When trading Crypto is an adventure, not a life changing opportunity

 184 total views


2022-05-18 20:56:28

*This is an article to join the Mini Campaign Unfold of losT – CHK Insights community member account. See campaign details here.

Back in May 2019, I graduated from university and went to work. Although I work in the right field of study, from the very beginning, I have realized that it is impossible to get rich from a salary. Young, full of ambition, I longed for a quick “rich”. And that thought haunted me for a long time.

Biting bitter gourd

A dreamer entering the financial market with a dream of getting rich quick, I am eager to create Binance account and put in almost all of your long-term savings. I thought I could change my life quickly.

I played hard, but more losing orders than winning. I remember the times when I gritted my teeth and stubbornly “argued” the market because I thought I was right. Time and again, I hugged the losing order like a cactus with sharp thorns. Each time the price moved further away from the entry point, I hugged those spikes more tightly each time. But the “blood” in the account decreased more and more until the pain was so bad that I had to cut my loss. I gradually lost my composure.

Suppressing, not accepting my shortcomings in analysis, not accepting that I lost in choosing the time to enter the order, I blindly entered the next order with the desire to remove the gauze. “It may be different this time”, the market is not that cruel. However, for those who are not equipped with weapons and full armor, cacti are still cacti.

This time, I wasn’t as calm as at first, but instead felt a sense of panic. My hands are cold and sweaty, my lips are tight, my eyes are staring at the price chart (chart) without leaving. It seems that all the senses in my body are working at full capacity. But the result was worse than the first time, I continued to lose blood, the second time, the third time, the nth time… When I looked back in shock, my account was zero!

short futures

So many feelings ran through my head: pain, disappointment, depression, fear, hatred. I feel like I’ve been blatantly robbed of money but can’t sue or do anything. My money is gone forever. My head exploded with a thousand “why” and a thousand and one “what if” questions. “Why is the price line contrary to my opinion?”, Why is the market so cruel?, “If only I had entered an order in the opposite direction”, “If only I had cut my loss earlier”. My mouth is as bitter as biting a green bitter gourd.

Trade wins by luck?

In hindsight, my inexperience, lack of knowledge, and countless other flaws poured into the fire of my lust like a can of gasoline and burned it with the money I deposited into my account. It’s a quick “life change”!

After the first account fire in my life, I ran out of the market, deleted the Binance app, unfollowed crypto sites so I wouldn’t have to look back at this horrible “discipline”. But the financial market still attracts me so much, I want to conquer it.

A month later, I decided to return to the market, but this time with a different mindset. The last failure told me that this road is not smooth, because if it was easy, everyone would be rich.

I no longer believe that Futures is the way to free me from financial difficulties, no longer think it will become my main income. In the early days, listening to enchanting lines like: “My side has brother A / sister B playing a day with thousands of dollars profit”, “I bought a house and got married thanks to money playing Futures.I think this subject is “easy to eat”, but that is not true.

Maybe Mr. A and Ms. B with the big money earned from Futures are real, but I think to get there, they have to improve themselves and suffer a lot of loss. Perhaps they have stumbled and fell, but few talk about it, because people often talk about success. Becoming a good trader doesn’t happen overnight, or just reading news online, taking some crash courses. If that’s all it takes, then everyone wins, so who will lose then?

trading view

Some people say that winning trades is due to luck, but is it true? In one observation, Jerry Barber – American professional golfer, scored a spectacular goal, an audience commented: “You are so lucky“. Jerry replied, “Yes, I’m a lucky guy, and the more I practice, the luckier I get“. I think traders are just as “lucky”.

Psychology – a trader’s “Achilles heel”

I am aware that the financial market is a battlefield with endless battles between the most intelligent people. I realized that I couldn’t go to war without a piece of armor hard enough, a weapon strong enough, and a head cold enough.

A piece of armor is a way of managing capital, a cut-off level on each transaction, and a weapon is a trading system, information, indicators… They are something that anyone can own because nowadays on forums, People share this knowledge a lot. But a cold head is very few people have, because few people talk about how to control psychology in trading. I think this is the main reason why most traders lose.

So, out of ten parts of effort to learn about Futures, I spend one part preparing my own “shield”, while developing my thinking and training my mind, I spend eight or nine parts.

risk management

In addition, this trading battleground made me keep one thing in mind: everything is just probability. No matter how perfect your trading system is, how “correct” your analysis and judgment is, you will still eat at least a few red orders in your trading history. And because I know this is a probability, every time I lose, I always tell myself this time I’m just unlucky, not blaming, not bitter.

I set up my own trading principles:

I like the idea of ​​dividing everything in the world into three stacks: the first is the things you have complete control over, the second is the things you only partially control, and the third is the things you can’t. control.

When it comes to Futures, I think entry timing is in the first pane, so pay close attention to it. But how the price runs after entering the order is in the last compartment, so don’t spend too much time and mind worrying. Specifically:

  • Before deciding to enter the order: I carefully analyze, calculate the profit and loss compared to the existing capital in the account, record how and why to enter the order. I do everything in my power.
  • After entering the command: I let the price line run and went to do other things, because I know that besides trading I have many other concerns, I can’t just sit and look at the chart all day like before.
  • Taking a quick look at each investment category, if they match my judgment and trading system, I’ll put money down, if not, that’s okay.
Achilles' heel
Photo: cleanpng
  • Suppress the desire to enter trades continuously and patiently wait for the right time. Always keep in mind: “Addiction” to trading can become an “Achilles heel” that knocks traders out of the game.

Personally, since I learned to control my emotions, my trading performance has been much more stable. I find it easier to choose when to enter an order. I think timing is very important, as the powerful judge “hears” the player’s decisions. A right order sometimes turns out to be false just because the timing is not right, because the entry position is not good.

futures win

The journey is worth more than the destination

The market is a monster in its own right, ready to mercilessly kill you any time you are negligent. But the deeper you go inside, the more valuable things you will understand, and when you persevere long enough, you will learn how to survive, because the financial market is also the best teacher to teach you everything. what you need to fight it. So I think in this market, don’t consider financial freedom as a goal, as a destination. Instead, aim for knowledge and experience, and money will be the reward for your efforts and efforts.

the legend of zelda
Photo: Wallpaper flare

Since entering the market, I have always cherished the experiences I have collected, no longer holding the mindset of a hot-tempered guy who craves precious gems for rewards, but trying to become an adventurer. I realize that “get rich quick” is a far-fetched concept, the journey of discovery itself is worth much more than the destination.

In the end, in order to get to the bottom of this land, I had to actively cultivate myself. I have to sweat a lot on the practice floor so I don’t have to bleed on the Futures battlefield!

#trading #Crypto #adventure #life #changing #opportunity

Related Posts

Leave a Reply

Your email address will not be published.

Close Bitnami banner
Bitnami