DAY TRADING IN THE 2020-2030 DECADE: From Zero to Passive Income. Practical Guide for Newbies to Learn How to Trade Financial Markets (Forex, Cryptocurrency, … Stocks, Options, Futures) in 11 Easy Steps by Dexter Wade
THE MINDSET OF
THE TRUE TRADER
et’s begin by dealing with Money Management, Risk Management
and Portfolio Management: in short, all those aspects which are
extremely underrated but at the same time are the most important
concerning the Trading of cryptocurrencies and not.
Obviously, we will exemplify and contextualize everything by making
reference to the Bitcoin and the cryptocurrencies.
In particular, here is what we are going to analyze step by step:
The first chapter will be dedicated to the basic concepts;
The second chapter will be dedicated to the applied operation;
The third chapter will be dedicated to the self-evaluation of one’s
own strategies, aimed at the constant improvement of these in order
to adapt to the market (that is extremely changeable in the case of
the cryptos) and in order to never lose focus on what we are doing.
So, let's get started....
The chapters will be very simple, understandable and suitable for everyone,
because we will start from scratch together and I will accompany you on
this path. We will get rid of all the wrong preconceptions about Trading and
of all the nonsense we read around.
We will set the correct mindset trying to understand what our goals can be
and where we could arrive, keeping our feet on the ground and making
some paradigm shifts, which many do not do.
If we succeed to do this, we will place ourselves in front of the great
majority of "Traders" (between inverted commas because many improvise
as such...). At the end of this chapter, I would like you to know:
What the objectives to keep in mind are;
What you must concentrate on;
What you need to get rid of.
These are the foundations on which we will build a trading strategy that
should be profitable in the long run, and not just while we are lucky.
Now let's introduce the world of trading, specifically crypto trading.
Let’s try to understand which concepts regarding Trading we should forget
and which ones we should keep in mind instead. Let’s see how to approach
this world without illusions, with our feet on the ground and with extreme
concreteness, in order to set the correct mindset.
This seems obvious and banal, but in reality, it is the basis of everything.
We should start our path from zero, build the foundations a little at a time
and then operate on them.
In fact, operation without the conceptual foundations means nothing.
So, let's start from here.
LET'S DISPEL SOME MYTHS ABOUT
TRADING
Let's start with the myths about Trading which should be debunked and then
let's try to understand which concepts are useful to free our mind from the
wrong ones, namely that:
"Trading allows you to earn a lot in a short time".
I’m sure you have already heard this sentence many times. This is a myth as
big as a house because, especially if you start from scratch, it would be fair
to say that Trading allows you to lose so much in a short time if you have
no method.
So, let's delete this idea from our mind and understand the fact that Trading
is a long path that involves self-discovery and has a lot to do with the
psychological aspect (you will find out over time).
Above all, it should be pointed out that it is a growth path and therefore it is
long by definition.
"You can earn in a constant way over time".
Nothing more wrong here too, because, as we will see shortly, Trading is a
game of probability and as such there is the probability of gaining or losing
in every position you open and close.
Therefore, consistency is impossible to achieve
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