you want to reach the top of the game, you should limit away every influence possible including: coffee, energy drinks, drugs, alcohol… drugs include prescriptions too that you don’t need. Trader on tranquillisers… I have yet to see one making serious top of the world results on it. 

In short, don’t do it. 

If you do it, don’t trade.

Know thyself.

Myth 3 - you need expensive tools.

I trade with zero tools. Zero. Sometimes I use binance chart, on a small screen of laptop (admittedly, sometimes I lack a bit bigger screen to see the chart a bit further back, so I need to zoom in etc)… no indicators, no expensive tools, no nothing. And I tried em all! thousands of dollars newswire realtime subscriptions, expensive indicators, bigass tools, … you have everything you need for free. For news, real time news scanner on blockchainwhispers.com or at @fullfeed on Telegram. For charts, free Tradingview account would do. 

Nothing else is needed.

How to trade like D Man?

Similar to casino, on a roulette, there is like only 2% advantage to casino. Yet, casino most of the time ends up a winner. Why?

People make absurd mistakes.

Same with trading. There are countless of ways you can lose your portfolio without being wrong at all. Try just entering five times on high leverage a position at market and closing it… ie changing your mind, and see how expensive it is. Changing portfolio size that participates per trade is biggest mistake you can make as a beginner trader. Biggest. Like an invitation to get rekt.

So if you want to trade like a D Man, you need to focus at most important: avoiding mistakes. Not getting ‘rights’ but avoiding mistakes. 

Biggest psychological mistake in trading

— not understanding the statistical significance. If you don’t know what it is, Google is your friend. 

In a coin flip I can get 7 times in a row heads. It doesn’t mean I have a magic coin that hits heads all the time… for example, people recently tell me: “I know people who called short from 65k, and you didn’t!” - well good for them, however at any given time there are longs and shorts… 

It can easily happen for a wrong and stupid reason a guy thought it goes down, it dropped, he didn’t participate in trade later, so he didn’t follow responsibly enough, but he saw it dropping further post Elon’s announcement, then later he concluded: “I knew this move”. You knew my ass. A lucky and wrong top short, that you’d close 2-3k below, that connected to Elon’s announcement which you if you are at all honest with yourself couldn’t have predicted… then you say you knew about the short. 

I hired so many traders in search for one to bring you an extra edge. I learned to give them the 20 trades challenge. In 10 trades, you can see some traders getting epic performances, 9/10 or even 10/10… Yet by the time 20th trade is reached sometimes it all balances out.

Without 20 trades, I don’t want to hear about someone’s performance. 20 FAIR, 1:1 or better trades. Public. Transparent. Replicable.

I have years of trading back. So to noobs that ask “how can you say you are the most accurate trader when you didn’t short” the answer is: 

• 1) my PUBLIC track record 
• 2) I was the ONLY guy who got to hall of fame in then MOST LIQUID leverage exchange in 2020, BitMEX before it started asking for kyc and went to shit 
• 3) I wouldn’t have not the follow quantity, because people follow for various reason, but such incredible group buy power, if I didn’t enjoy trust of professionals and people who actually do their homework.

Blockchain Whispers by far more than any group has buy power. Heck, recently we even had bots problems, because people buy whatever I recommend, because they know, I never fuck with people’s trust, and I always do my best (risks always remain present!)

So when you try to assess yourself, don’t beat yourself for GOOD trades that went wrong (a big mistake) or to praise yourself for a gamble shot that went RIGHT.

People, if you have following, tend to suck your dick when you get them money, and hate you when you are losing… yet the most advanced ones are the ones who are consistently evenly grateful for the EDGE you provide them.

EDGE and discipline is all you need to make it in trading.

My friend, Blockchain Whispers brother, D Man believer… I hope I motivated you a bit, inspired you and focused you in the right direction… and that as a result, at least one person out of 250,000+ that follow me here across BCW channels will make his or hers dream come true. If it happens, and you remember me then, I’ll know, yes, this post was all worth it.

Blockchain Whispers baby!

D Man

How Recognise Key patterns of price action.

Key patterns of price action. Below I will describe several key patterns, but on the diagrams you can see the analysis from a technical point of view.

And also please pay attention to the rules, which I do not advise to ignore.

The Cup with a handle pattern is formed according to the following logic:

- On an upward movement, the bulls cannot push through the next resistance level , a correction begins. It is undesirable that there were impulses during a rollback, a moderate downward movement should be observed;
-By basic rules, the bottom of the cup should be formed in the area of correction levels. A deeper rollback is allowed in modified models. In case of a deep correction after entering the market, the position is transferred to breakeven as soon as possible, the probability of the trend continuation is lower, it is better to insure;

Double bottom

It all starts with the formation of a new low on a downtrend, after which a rollback against the trend occurs.

Then, the price goes down again and rests against the previous low. And finally, after pushing off from this level, an upward movement begins, which breaks through the level of the previous local maximum. It is after the breakout of this level (confirmation line) that the final formation of the 'Double Bottom' occurs and you can start buying.
The same is with a reversal in an upward market. After the first high, the price should fall by at least 10%. Otherwise, it will mean that the bears are not strong enough.

Saucer

Let's start with the shape of the figure. Contrary to its name, the correct shape of the 'Saucer' figure rather resembles a bowl.

