Didn't read the whole thread...We have talked before in your other thread. One word stood out to me "cryptos". Everything you are doing is fine. It's just that a crypto can be a ball of lead with NO bottom!! Everything else has some value. Hopefully you are funding your SEP IRA or 401k to the max. And it should be in very BORING stuff...If the market tanks...Since you are playing the market. Also hopefully you own a house. Just saying diversification, if one area goes bad. I think back to bankruptcy...Student loans are not dischargeable there. Do you have any? I would put my assets everywhere...So if something like a crypto goes to 0...You have something to fall back onto (house, CDs, S & P 500, some mutual funds in Asia, small amount of gold and silver, car paid for, student loans paid off, ect). Eyes wide open...
Made a lot of progress, but feel like there's so much more to go...
- Thread starter trader99
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Thanks for the general advice. I guess you didn't read the entire thread. I'm NOT a HODLer of cryptos. I trade it in and out. I don't hold any long term positions in cryptos. I just said it was my most profitable asset class so far this year. This does NOT mean I hold cryptos. In fact, I'm flat after each trade in cryptos.
1) I have 401k and IRA
2) Student loands(undergrad paid off a very very long time ago). Graduate school(no student loans)
3) I don't do mutual funds(except in 401K). They are too boring.
4) No gold or silver
5) I have a car loan,which is small and manageable.
6) RE yes. By far the best and safest investment I have so far. Bought it a while back.
My intermediate to long term goal is to make $1K a day through my standard bread-and-butter trades and occasionally catch a big opportunity and make $5K-$10K-$20K a day. I've seen those opportunities but I haven't capitalizing tem fully (yet). Just need to identify them in real-time and capitalize on them fully. They don't come every day. But when they do it's amazing... I'm practicing and inching toward that. Not there yet.
This is on top of my regular Corp America job. It's gonna be a busy life ahead. But it's worth it. Everything great in life requires sacrifice, committment and hardwork. I can deal with that.
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Just so I have it right...If the SEC or EU said this certain crypto is blocked from trading (goes to 0...Example drug laundering money) you would not be in a position of hardship?? Aside from that you are fine. Like you talked about on your other thread, follow your system and don't deviate from it...Sell when you need to sell. Check the emotions at the front door...
As I've said I don't hold cryptos. I just trade them in and out. In the rare event that does happen, I would get out immediately. If it does go to $0,then I would lose whatever is in my crypto account, while not a small dollar amount it's not a huge percentage of my total net worth.
Actually, my track record in crypto trading is far superior to my futures and equities record. It's because when I first started out trading it was in equities and futures. I made lots and lots of mistakes.
So by the time I started trading cryptos in late 2017 to now, I have become a much better trader. I cut losses at the very first sign of my signals not working. I ride winners longer too. So on a risk adjusted level my crypto results have been far superior to futures and equities. Even on a non-risk adjusted basis it's better. This has NOTHING to do with cryptos. It has to do with my evolution as a trader.
So, whatever comes after cryptos, I will trade even better. Learning from my past mistakes in other instruments.
My son was trading crypto for a little while, so took an interest to look at the charts.
My impression was it trended nicely, it looked much easier to trade than say fx.
To me, it looked like it obeyed the laws of S&R and trends very nicely.
There was also lots of correlation with other cryptos.
Due to high risks due to security of transactions and an unregulated market, decided it was not for me.
My impression was it trended nicely, it looked much easier to trade than say fx.
To me, it looked like it obeyed the laws of S&R and trends very nicely.
There was also lots of correlation with other cryptos.
Due to high risks due to security of transactions and an unregulated market, decided it was not for me.
I only traded the majors(BTC, ETH, LTC, etc.) . I have never traded the alt coins. Many alt coins have basically become worthless and no liquidity. Worse than penny stocks.
The majors are quite liquid and easy to get in and out for the most part. There are certain times when liquidity is poor. But that's the same with any instruments.
For the record, my futures, equities, and options trading have improved too from my early days. The early days I was probably the worse trader out there. Just evolution. If you stick out long enough at this game, then you will improve. Especially if you study your past mistakes and learn from them. It has nothing to do with the instruments.
Once you know how to trade, you can almost trade anything liquid. The only difference is each instrument has different liquidity and some small quirks. Other than that, chart patterns are basically the same across most asset classes. IMHO.
Today is my first day of my new job. It went really well. I think it's very promising and I enjoyed it.
I'm glad I'm going with Path 3! This morning I made a few stupid mistakes. I shorted when I shouldn't. Then I decided to reverse andwent long then it immediately went down. Then I reversed and went short then it ripped up. I got out at a lost. While not a super big loss, it was still a measurable loss that put a slight dent.
Now that I'm back to Corp America again, I know a good paycheck will come every 2 weeks. I will not freak out on the loss this morning. I learn from it and improve it next time.
Totally different attitude and sentiment when you have a secure source of income besides trading. If trading was my sole source of income then I would be very stressed out.
EXACTLY!! Glad everything is working out for you. Trading with stress will only make trading more difficult. Knowing there is steady income there to cover any accidental losses will take that stress away.
Good luck with your trading!! I am sure you will succeed in no time.