🎧 Trading & The State Of The Market
Round Table Recap: Mar 14th, 2023
In this Twitter Space recap, Trader Mercury shares his journey from entering the crypto space to becoming a seasoned trader.
He discusses balancing trading, changing mindset, navigating uncertain times, and his outlook for 2023.
Mercury emphasizes learning from experience, trading the trend, and not over-trading.
He also touches on the importance of paying taxes on trades and the future of the market.
You can listen to the full audio here.
Keep reading 🍿👇️
• Kadeem @Crypto_Clarke
• Mercury @TraderMercury
• TraderMercury is 23 years old and joined crypto in 2017 after trading stocks when he was 16.
• He joined crypto with the typical belief that it was a get-rich-quick scheme.
• He later found out this wasn’t true after being left holding his bag throughout the bear market.
• This didn’t get him down, though, as he decided to spend time learning more about the space, such as blockchain technology and the different use cases of projects.
• He always knew he didn’t want to work a 9-5, so this ambition drove him into trading, buying and selling stocks, etc.
• He saw the % potential in crypto, which encouraged him to dive deeper.
How to have a balance in trading?
• Mercury says that he treats trading as though it’s a 9-5, which he says is ironic.
• He mentions how one of his biggest lessons was that after 5 pm, he doesn’t tend to look at charts.
• He recalls getting further humbled in 2020 when markets crashed after having overconfidence in his ability to trade, falling into the crowd of 100k BTC.
• He insists his success is in his hands and that over-trading was wrong and is what he learned from the process.
• Mercury also emphasizes that traders should always separate trading from investing, keeping assets separate.
• Mercury says he’s always bearish at the bottoms and bullish at the tops.
• He says he trades best in between when we trend to extreme extents.
How to change the system instead of the mindset?
• Mercury begins talking about bots. He says that people charge you to buy algorithms because bots are made to outperform you.
• He says that during the time’s price ranges, the bots lose and cannot calculate moves, giving those gains back to the market.
• This is why he insists that the only way to yield a reward from the market is by taking risks. Applying the correct mindset and bias can allow you to be successful in trading.
• Mercury sets out his range and adjusts his trades by actionably approaching that mindset.
🎧️ Adapting Your Trading Strategy to the Market Conditions 👇️
Current events and how you trade during uncertain times
• Mercury mentions how he’s only trading off fundamentals during uncertain times like the current macro environment.
• He says the current price action reminds him of 2 other times in his career; 2019, during the China pump in 24hrs and March 2020, when we dropped heavily in 2 days.
• He doesn’t target levels during times like this but instead lays off the charts because he doesn’t want to participate in a volatile and illiquid market environment.
How to shift your mindset in trading?
• Mercury says it has a lot to do with experience and seeing how other people’s brains think.
• He says he utilizes human emotion to gauge the consensus in the market.
• Mercury emphasizes how he can reflect on people’s losses and learning from other people can benefit him heavily.
• Mercury says he was pretty risk-averse growing up and had to shift this fundamental nature. He always had to push his trading career further.
• He says to gain reward from something that he thoroughly enjoys and brings him peace, the monetary aspect naturally comes to him too.
“A trader trying to ride a trend is similar to a surfer trying to catch a wave,”
• Mercury emphasizes that hopping on a trend when things look the sketchiest and most uncertain regardless, even if it last 5 or 10% is the wrong approach to take.
• He says the point of ‘paddling out before the waveforms are the wrong thing to do’
• ‘Busting your butt while you catch and ride the wave is you holding the trade and exiting the wave before it subsides what you need to do.’ The context here is that don’t hold your bags like surfers ride the wave until it collapses.
• He says, “Lasting the wavelength is what all traders want to do.
🎧️ Riding the Wave Enjoying the Journey of Trading and Market Cycles 👇️
The future and your outlook towards 2023
• Mercury says this move specifically throws a lot off for him.
• He expects mainly sideways moves but not all-time highs until at least 2024.
• Mercury mentions that he focuses explicitly on the current narrative and will unrealize his gains and not be left holding his bag with the ‘ATH narrative’.
• He believes because of natural human greed, all-time highs are essentially guaranteed because of the ability to make exponential gains it’s in everyone’s best interest to stay equipped in the space.
• Mercury says that overtrading will be the downfall of most traders this year.
🎧️ Exploring Human Greed for the Future of Crypto Trading 👇️
🎧️ The Mindset to Avoid Over Trading in 2023 👇️
Trading with the trend: the essential skill
• Mercury’s final thoughts are that traders should trade the trend because it is the most critical foundation for his learning came from this.
🎧️ Exploring the Beauty of Simplicity in Trading 👇️