🧘‍♂️Change of Plans

The secret to making serious profits? Understanding your strengths. 

Dear Meditators

The secret to making serious profits? Understanding your strengths. 

Today’s guide will help you identify your trading type. 

Read, enjoy and share with your network. Let’s all build wealth together.


BST 16:15

  • Crypto. Bitcoin consolidates below $56k resistance as buyers lose strength. In contrast, Ether price hits new record high as analysts anticipate supply drop. Chainlink, Litecoin and Uniswap are also notable performers vs. 24 hours.

  • Legacy. The number of Americans filing new claims for unemployment benefits last week dropped to a fresh one-year low, suggesting layoffs were subsiding and strengthening expectations for another month of blockbuster job growth in April as a reopening economy unleashes pent-up demand.

Delighted to say this article is brought to you by FTX, you can use my link to get a discount. FTX was founded with the goal of donating to the world's most effective charities. Through the FTX Foundation, FTX, its affiliates, and its employees have donated over $10m to help save lives, prevent suffering, and ensure a brighter future.

What Type Of Trader Are You?

Trading is not a one size fits all category. We all have different schedules, temperaments and preferences. Many people could be better trades if they found the type of trading that suited them best. Today, we provide you with a quiz to determine your trader type. Begin by answering these questions and noting the letter of your answer. At the end of the quiz, you will find out: 

  • What your trader type is 

  • How you can best trade given your trader type


Take a note of the letters you pick for each of the 5 questions.

1.You see a chart that is looking bullish. What type of opportunity excites you most?

A. I’ll buy and sell in the next few minutes. Locking in a profit immediately. Perhaps I'll repeat this process throughout the day.

B. I’ll buy first thing and sell at the end of the day. I don’t have to be watching the chart all day or try to guess the best exit level. Plus I don’t have to worry about leaving the position overnight.

C. I’ll find the best level to buy and sell at over the next few days or weeks. I’ll just dedicate a few hours each night to watching the charts and then let the magic work. 

D. I’m happy to wait for a good level to buy and leave this position for months. I’m confident about the bullish trend and I don’t need to be worrying or checking the charts each day. 

2.How much time do you have each day to watch the charts? 

A. I’m basically on my laptop 24/7 so if there’s anything happening in the markets, I’m all over it. 

B. I can’t be at the screen all the time but I can check it most times throughout the day. 

C. I work a day job but I’m passionate about trading. I can spare a couple hours each night. 

D. I want to trade but I just don’t have the time to watch the charts. I need to be able to plan a trade but then leave it be for some time. 

3.Your trade is losing you money. How do you feel? 

A. It’s not a nice feeling but it doesn’t bother me. The frequency of my trades usually means I get a mix of profit and loss making trades. 

B. It’s disappointing. I’ll have to do better tomorrow. 

C. I place fewer trades so to lose money on my trade is upsetting. 

D. I’m tolerant of losses. I’m holding positions for the long run so it’s part of the package.

4.The markets are range bound today. What’s your response? 

A. This is so boring. I’m motivated by fast moving markets. 

B. This is disappointing. I started the trading day with a clear bias so I didn’t expect to be range bound. 

C. I’m not that bothered. As long as it doesn’t last too many days or weeks. 

D. To be honest, I can go days without watching the charts. It’s a marathon not a race.

5.How quickly do you accept defeat?

A. Very quickly. If the trade doesn’t play out like I thought, on to the next. 

B. By the end of the day, I’ll usually close my position. 

C. I stick to the plan for a couple weeks. I thought it through carefully. 

D. I can go months without accepting defeat. I believe in the long term win.


Each letter counts for a different number. A=0, B=1, C=2 and D=3. Calculate your total score and see what type of trader you are. 

0-3. Scalper. 

4-7. Day Trader.

8-11. Swing Trader. 

12-15. Position Trader. 

Different Trader Types Explained

There is no trading type that is better or worse than others and some people may have multiple trading styles. Position trading bitcoin and scalping altcoins, for instance. What’s essential is to understand what style or styles suit you best. Only then can you truly leverage your strengths. A pure scalper may prefer not to take longer term positions, for example.

Scalper. A scalper is a trader who looks for short, minimally profitable opportunities in the market that can add up over time. If you’re a scalper, you likely don’t have the patience to hold a position for a long period of time and you’ll probably grow bored easily when keeping trades active for too long. Scalpers are motivated by the excitement of fast moving markets. They aren’t happy about placing losing trades but are typically less impacted financially and emotionally due to the small nature and frequency of the trades they do place. 

