With all the things I do to make a bit of money here and there, trading is by far the hardest, but the most fulfilling form of income I have had in a long time. The challenges are very much part of the struggle of making it in the markets, but when you become consistently profitable, it can be a game changer for your life as a whole. The biggest thing for me, is that I don't have to rely on anyone else. I don't have to hire anyone, I don't have to get a ride to a job, and I don't really need to try and market any products and find customers.
When trading the markets, especially Bitcoin, there is always someone on the other end of the trade, so it makes finding customers, super simple. So there is no customer service, no angry Karens to deal with, no product returns, etc. It's just buy and sell. That's one of the reasons I love it so much. To contradict what I said earlier, trading is actually really simple, in terms of the process, but it's the mindset that makes things difficult. Once you can see past the noise of all the overly complicated Wall Street speak, it's simply buying low and selling high, that's it.
Back on the Grind
I had to take a couple of month break from the markets to focus on some other things that I am wanting to get started, like my 3D printing business. So I had taken my trading funds and basically poured it all into 3D printers, filament, and other supplies to get that going. I also had to help my kids out with some stuff that took a large chunk of what I had built back up, but hey, that's life. But I have rebuild the base level in my trading wallet, so now it's time to hit the charts.
Breaks From The Markets Are Good
It's a good thing to take a step back from the markets, or really anything that you do daily to make income, so that you can get some more overall perspective of life. Sometimes you aren't making wise decisions and losing money. Other times, you just simply need a break. This is one reason I always encourage multiple streams of income, especially if trading is one of them. The markets can really eat your soul if you let it. The funny thing is, the market doesn't really care about your feelings or emotions, so when you start to think that the market is out to get you, it's time to take a break.
One hard part about really taking a break is when you are still out there on social media seeing everyone talking about the price of this, and the price of that, so it's probably a good idea to take a social media break too.
Not Jumping Into The Deep End
One thing that I am not doing with my comeback, as I have done before, is jump straight into the markets thinking I have to make trades from the time I sit down at the desk to the time I get up. I am going back to a bit of a different strategy that will hopefully yield me some more profits, and time to do other things. When you sit on the charts all day, time just really passes you by. So I am going back to one of my older strategies that worked great for me, which involves using hourly candle alerts and finding entries on lower time frames.
I have found that if you just go all in after coming back from a break, you tend to make the same old bad decisions that probably sent you on your market vacation in the first place. So I am going to be sitting back, watching the charts, and waiting for my opportune moments to strike! You can say I am trying to learn to be more patient, which honestly is my biggest downfall, haha, blame the ADHD...
Starting Another 10X Challenge
I am starting myself on another 10X challenge to see how quickly I can get my trading account from $100 (yes, it's a tiny account at the moment) to $1000. I did it in just a couple of months earlier this year, so I know I can do it again. As long as I have the confidence, patience, and discipline to make the right moves, I will make money. And the quicker I can get my trading account built back up, is the quicker I can drop the super high leverage that I am having to start out with (50x). The higher the account, the lower the leverage, which lowers risk.
What Is My Main Goal Here?
One of the biggest goals here is to get back to some freedom income. I do not want to have to fall back to some crap job where I am getting 30% or more of my money stolen from taxes. I trade on DEXs that are not based in the US, so the IRS can suck it because taxation is theft. I need to get a solid income coming in to support my other ventures.
The other big goal is to raise enough funds to buy a car. I am in desperate need of transport right now. Sharing one family vehicle is not cutting it, especially since my Mom's business takes her out of town allot. I have some really big things coming up with my 3D printing business that will require me to have my own vehicle, and since I can't count on anyone else around here to give me a ride anywhere (I live in the woods so UBER is not an option), then I have to bust ass and do what I need to do so I don't have to rely on anyone else. This is what I am using my HBD savings for right now.
Anyway, all this to say that I have to do what I have to do to get myself back up on my feet, or on wheels if you will. I love trading, but it can be very frustrating if I am not careful. So instead of thinking I have to plow into every little market move on the 1-5 minute charts, I am taking a bit more of a patient approach so I don't wreck myself the first day back at it. So let's see how quickly I can 10x my trading account. Once I get to that first thousand, then getting to 10K will be much easier.
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Additional Blog Locations
Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
