Trybe TV - The Psychology of Crypto Success: Introduction - Video Series By Darko Tomic
Welcome to our video series on "The Psychology of Crypto-Success"
This series of short, fun lessons will teach you how to have the right mindset to be able to trade successfully... More than that, though, many of the same lessons which make you a good crypto trader can be applied to many areas of your life.
See below for a complete table of contents, or watch our introduction video.
We will be releasing all the videos over the next few days - so check back here on Trybe TV for more :)
In the first module of our course, you will become acquainted with the basic technical details of the crypto world. You will learn about the origins of blockchain and cryptocurrencies. We will talk about who Satoshi Nakamoto is and why the blockchain is so important as a technological advancement. You will learn what are the possible uses of the blockchain, a part of cryptocurrencies, and how this technology can make the world a better place.
We will also cover the psychological aspects of the cryptocurrencies’ realm that make our minds feel attracted to it. Yes, it is very alluring to imagine yourself as someone who has personal gains from the blockchain technology, one way or another. The right buttons in our minds get pushed when we gaze over the crypto world, but just as the chances to profit are real, so are the chances to fail.
Everything is interconnected - social relations, psychology, philosophy and the market. Behind the blockchain as a technology lies a certain vision, a distinctive philosophy of decentralization. How do centralization and decentralization stand against each other and what is the significance of the decentralized world view? You will find out the answers to these questions in the Module 2.
Also, we will talk about the difference between tokens and cryptocurrencies. We will explore the way in which ICO’s may gain significant importance for the world economy in the not so distant future.
Part 3 of the Module 2 will go into the explanations of important terms like “market”, “value”, “price”, “cost”, which will certainly help your comprehension of trading.
Psychology is the science of human behavior and everything humans do is their behavior. This goes for thoughts and feelings, too. If you were under the impression that psychology and trading are light years apart, think again. One definition says that movements on the market reflect the collective behavior of all the participants on that particular market. If that is true, then the most important thing for a trader is to be familiar with human psychology in general, and with his or her own in particular.
Know yourself and know your patterns, the boxes you are tempted to lock yourself in before engaging in the trading game. Know your deeper needs and values, because they are the core from which you see the world and draw your strength.
Be aware that the information you get from technical analyses and the values that the indicators tell you are just pieces of information that you put in context, giving them meaning.
The importance of looking at everything you do related to trading in the right context is the main idea of Module 3.
The one who is psychologically flexible changes his or her behavior in accordance with the situation. If a particular behavior is not effective, but rather out of context, he or she will find a new, more efficient behavior, while staying true to their chosen personal values. Of course, if the behavior is effective, bringing in good results and reflecting the deepest needs of the person, the individual should continue acting as before.
Psychological flexibility is a main term of the Acceptance and Commitment Therapy. Practicing the main points of ACT makes us more psychologically flexible and helps us prepare for trading. Module 4 explains all 6 principles of ACT that are, at the same time, skills a person can train and become efficient in. More flexibility also equals more authentic, self-confident decisions while trading.
Be aware that you have to move and adapt all the time to new situations and perceive new conditions, as the crypto market changes fast.
When you fail in a trade, the experience of loss can impact your future behaviors... That happens by staying too long in the zone of defeat and getting too fused with thoughts and feelings that are related to bad experiences.
Your potential to perceive and act in a reality-based way can be damaged by your staying too long on the ground. When you fall, get up. Do not label yourself as a loser and do not be the one that engages in self-profiling prophecies of defeat.
Show self-compassion and move on. Better times are just around the corner.