You may or may not know that I am currently a member of the US Navy. While Crypto and the Military may not be the same, I have found that some lessons can be applied to assist with making you a more successful trader. If you are a service member, prior or active, you may be very familiar with these sayings. Do not be afraid to apply that knowledge in crypto and in life in general. If you have not served, I hope to enlighten you with some of our slang and hopefully you pick up a few tips on the way.
“Embrace the suck”
Military life isn’t easy and neither is crypto. “Embrace the suck” means to accept things for what they are and move on. This is applicable in crypto with “the trend is your friend.” You can make money in both bull and bear markets. Embrace the suck of the bear market and either buy the dips and hold, margin trade, or ride the chops. People don’t stop making money in a bear market. Only, it’s the smarter people that keep making it. If you’re not sure how to play the bear successfully. Get out of its way until it’s a bull again. Secure your profits/funds and sit on the sidelines until you have a confirmed bull market.
“Cover your Six”
Cover your six basically translates to “watch your back” as in front of you would be 12 o’clock, behind you would be six on a clock. You can do this in crypto as well with stop-losses. You should always use them and determine a support line you are not willing to drop below. Do not just buy in at market price. Find a support line and place buys above it or wait for a confirmed break out and buy in. Afterwards, you can strategically place your stop-losses.
“Hurry up and wait”
Often in the Military, we are forced to rush to a location, a brief, or whatever to then be made to wait. While you certainly should not rush into trades, you should learn how to occupy your time effectively to keep your mind off your charts and trades. Once you establish a trade and an effective stop-loss, set alarms on your favorite app and let the markets do their thing. If it gets near your preferred sell or stop-loss, the alarm will let you know. Go outside and enjoy something. Find a hobby.
“Luck is where preparation meets opportunity.” -Dwight D. Eisenhower
This is a quote from the late Dwight D. Eisenhower that rings very true in crypto. You often hear people say, “do your own research” and that is a valid point. Before you jump into a trade, you need to research why you’re doing so and set realistic goals. I said this in my previous article, but it is worth saying again; if you do not know why you just made that trade, you are literally gambling. Check the coin market calendar and see if any events should drive your bags up. Keep in mind, “It is a mistake to look to far ahead. Only one link of the chain of destiny can be handled at a time.” As said by Winston Churchill. You should have a long-term plan and goals, but don’t beat yourself up over them every day.
“We will either find a way or we will make one.” — Hannibal
Turns out you suck at trading? Don’t worry, you’re not the only one! Plenty of people just aren’t great at trading and that’s ok. If you aren’t a great day trader, then become a swing trader. Still not your style? Then just invest and buy the dips. Learn how to set up a masternode. Start mining. Find a method to bring in passive income. Regardless, collect crypto!
“The only easy day was yesterday.” — US Navy SEALs
You do not know what tomorrow holds. Secure profits when they’re available and don’t get too greedy. That little voice that speaks to you and says “But what if it keeps going up?” It is not your friend. Any profits in an open trade are not yours. You also never know when $BTC may dive or skyrocket effecting your trades. What if a black swan strikes?
“If it smells clean, it is clean.”
In the Navy we cleaned. A lot. One of the common sayings we heard was “If it smells clean, it is clean” and right before the Divisional Officer would inspect our spaces, we would spray air freshener or wipe some strong smelling cleaner around. Why? Because it gave the perception it was clean and it affected the psychology. Crypto is certainly psychology based. A short trip on twitter shows you a good chunk of the sentiment of how people are feeling. This can be applied to the “Psychology of a Market Cycle” cheat sheet and possibly give you some insight to where we’re at. Psychology drives a market. Another personal favorite saying fits well into this: “The beatings will continue until morale improves.” Simply, until psychology improves, embraces the current situation and gets back involved, the beatings will continue.
I hope you’ve gained a little insight into the Military’s mindset and how it can be applied to Crypto trading. Try to keep your head clear in times of uncertainty, plan, and research to the best of your ability. Having a solid plan and Intel can greatly assist with situations in both the Military and Crypto trading.
Feel free to follow me on Twitter at @JoshMcGruff for future posts and my feed. You can also check out my first article about lessons I wish I knew about crypto trading when I got started here.
You can find me in our free Crypto Trading Discord Group — Bitcoin Masons as well.