Day Trader. Day traders usually pick a side at the beginning of the day, acting on their bais, and then finishing the day with either a profit or a loss. Similar to scalpers except perhaps without as much free time. If you have a busy life but still want to place shorter term trades you may prefer this method. These kinds of traders do not hold their trades overnight. For day traders, there are exciting opportunities in altcoins right now, check out this guide for more information.

Swing Trader. Someone who enjoys staying in a trade for as little as a few hours to potentially weeks. If you’re a swing trader, you like the analysis aspect of trading - finding patterns that develop and exploiting them like a cunning strategist. Because you place fewer trades on a daily and weekly basis, losing trades could have more of an impact on your psyche, so keeping your longer term goals in mind and sticking to the plan are imperative.

Position Trader. A position trader has a much longer time frame in mind. If you’re a position trader, you could be in a trade for months or even years if your conviction is strong enough. Usually based on a fundamental perspective of political, sentimental, or supply/demand reasoning, you brush off the fear of short term movements. You’re much more tolerant of drawdowns and could take losses for a very long time. If you are fortunate enough to have the temperament for this trading style, you may want to consider Dollar Cost Averaging into projects you find interesting.

📊 If you’re serious about trading and investing, consider joining our community and gaining access to the full range of insights and analysis 👇

6 Free Letters A Week

Ether Price Hits New Record High 

Ether rallied to new lifetime highs today on speculation that an impending blockchain upgrade might result in a drop in supply. The idea here is that with the upcoming EIP 1559 upgrade, ether will become a “deflationary asset” Nick Spanos, co-founder of Zap Protocol, told CoinDesk. “This feature will reduce the coin supply and have a corresponding effect on the price, creating an attraction point for more buyers”.

Ether has recently been outperforming bitcoin by a wide margin. While Ether has gained 35% this month, bitcoin is down about 8%. Many analysts studying ETH/BTC chart patterns say ether’s outperformance could continue in the near term. This against a backdrop of continuing high transaction fees. Transaction fees of Ethereum touched $47.3 million per day earlier this week, which is the second-highest level on record. 

Monty Hall Problem

You're on a game show where there are three doors. Two doors have hidden behind them a Bitconnect. Behind the other door is a Bitcoin. The host says that once you pick a door, he'll open one of the doors you didn't pick to reveal a Bitconnect coin. Then, you have the option of either staying with your door or switching to the last unopened door. The question is, do you switch or stick?

Crypto X Louis Vutton

According to an article on Yahoo Finance, “crypto is cool, crypto is tres chic.” It seems luxury brands are exploring not only owning crypto, but integrating blockchain technology into their business models. Louis Vuitton, Cartier, and Prada are teaming up to utilise blockchain to tackle the issue of counterfeit goods. This is to assuage concerns you may have as a shopper of luxury goods with regards to authenticity. Louis Vutton in particular hired a full time blockchain team under the codename “Aura” to execute this project.

More broadly, however, Scott Galloway predicts in a New York Magazine article that luxury brands will soon create a “coin strategy” in order to tokenize brand loyalty. Blockchain technology offers a level of customizability that may soon be too attractive to forgo. Galloway gives the example of Stanford University, that could offer a coin to secure a student’s seat at school, or Tiffany & Co. that may only sell its latest drop to holders of the TFNY coin. The applications are endless but the takeaway is that tokenization is coming quick

As consumers, this news inspires confidence as the concern around counterfeit goods appears to have an effective solution. Furthermore, this gives us the opportunity for personal expression and to demonstrate support for a brand we believe in (e.g. supporters of Tiffany & Co may buy the TFNY coin). As traders, this news is even more exciting because with authenticity and scarcity comes an arbitrage and resell opportunity we can take advantage of. We usually trade the crypto markets, however any market with supply and demand gives us an opportunity to profit. 

Earning High Yields through DeFi with Psykeeper


Psykeeper is the founder of DeFi protocol, Saffron Finance and has been building in the crypto space for the last 10 years.   


Now we can't guarantee that you will win every single time with this strategy. But you are more likely to win. Lets say behind Door 1 is a Bitconnect, Door 2 is a Bitcoin and Door 3 is a Bitconnect. The table below plays out this scenario for if you stick or switch. When you switch you win ⅔ of the time but when you stick you only win ⅓ of the time!

Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.