Thread by @SilverBulletBTC

(1) These days I realized again that most crypto traders at twitter have no idea what they are doing.

It’s nothing wrong about being a permabull
But please don’t call your self a trader if you are a blind believer.

(2) Understanding blockchain technology does not make you a good trader.

Of course, I am enthusiastic about the technology and think it has the potential to change this world and our financial system.

But successful trading has nothing to do with belief!

(3) It's about keeping a clear mind and accepting facts, even if you do not like them!

All markets are the same, as all people behave the same way on the whole. Don’t get fooled...

(4)
Never fall in love with your position
Never act emotionally
Never try to cover losses with force
Never explain market dynamics with pure rationality

Smtimes the best trade is not trade
Be always attentive, work on your skills, keep on educating and wait for the right moment

(5) It’s nothing wrong about learning from experienced traders, but it is YOU who completes the trade.

Only you are responsible for your decisions.
Do not seek the blame for losses in others.

(6) As soon as you realize that you are on the right track to become a successful trader

And a successful person in gerneal...

(7) Think about who you trust.

It is not difficult to make profits in a bull market.

A good trader also survives a bear market.
A very good trader benefits from a bear market.
Because he can always see the opportunities.

(8) Don’t just blindly follow other traders.

Always re-evaluate your decisions. If nothing has changed, don’t get off the track.
But don’t be afraid to change your strategy if the market changes.

(9) To successfully trade on your own you need to understand chart analysis.

The basis for this is classical charting. Not more not less...
Learn the basics before you use 100 fancy indicators. It's not hard to learn the basics.

(10) But even if you are the best chart analyst, it will not be enough to be successful in the long run...
TA is no guarantee.

Other very important requirements are risk management and position sizing

(11)
Never be afraid to fail!
But always have an exit strategy.

It's not about never being wrong, it's about being able to handle mistakes.

(12) Mass psychology, mathematics, general education and the ability to cut losses are also very important.

And at the end of the day, it's about controlling one's own emotions.
It’s worthless to always have the right plan if you don’t stick with it at the end.

(13) Nothing comes without hard work!
You have to trust yourself and your decisions.

The more you learn, the more you educate yourself and the more experience you gain, the easier it will be for you to trust yourself and ignore the naysayers and haters

(14) It is hard work to be a successful trader for years.

Nothing in life is for free and nobody will give you anything!

Do not think you can get rich quick.
As soon as you understand that, you might get rich
Maybe even quickly ;)

(15) Don’t spend your energy on negative stuff.
Don’t hate others for their decisions.

You only have one life on earth.
Use it!

And always stay humble

(16) At the end of this spontaneous thread I want to thank all the good and productive guys out there who spend their time and energy on building stuff and helping others.

This is a great community and it has always been a pleasure to be part of it.

(17) Special thanks to @PeterLBrandt who has always been an inspiration for me.

He shared 40 years of trading experience with all the young guns. No pump and dump, just a helping hand.

Where are all those who called him an idiot over the past months when he tried to warn us?