Bias

Challenging your bias is something that we should do frequently. This is good advice for anyone. It is especially necessary in trading, which as we have gone over before, can be very emotional. We are literally seeing this play out in real time all over CT.

I could teach a man how to shoot a pistol well. I could also teach a man how to build his muscles. I can speak on several subjects from a position of authority. This topic in particular I cannot. I haven't fully made it there yet. I can however give you something to chew on that hopefully will be helpful to you.

I used to love to trade on a certain exchange that I can no longer trade on anymore. Oh, I didn't do anything wrong, I just happen to live under the thumb of a government that is too interested in "protection, or what's best for me". The reality is my government doesn't want me, or you to be able to compete on even ground with their owners. The point is that there are exchanges that are top notch, that I cannot use. The one I liked the most let you trade options, and I just wanted to see a decentralized version of this make it to defi.

I just knew, in the deepest part of my soul that if teams brought options to defi that everyone would use this. So not only would I have the chance to trade options again, but I would also be able to get in early on a profitable, useful, project.

I was wrong.

I am not going to talk about specific projects, some were shit, some were full of talented teams that did some amazing work. I still lost money. My bias was wrong. It was especially wrong for my time frame. Options on defi will mature and be a great space, why wouldn't it be? I just hadn't planned on tying my funds up on that kind of time frame. The market was insanely hot, it was a true alt season. The one I had always waited for. No way could I wait for the rest of the market to catch up with options on defi. So how can you be right and wrong at the same time?

Easy, I didn't challenge my bias enough. Most crypto traders aren't familiar with options, especially not during that time. Any project named after a piece of food was popping, NFTs were just started to have smart money enter. Options on Defi? If I could go back in time and slap myself, this would be one of those moments.

You have to be very cautious of your thoughts. The idea of being wealthy clouds our judgement. Even people you respect have biases too, so you have to be too careful not to dismiss them or agree with them without proper thought.

I don't have the answer. What I do now is use what I have learned, and apply it the best I can to what is in front of me. Its a metaphor for life.

Until next time, Jack

NFT is #68 from the Mars Woman collection.