Have fun staying poor
You wake up a few minutes early before your 9-5 shift starts, you decide to open Twitter and check out what’s new in the crypto world.
$2,872,733 for a picture of a rock.
That’s more money you will probably make in your lifetime.
That’s more money your parents made working 60 hours every week to try to provide a better future for their children.
For a jpeg of a rock.
The crypto market is truly having its year in 2021.
Compared to the 2017 craze, the reach is much bigger as many celebrities, entrepreneurs, and other influencers shifted their focus to crypto on the premise of easy money.
The NFT market also brought the first real use case for most of the “normies” since buying art is much easier and approachable compared to staring at charts.
But NFTs are great; although it can be hard to digest why people spend a crazy amount of money on some of the collectables, the NFT market gave a platform to a lot of creators who were actually able to make awesome art and sell it, which might have been really complicated considering events happening in the real world.
If anything, this article is about trading psychology and dealing with constant FOMO caused by social media and feelings of underperformance no matter what you end up doing.
If you want to get a free PDF that covers the basics of cryptocurrency orderflow and shows tools and mechanics that I use. Register on Bybit or Binance, make a first deposit and email me at firstname.lastname@example.org to receive it. More info.
As teenagers get depressed because they wish to live the lives of their favourite Instagram influencers, adults get depressed because they did not make 6 figure profits on shitcoin; they didn’t even know it existed a few minutes ago.
Social media are always full of success stories.
As bragging is one of the favourite human attributes, people always rush to share their success with others to make themselves feel better and important.
You have to bear in mind that there are thousands of those who failed for every single success story.
Of course, you will rarely find these as people are generally too embarrassed to talk about it as they want to keep their public image untacked, or they are just too deep in the hole after buying this awesome new altcoin that cartoon Twitter account with 100k followers shilled to them for 5 days straight after they finally gave up.
It doesn’t matter if it’s NFTs, day trading Bitcoin, swing trading altcoins, trading stocks, futures or forex – the majority will always fail.
If you ever dabble into legacy markets, you can see these disclaimers at brokerage firms stating how many people actually lose money.
Numbers are usually way worse.
Trading can very quickly become an addiction that can influence your health, finance and personal life as you constantly look at charts and can’t spend 5 minutes without staring at your phone at what’s going on.
Obviously, it’s very individual what all of us want to achieve in life.
Still, I would argue that actual living your life can be oftentimes more rewarding than staring at charts for 12 hours every day, even if it means sacrificing some profits.
Although you might think that you are missing out on once in a lifetime opportunity right now, it’s not true.
Markets will be here tomorrow, and in the game where most lose, you need to be very confident in things you are doing.
You need to realize what you want to do since trying to do everything at one time usually leads to absolute disaster.
I’m not saying that you should only strictly focus on one thing, but you need to find your niche.
The most important thing is being true to yourself; it’s okay if you are not a trader and you don’t have time/will to daytrade 5-minute charts every day.
Realizing this and looking elsewhere is much better than convincing yourself and wasting time and money doing this.
Maybe you are just not suited for day trading but still can swing trade some markets; if not, you can still become a long-term investor and just slowly dollar cost average into things you fundamentally believe.
On top of that, you still have NFTs, Defi, Margin lending and so on.
The most important thing to realize is that you are doing all of this for yourself, not impress people online.
If you see someone making 6-7 figures in trading, flipping JPEGs, be happy for them, but don’t try to fast-track your own journey based on that, there is a high likelihood you will end up in that failed traders statistics very quick.
You are in a very risky business, and you are competing against the smartest people and algorithms in the world, so being cautious who you trust and where you put your money is the key to longevity.
For those who are looking for a new place for trading crypto, make sure to check out Woo. If you register using this link and open your first trade, you will get a Tier 1 fee upgrade for the first 30 days, and we will split commissions 50/50, which means you will get 20% of all your commissions back for a lifetime. On top of that, you will receive a 20% discount for Tradingriot Bootcamp and 100% free access to Tradingriot Blueprint.
Cover image made by Ratwell.