Cryptocurrency is sweeping the world. From taxi drivers to Instagram bikini models – everyone is talking about getting rich off it. Millions of people are willing to jump on board immediately–whether it’s a good or bad idea.
Building off that thought… Michael recently posted this question to listeners: “You have a trading strategy that you have tested over and over but you lose 5% the first year using it, what conclusions do you draw from that?” He reads feedback from listeners who are willing to throw their strategy away after having one down period. Warren Buffett, however, has famously said that if you cannot afford to lose 50% of your portfolio then you shouldn’t be trading – what do you think he would say about a mere 5%?
Michael finishes the podcast reaching back into his archives and pulling some trading rules from past trading legends. He calls this list his “43 Kickass Trading Rules for Bitcoin and Crypto Trading.”
In this episode of Trend Following Radio:
“There is only one side to the Bitcoin market and that is not the bull side or the bear side but the right side.” – Jesse Livermore [Michael Covel inserting the word bitcoin]