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You should be excited about bear markets, not scared.
Binance News
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Crypto Industry at Inflection Point, Spot Bitcoin ETF Expected in 2023
According to CryptoPotato, the crypto industry is at an unprecedented inflection point, which could serve as a generational investment opportunity. Digital asset manager Hashdex believes prospects for Bitcoin ETFs in the US are as high as ever, and as regulated investment vehicles become more common, the role of crypto in portfolios will continue to expand. The asset manager predicted that US investors will have access to a spot Bitcoin ETF by the second quarter of the new year, and a spot Ether ETF is likely to follow. This alone is estimated to be a $50 trillion AUM market, which is significantly larger than Europe, Canada, and Brazil combined.
In addition to the scaling of distribution within the world’s largest market, the report said that there will also be the emergence of captive distribution, which would subsequently enable legacy asset managers with thousands of staff and trusted brands to offer their customers a crypto product for the first time. The US Securities and Exchange Commission (SEC) has repeatedly rejected spot Bitcoin ETF applications, expressing concerns about market manipulation. However, recent information suggests a shift, as the regulatory agency is now asking for details usually requested towards the end of an ETF application process. According to a recent Reuters report, discussions regarding the introduction of spot Bitcoin ETFs in the United States have progressed significantly. Unidentified sources revealed that the SEC has started posing detailed and technical inquiries about the products of potential spot Bitcoin ETF issuers. This development suggests that the regulator may be moving towards approving their pending applications shortly.
My trading profits increased when I decreased the amount of time I spent trading and I have heard the same for others.
Something to consider
TIME MANAGEMENT ⌚
Balancing trading with a full-time job, writing a newsletter, writing a book, hosting Spaces, livestreaming trade ideas and chart reviews, and spending time with a family of four is a major undertaking.
At least whenever I mention that I am doing all of this, that is what I’m told.
I managed to quadruple my output over the past year without really noticing it, and my trading has improved
The crazy part is, I now spend more time with family and less time on trading.
This has been a complete win-win for me, and I think it all can be traced back to one decision.
I started looking for ways to optimize my time.
For example, I started with an idea of getting up really early and doing a lot of prep work during the premarket hours
The intent was to not only get a lot of writing done early in the day but also to have my trading preparation fresh in my mind.
Sounds great right?
It turns out that I don’t do my best writing in the morning. I honestly don’t do much of anything very well in the morning. If you’re a morning person, I envy you.
That means I also was doing a bad job of trading prep. And my trading results were reflecting it.
I also was getting really tired in the evenings.
Waking up an hour earlier was making the last 2-3 hours of my day far less efficient.
Ultimately, I decided the best schedule for me was one that put my lowest priorities at the start of the day and my highest towards the end.
Now I knock out all of the things I do not enjoy during the part of the day I already enjoy the least.
I get a ton of mental relief from getting ahead as much as possible on the work I have for the day, which then allows me to switch over to my trading with full focus.
Take time to set up a schedule that works for you and your personality
Consider things like whether you are a morning person or night person, when during the day you have the most flexibility, and what your priorities are.
There is no fast track for taking your account from small to big. Skilled trading and discipline is what gets you to the next level.
FEAR OF FAILURE 👀
That’s great, but what if you fail?
I have news for you. You are going to fail many times at first.
Maybe you are unlike every other trader I have ever met and you will make huge profits right from the start, never looking back.
My money is on failure. Hate to say it, but that is how everyone learns the trading game.
You learn from your mistakes and if you are really smart, you learn from the mistakes of others.
Do not fear failure, embrace it. Take it all in like a warm cup of coffee in the morning, full of fresh thoughts and realization.
Then learn from every mistake. If you are honest with yourself, this will accelerate your learning curve faster than anything else.
Finding friends with similar interests and brutal honesty might be the best way to combat the fear of failure.
This is why you see so many trading communities.
Be honest with yourself, be ready for failed trades, and build off of them.
BURNOUT 🔥
Another reason you see a lot of great communities in the trading world is the fact that trading can be a lonely venture.
After all, it is just you and the price action. Those screens can get pretty cold and stale to look at.
There is also a lot of time commitment inherent with becoming a successful trader.
Your days can feel disrupted, especially if you are on a losing streak of any kind.
To avoid burnout there are a number of simple and somewhat obvious things you can do that most of us simply don’t do.
I like to be intentional about getting away from the “trading desk" and stock market information.
Give your brain a break.
It is easy to get completely consumed by trading and there is no doubt it will impact your mood some days.
You must find ways to decompress.
If you step away purposefully, dedicate time and thought to other things in life that interest you, I guarantee you will benefit from it in multiple ways.
Consistency is something we should all strive for. It leads to success.
As a trader, there are many obstacles that sometimes feel like personal attacks.
It can seem as if none of your hard work or long nights of planning matter.
In reality, nothing could be further from the truth!
Overcoming these impediments is the first step towards consistency and ultimate success as a trader.
This week @tradernatehere highlighted four of the biggest hurdles traders face and ways you can overcome them.
Be sure to give Nate a follow! He’s our lead writer at WOLF.
Now let’s get into it!
LACK OF CAPITAL 💰
Lack of Capital If you are new to trading it is wise to start with a relatively small amount of money.
There is no need to risk large sums of money while you are still learning the basics.
This is why many new traders face the same problem of a lack of capital, or feeling like there is a lack of cash being traded.
What do I mean by this?
When I first started, I would get frustrated by the limited number of trades I was able to make.
I wanted to add more and more cash to the account.
I knew I was learning and the results were showing as much, so it didn’t make sense to risk more capital, but the urge was there.
I would constantly be in a position of running out of cash to trade for the day (because I trade a cash account) followed by what I thought were great trades that I was missing out on.
This frustration started to lead to taking larger trades in an attempt to make big gains quickly to level up the account.
In other words, I was tempted to ignore risk management and my trading plans.
And that is exactly what I did and failed because of it.
I learned a valuable lesson through all of it.
👉 click on my profile and continue
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