Stumbled across this thread that shows EXACTLY where and when it started to go wrong for Alameda.
This is an AMAZING insight into the mentality of people who think they're doing way better than they are. Let's dive in.
1/12🧵
You got into trading to be your own boss but you're sitting there waiting for the market to give you an opportunity and then waiting to see if it's actually going to pay you for your time or rob you.
आज क्या होगा...
Excited 2 trade today & mint 💰🤑💸
Wake up!! That's exactly the wrong feeling to start yr trading day with
U will trade,ONLY if & if Setup triggers it. No Random trades !!
✔️list:
H/w dne
Meditation
Review dne
It's a normal business day !!
#Discipline
ok. this references the big daddy of all elementary confusions in derivatives.
Black-Scholes (and related) models, for which Nobel prizes were won: we do NOT use them as models, we use them as normalizations only, as a convenient change of variables.
ok. this references the big daddy of all elementary confusions in derivatives.
Black-Scholes (and related) models, for which Nobel prizes were won: we do NOT use them as models, we use them as normalizations only, as a convenient change of variables.
let me share my learnings, I am free for the rest day.
1. Buyers "badnam hain" because of the thought of doubling the money or even more.
it breaks discipline, discipline is the essence of buying.
Discipline is the bedrock of every successfull person, don't break it.
Years ago, I came across the 10-10-10 rule.
Whatever you are worried about or deliberating upon, is it going to matter in 10 minutes? 10 months? 10 years?
It helps keep things in perspective and also makes one realise how screwed up our priorities are.
Know what matters.
The problem with many trading mentors is whilst some can teach you good ways to read/trade the market, they can also transfer cognitive biases that are not relevant to you.
Your expectations come in the way of you actually experiencing life.
You see the world through the narrow lens of your hopes, fears, beliefs instead of seeing it as it is.
Hopes, fears and beliefs always stem from the past. While life only exists in the present moment!
#life
Here's an interesting fact:
We've 4,000 weeks in our life, give or take a few weeks.
If that doesn't make you reconsider your priorities, I don't know what will...
Understand that you’ll get losses; that you’ll leave money on the table.
Strive for excellence, not perfection.
In an uncertain environment, the pursuit of perfection is downright unproductive.
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