1/ # Delusion

One of the reasons people often screw up in crypto is that they cannot accept that they are a moron.

2/ They make mistakes and then convince themselves they will adapt, 'next time i'll take profits', 'I won't buy anymore of these types', 'next time the run ends i'll adapt faster', but they don't, and in the next market they repeat these errors.

3/ They have an internal image of themselves that is better than the reality. A smart trader who is learning and adapting and they don't take into account their own flaws.

4/ Before every action in crypto you should be reminding yourself 'I am a moron. I need to factor into my current decision making that I am a moron.'

5/ Next time the run is on don't ask yourself whens a good time to take profit and trust that opinion. You need to look back at the past. How many times before did you ask that same question and came back with an answer and decision that led to taking too little profit, too late.

6/ So instead, factor that past history in. Look at the result your mind produced when you asked it when is a good time to take profit, and then apply MORON CORRECTION.

7/ You need to be doing this across everything you do in crypto. Look at past results and be aware of your own flaws in your thinking and then attempt to factor that into decisions where you notice yourself repeating past errors.

8/ You will see in this diagram I often post the label 'skill'. In the megathread it states you need to base that skill value on your actual past performance, NOT your idea of your own skill. The above reason is why.

9/ You will see in many groups, people who've been around since 2018 or earlier who talk like experts, are very opinionated that they understand crypto, but yet unlike others from pre2020, they haven't 'made it'.

10/ They think they know this game but the results say otherwise and they are blind to it.

11/ Accepting you are a moron, taking more caution and coming out of this with 15x is better than being a deluded moron who thinks he's a gigabrain crypto trader playing for 10000x and coming out losing everything.