Trading Bitcoin is by far the most challenging thing I have ever done. There have been some great times trading, and some seriously crappy times. But that's the fun of it. It's the challenge that keeps me coming back. In those times you are up, you feel like the smartest person alive, but those times you are down, man are you down. Not only in your account, but your self-esteem takes a monster hit as well.
You start asking yourself "What value does trading really bring anyway?". There is value in what a trader does in the financial markets, but it is really more than that, and it has taken me 4 years to figure out what trading really means to me and how it brings value to my life, other than making money, providing liquidity, financial freedom, etc...
What Is The Value Of Trading To Me?
One question I have pondered every time I hit a losing streak is, why am I doing this? This is a viable question. Really what value does trading bring? Everyone is going to have a different answer. You are going to have a different answer from me. It's just the beauty of the markets.
After 4 years of studying these markets and figuring out what is going on with the whole thing, I still don't know it all, nor will I ever. The markets are constantly changing, so it keeps you on your toes. It makes you become adaptable, able to handle change, and give you the skills to be able to adjust. These are huge qualities in life, especially in these times. Everyone needs to be adaptable.
Trading Bitcoin especially, gives me the ability to make money, any time of day, anywhere I am in the world. Not many businesses allow you to do that. You have to look at it as a business. It's your money at stake so you need to make sure you are making the best calls you can possibly make.
Trading Makes Me Want To Be The Best I Can Be
Trading is a constant challenge. Things are different every day and you have to keep your self sharp. If I mess up, well I only have myself to answer to. That can be a challenge in itself. You have to be disciplined enough to be able to pick yourself up and dust yourself off and learn from your mistakes.
Every loss I take sucks on many different levels. When you think you are reading something correctly, the trade is playing by your rules, then as soon as you enter, it goes the wrong way. Yep, that just sucks, but it challenges you to figure out what you did wrong in your analysis. This is why journaling your trades is important. You need something other than your busted account to keep you accountable. You need to be able to look back and figure out what you did wrong and fix it.
Being A Trader Is Like Being A Professional Athlete
Being a successful trader is like being a pro athlete. Successful athletes are at the top of their game both physically and mentally. If they are not at the top of their game, well, the results are pretty simple, they usually lose. Trading is no different.
To be successful in trading these insane markets, you have to be at the top of your game. Because when you think about it, it's you versus the markets. If it's your money, you have nobody to answer to than yourself. Think of it like golf, swimming, running, or any other individual sport.
Being Your Physical Best
One thing I have learned is that most of the time when I am losing trades, I am not feeling my best physically and mentally. That is usually when I am not eating well and working out. When you are not feeling your best, you will not perform your best, same as any professional athlete.
I honestly am not in the best shape, but working every day at being a better me. I am trying my best to make better food choices, get my lazy butt to the gym, and keep my mind sharp through meditation. When I am feeling good physically and mentally, you feel better about yourself, and you will be more likely to make better decisions in trading. I know when I go and work out the demons, I can go into my trading day with a clear mindset.
Being Mentally Fit
Part of working out those inner demons is meditation. Mediation can be in different forms. I have studied different forms of meditation and hypnosis (yes, I actually took hypnosis courses, lol), and know that when practiced, no matter what form, can be extremely beneficial to your trading game. It allows you to focus on either the task at hand, or even getting rid of thoughts and feelings that are bothering you.
I personally like active meditation. This happens in the form of me getting on an exercise bike at the gym, with some electronic music and losing myself for about a half hour. Just riding into the oblivion of my mind, passing anything that was bothering me and leaving it behind.
This can also come in the form of going on a nature hike. Nature is healing in itself. Even if you live in a city, go find a nature trail at a park or something, or just go outside and find a patch of grass to sit on and just chill. Let yourself go for a while into the environment and just focus on letting your negativities go. Because if you bring a negative mindset into your trading session, trust me, it's not going to work out well, then you are just going to hate yourself even more.
Be All That You Can Be
This isn't just an old US Army slogan, this is how I feel about trading these markets. It forces me to become the best I can be. This doesn't just mean the best at reading the charts, this also means I need to be in the best shape I can be, mentally and physically. This makes me a better man overall. It can help be able to spend more time with my family, friends, or just have more me time!
When I am trading, I am the boss. My business lives and dies by the decisions I make in the markets. I don't have to promote anything, or deal with customers. I just buy low and sell high! That's it, but it's one of the most difficult things you can do extremely well, and be as consistent as possible.
It requires practice, patience, and more of both, haha. How good would Michael Jordan have been if he only practiced a couple of days a week? He wouldn't be arguably the greatest professional basketball player of all time, would he? No, he wouldn't have made it off the bench or in the league at all. So you have to take this mindset and these principals to trading.
And remember, I am right along in this journey with you. So get out there be the best of ourselves we can be!
Until next time friends...
Be Cool, Be Real, and always Abide!
Nothing said is financial advice.
This is for educational and recreational purposes only!
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