I havn't been doing a very good job of teaching... don't trade!
Hello readers,
It has come to my attention that some of my followers are not truly absorbing the main tenants of what I want to teach them. My goal is not to turn you into billionaire traders. My goal is to provide you with a solid framework that you can then build out on your own. My goal is primarily to prevent my readers from making simple mistakes that can be extremely costly.
I've come to this realization that I am not teaching at the highest level as a result of one of my followers saying that I advised him to wait and not to buy in. Friends! There is a big difference between buying or selling based off of a trading strategy, versus buying or selling based off an inactive strategy like a buy and hold strategy.
My strategy that I have shared with you many times before, like here:
is that I will be a buyer of bitcoin if the monthly closes green. It has done so and so I will personally see buying as a smart thing to do. This is regardless of whether I think the bottom is in or not or whether this is a local top.
My point is this: I have not been as articulate as I should have been, so let's start fresh shall we?
Let's go over the top three tenants of YoungShkreli's trading wisdom:
1. Don't trade!
2. Don't trade!
3. Don't trade!
I am currently writing a book about trading and there are a few chapters that say simply that you should not trade, and what you can do as an alternative. So, what is the lesson I am teaching? That's right! Don't trade!
The reason you should not trade is because there is only a 5% chance you will be profitable and there's approximately a .5% chance you will consistently beat market average. It's just not going to happen, so you shouldn't be trying unless this is your life. Seriously, just stop trying. Here's what you can do instead...
One of the sage pieces of investing advice that I have read about and practiced is that of dollar-cost averaging (DCA). If you are looking to buy an asset, you should not try to time it perfectly. You should simply buy a fixed amount on a fixed schedule. The results of doing this are profound. In the case of bitcoin, if you had done so over the past 4 years, you would have 10x'd your money. That is a result even the world's finest traders would respect.
So, to summarize... the ONLY strategy I suggest for EVERYBODY to follow in bitcoin is to buy a fixed amount at a fixed interval (like $100 per month). This is the only strategy I will ever recommend most follow. I will make sure I beat this into everyone's head going forward because clearly I have not been doing a good job.
Thanks for reading and remember the first, second and third tenants of trading: don't trade!
-YoungShkreli
It has come to my attention that some of my followers are not truly absorbing the main tenants of what I want to teach them. My goal is not to turn you into billionaire traders. My goal is to provide you with a solid framework that you can then build out on your own. My goal is primarily to prevent my readers from making simple mistakes that can be extremely costly.
I've come to this realization that I am not teaching at the highest level as a result of one of my followers saying that I advised him to wait and not to buy in. Friends! There is a big difference between buying or selling based off of a trading strategy, versus buying or selling based off an inactive strategy like a buy and hold strategy.
My strategy that I have shared with you many times before, like here:
My point is this: I have not been as articulate as I should have been, so let's start fresh shall we?
Let's go over the top three tenants of YoungShkreli's trading wisdom:
1. Don't trade!
2. Don't trade!
3. Don't trade!
I am currently writing a book about trading and there are a few chapters that say simply that you should not trade, and what you can do as an alternative. So, what is the lesson I am teaching? That's right! Don't trade!
The reason you should not trade is because there is only a 5% chance you will be profitable and there's approximately a .5% chance you will consistently beat market average. It's just not going to happen, so you shouldn't be trying unless this is your life. Seriously, just stop trying. Here's what you can do instead...
One of the sage pieces of investing advice that I have read about and practiced is that of dollar-cost averaging (DCA). If you are looking to buy an asset, you should not try to time it perfectly. You should simply buy a fixed amount on a fixed schedule. The results of doing this are profound. In the case of bitcoin, if you had done so over the past 4 years, you would have 10x'd your money. That is a result even the world's finest traders would respect.
So, to summarize... the ONLY strategy I suggest for EVERYBODY to follow in bitcoin is to buy a fixed amount at a fixed interval (like $100 per month). This is the only strategy I will ever recommend most follow. I will make sure I beat this into everyone's head going forward because clearly I have not been doing a good job.
Thanks for reading and remember the first, second and third tenants of trading: don't trade!
-YoungShkreli
Comment:
LOL at the spelling mistake in the title :+)