Magic Eden Kurs ME

The 4 Pillars of Profitability: In order to reach something so difficult, it almost seems impossible; we must break it down to its most basic elements and tackle each element in the most effective way. Here are the four basic elements of profitability: System, Risk management, Mentality, and Experience. I call these four elements the four pillars that support the state of profitability. System: This is the technical system that is used to dictate your entry, SL, TP, when to trail, and basically anything that happens on the chart. Contrary to most believe,  this is the easiest element to learn and tackle. Risk management: Risk management is a tool that no profitable trader can do without! RM is the only thing that is keeping you in the game, and by staying in the game, you guarantee to reach your goal, eventually. RM is a purely probabilistic / mathematical element, so you need to run simulations or do basic calculations based on your system and performance to see how much risk you can handle without blowing up   Mentality: This might be the hardest element to tackle, as you need to admit and embrace all your flaws and then reconcile with them logically. this requires you to develop considerable emotional intelligence and logic. You might need to reconcile with previous childhood trauma, past accumulated emotions, and even basic human reactions. You should expect to spend the most amount of time erecting this pillar. Experience: Here is the thing about experience, you cannot force it. By staying in the game, you will go through many experiences and emotions. The deciding factor is how fast you learn from these experiences, and this is linked to the quality of your journal (will drop a thread on this later) as it is the only thing that creates a closed feedback loop. Alright, we know what the pillars of profitability are now. How do we improve on each? As for the System, you either decode and learn all you can about it from your mentor / the person who taught you, or backtest and see how you could improve on your own system if you developed it. Here is an extra bonus. Sometimes, the same system can yield different results based on the trader. Personally, I am not so good trading against the market structure and catching falling knives, so I avoid it for now. This might be due to me being naturally risk-averse, which might not be the case for you. So even if you learned the system from someone, you need to backtest and journal how you perform with that system and how you can improve. As for the Risk management, you will automatically be able to increase your risk tolerance as you get better with your performance, as a higher winrate and RR means you can risk more without blowing up (Disclaimer: please make sure you know your stats well before increasing your risk tolerance). Additionally, increasing your trading size is like increasing your training weights. Just because you can bench 200lbs for two does not mean you can bench 400lbs for one. the mental strain that a larger size will have on you might reduce your performance, leading to an overall losing strategy. As for the Mentality, I would propose to go through a dedicated system (i.e. the mental game of trading book and seminars) that is tailored for traders and provides a solid framework to work through any mental problems. As for the Experience: you simply have to show up every day and learn from your mistakes as fast and as efficient as you can. P.S. Notice how I said,: “ the four pillars that support the state of profitability.” ?  this is because profitability is a state of being rather than a finish line. In a moment, you can be a profitable trader, and the next moment you are not, as one or more of the pillars aren’t stable. In a future thread, I will explain how you can use a high-quality journal to extract as much valuable information as you can and boost your progress 10 folds!

$COIN Looking for a range to form here, followed by one more spike of the lows into untapped demand ~ 136 to call a bottom and start looking for swing longs again. I have no real opinion in terms of time - squiggly is just an example. COIN tends to help set my bias for the wider crypto market, so half expecting something similar to play out on BTC - more so with regards to market phase in terms of transitioning from primarily ranging -> markup. Given the overall structure, as I'm alluding to a head and shoulders meme pattern, I don't trade these per se, but I would start to risk off again as COIN traded into the 280-300 level. TLDR; highest probability swing or positional long on COIN for me would be spiking untapped demand into 136, reclaim 146.12 then position long towards ~ 280-300.

$OM please tell me .🥲 Hold or sell🙏

$BTC is trading within a range Wait for a breakout or breakdown Or breakout the market is completely sideways right now. I’m expecting a move in the evening when the U.S. market opens follow me ❤️

🚨BREAKING: 🇨🇦 Canada to launch world’s first spot $SOL ETFs on April 16, per EricBalchunas. 🔥 follow me for more updates ❤️