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jonnyboi
@jonnyboi
My takeaways from https://www.youtube.com/watch?v=l0SYxyHH8l4 1. Understand the difference between an error in your process VS an error in the outcome. Outcomes in (crypto) markets are random, uncontrollable. Focus on controlling your processes.
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jonnyboi
@jonnyboi
2. Not following through on what he wanted to do. Writing and sharing his opinions publicly helped to force him to follow up with action.
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jonnyboi
@jonnyboi
3. Reacting VS Responding. Not having a plan for what to do when price does a 2x, 3x, 100x, 1000x and having to react when price hits that target (reactionary). Instead, he now plans what to do in advance if a position does X or Y (responding).
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jonnyboi
@jonnyboi
4. His biggest mistake: Not updating the thesis for an investment (as price changed).
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jonnyboi
@jonnyboi
5. Only checking the price (wishing on the outcome). Lesson: Do the legwork, chat in discord, reach out to founders, leverage the community
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jonnyboi
@jonnyboi
6. Insulate your lifestyle. Frees up your mind, allows you to be more aggressive without having to worry about maintaining your lifestyle (e.g. paying rent)
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jonnyboi
@jonnyboi
7. If you're not making mistakes you're not taking enough risk.
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jonnyboi
@jonnyboi
Another great pod, thanks @santiagoroel for your willingness to share so openly! I didn't mind the unstructured format, I felt it gave you the airspace to talk freely and share your experience.
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Santiago R Santos
@santiagoroel
Really appreciate it! Great summary 🙏
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