As you can see, the figure is formed by a smooth price movement along a parabolic trajectory. The first half of the figure (the left side of the saucer) is a smooth descent from the edge of the saucer to its bottom. The second half of the figure (the right side of the saucer) is the same smooth rise from the bottom to the edge. Ideally, the second half should be a mirror image of the first. And the bottom should in no case be sharp .

The classic 'Saucer' is formed, as a rule, on large timeframes from D1. But you can also find him on H1.

Flat base

In trading, the term flat means an area on the chart, without a clearly defined direction of price movement, that is, a trend. In other words, flat is the opposite of a trend.

Misc Rules
-all BP = 10 pips
-ideal prior uptrend >30%
-for wks abv avg vol: #up>#down
-up 20% for new base
- undercut base resets base count
- 66% or 3rd stage base fails
- 80% of 4th stage base fails
- in base bottom look for
- shakeout
- tight closes
- volume dryout
- accumulation

How to Setup Binance Demo Account ...

 Hi all,

Some time ago, I have setup this 4+minutes video tutorial, which explains your how you setup a demo account on Binance. 

Check it out ..

 

Top 5 tips for Crypto Noobs – getting started 📌

1. Storage of private Keys

Always, always, ALWAYS make a note of your private key. This is the key to your money, it is yours and no one can get access to it, like a combination to your own personal safe. Write it down, print it out, and store it somewhere only you know. If you forget the passwords to your wallet, this is your only backstop so LOOK AFTER It!

2. Choose the right exchange.

There are a lot of exchanges out there to choose from, each with their own benefit, each also with their own flaws. You can see recommendations of each on any number of google searches. The best exchanges are ones which are current and proven, ones which are sworn by leading crypto enthusiasts. Do your own research and choose which is the best for you.


"One of the leading and safer exchange today is Binance " --> Check Binance here. 

3. Store your crypto in a cold storage wallet.

Some people choose to keep their money on an exchange, which is fine if you are constantly trading. If not, there is no sense in keeping it on there. Would you leave your wallet on the table at a restaurant when you go to the toilet? No. So take your money back into your control and store it in a paper wallet, or ledger until you are ready to use it again. Many exchanges have been hacked, and all the crypto from peoples wallets stolen, don’t let this be you. 

Learn more about Cold Cryptocurrency Wallets..

4. Do your own research!

This one is extremely important. Whilst it is good to listen to top crypto influencers and enthusiasts to gain knowledge on what is happening in the market and what investments are out there, DO NOT TAKE THEIR RECOMMENDATIONS AS VERBATUM. 

They, like you, are speculators and have no idea what the performance of the advertised cryptocurrency will be. Take their suggestions, look into the cryptocurrency, do some research on the fundamentals, then make your decision.

5. Know when to take your profits.

Set yourself a point at which you are happy to take the profits of your spoils. Don’t, like so many others out there, expect your investment to 100x overnight. Set your own standards as to when you will sell, because crypto is a volatile game and large swings can happen almost instantaneously. 

Better to get out at 50% of profit rather than wait for 100% and instead see your investment plummet before you took out your money. One of the best ways to do this is by selling 50% when any coin doubles. This way you will have your principal amount safe.


Regards

14 Emotional States of Trader by Berzerk_invest

 14 Emotional States of Trader by Berzerk_invest

1.OPTIMISM.
It all starts with a positive outlook on the market situation, which leads the trader to open a trade. The trader is looking forward to future success.

2.EXCITATION.
The market starts moving in the predicted direction. The trader anticipates events and hopes that success is assured.

3.TREMBLING.
The market continues to move in the direction the trader needs, this is a moment of joyful fading. At this stage, the trader is completely confident in his trading system.

4.EUPHORIA.
The point of maximum financial risk. Investments turn into quick and easy profit. The trader completely ignores the risk.

5.ANXIETY.
Oh no, the market is turning! The first signs of movement not in favour of the trader appear. But he does not notice this and believes that the market will recover and the trend will continue.

6.NEGATION.
The expected market recovery did not happen. The trader does not accept what is happening and remains in the position.

7.FEAR.
Reality dictates its own rules, and the trader begins to realise that he is not as smart as he previously thought. Instead of confidence in success, thoughts begin to get confused.

8.DESPAIR.
At this point, all profits are lost. The trader had a chance to take profit, but he missed it. Not knowing how to proceed further, he is trying to do everything to return at least to the break-even point.

9.PANIC.
The most emotional period. At this stage, the trader feels his ignorance and helplessness and is completely at the mercy of the market. The mind is paralyzed, which sometimes leads to meaningless actions in the market.

10.SURRENDER.
The trader has reached the limit of patience and closes the position in order not to increase losses anymore.

11.DESPODENCY.
After exiting the market, the trader no longer has the slightest desire to conclude deals.

12.DEPRESSION.
The trader begins to blame himself for stupidity, for why he did not close the deal on time. Some choose the right path and begin to analyse what went wrong. True traders are born at this stage, studying past mistakes and drawing conclusions.

13.HOPE.
“I can still do it!” Eventually, the trader returns to the realisation that there are indeed cycles in the market. He begins to analyse new possibilities.

14.FAITH.
At this stage, the trader regains faith in his future in the market and starts trading again.