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This is me

03 Feb 2022 • 3 min read
  • Crypto
  • Personal

My name is Waro and im a trader and primarily trade crypto. By definition this "job" has bad connotations. Especially when you start looking at youtube because all you see are those courses and/or paid indicators that they want to sell onto you for a high premium. Personally I find this difficult to deal with because I am a very self-conscious person.

But I think it is time to break through that barrier. My networth is not of importance and I am not here to sell you cake and watermelons and tell you if you do X you will make Y amount of dollars. Sure, based on a given amount of $ risk you will make Y return (or loss) given Z percentage that something goes up/down in value (your risk to reward ratio). But there is a lot more to trading than just the position you take. While it is also about timing it is much more about trade management and I'm not just talking about the $ risk here but also about the emotional aspect that often gets overlooked.

This emotional aspect is one of the most important things when it comes to being a successful trader. It defines a ceiling of what you are able to handle on a monetary scale. But in order to view that true ceiling you need to push passed where that ceiling is currently at because you are capable of far greater things than what you currently believe to be possible. I believe this is where a cost to benefit ratio comes in. How much are you willing to give up to move that ceiling five more times? What about ten, twenty or more? When you define succes on a monetary scale alone (which is what a lot of traders do) than that ceiling may come after moving it five or ten times. But when you define succes by your love of the game and your skill than that ceiling may not exist at all.

In a way this is good because you always know how to size properly and how to hedge your bets in case you are wrong. However, things are likely to take a turn for the worse when greed starts to come in between you and your love for the game. This is mentally the best time to pull the plug and reset because that is when your biggest losses are made.

While the above paragraphs don't lead you directly towards the steps that are needed to become a trader, without them you will never succeed passed the basics of being a trader. Without knowing your limits and without knowing when to push and when to pull back you will always be part of that 99% of people that fail. This doesn't just go for trading but in owning a business in general. Know when and where to place your efforts and resources and don't let greed cloud your vision that you had originally in mind. This dooms your capabilities from that point forward and you will no longer be able to focus towards that what your goal was in the first place.

I know what I said here is a bit all over the place and I am not going to bother getting a proof reader because I do not care enough to do so. Regardless, I hope you learned something that you can use. I will write more when I find the time to do so.

~Thank you for reading,