Wealth Is Built Over a Series of Transactions — Not 1 Trade
By David - December 08, 2020
The reason many businesses fail to make sales in their first year:
They keep trying to get rich off one deal.
They believe that their dream team and latest technology gives them entitlement to bigger deals straight away.
Then they finally accept that their approach isn’t working and come to realize the number of opportunities available when they seek smaller deals.
Those smaller deals will end up positioning the company up for much bigger deals.
This same scenario plays out in trading.
Big Wins Are Possible But…
It’s easy to dive into the possibilities of how your life would change if you finally hit that big win. Plus, seeing other people experience it will keep reminding you that is possible—and that it can happen today.
The moment you start focusing on hitting jackpot, you’ll miss the many small trade opportunities which can grow your account.
Undercapitalization is a strong factor as to why traders “need” that big win and would prefer it over a series of small trades. Small trades with a small position can seem like your account balance isn’t going anywhere.
This is why you need to have a percentage mindset.
It helps you see the significance of the trades you make.
For example: if your trading balance is 3 BTC, and your average daily return is 0.03 BTC. You now know that your balance is growing by 1%, and you’re expected to double your account in 100 trades.
So in CMM, go to your overview report section to find out your average return. As long as it stays consistent or increases, you can be confident about setting long-term account expectations.
What It Takes To Get A Big Win In Crypto Trading
A lot of waiting or losses:
The Waiting Game Because massive wins are quite rare, they require long setups that could take days or even weeks to manifest.
Plus, there’s a chance that the big move happens before your setup indicates you to trade.
The Losing Game This is when traders take the opportunity to catch a big move. But what they don’t know is that it’ll require going through many losses till you hit jackpot. It’ll be easy for traders to give up and not take the next opportunity—the time it actually happens.
Then the trader has regret and jumps back into the cycle of losing to catch another big move.
How To Overcome Wanting Big Wins
Accept that big wins happen at random—it’s almost impossible to catch them.
As a trader, the best thing you can do to guard your mind against the lottery mindset. It can creep in through external factors such as news, crypto Twitter, FOMO, and chatboxes.
A big win in a trader’s portfolio looks something like this (25th trade):
What you notice is that their big win looks like an anomaly.
They don’t experience big win after big win.
So, the most important thing you can do as a trader is to be consistent.
Once you master that, you’ll have days where you get your big wins and won’t have to worry about what happens if you don’t get it.
You’ll be satisfied knowing your account is getting bigger.
What is Coin Market Manager (CMM)?
This is a platform that helps traders become profitable by automatically journaling their trades to provide statistics exchanges don’t have.
For example, with CMM, you can see:
- What days and hours you’re most profitable
- The trade setups that are constantly winning or losing
- The duration of your winning and losing trades
- And much more!