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BOOK AND BANK

Do not bet on a crypto because of hype. Look at its performance. Can you jump in, take a profit, and jump in later? The money is better off in your bank than in a volatile crypto. If you see a decent profit, take it off the table. Risk is associated with volatility, which is the amount an issue goes up and down compared to a straight line. Take a crypto from 2 to 3. Bank the difference. Get in again at 4 and sell at 5.5. Who cares what the numbers on the crypto side are? The only important thing is your money. I suggest crypto speculations should be about 5% of your Bank, whether that is a pile of cash or a pile of Bitcoin. Whatever you consider to be the realest of the real money is where your Bank should be. Some people say the big cryptos are worth more than fiat currency. I would tend to agree with them.

You have to have an organized and precise trading system to deal with crypto speculations. In this section you will learn how to do that. The system is called The Book and The Bank.

Firstly you have to have some proficiency in arithemtic and the use of a calculator, and a Book which will resemble the table below. You must do your calculations exactly. You can use paper or a spreadsheet for your Book. Do not gild the lily, or exaggerate your victories and downplay your losses. You would only be lying to yourself. The Book will tell you if you are a good cryptocurrency speculator or not. Bad traders only remember their good trades. They ignore their bad trades, while their pile of money goes down. It is like going into a shower with a bar of soap. You take yourself to the cleaners, and it seems like the bar of soap is still about the same size. Eventually however the bar of soap has become a sliver, and you have to buy a new bar of soap.

In terms of speculation, crypto is not an all-or-nothing bet like betting on a horse to win. If you get out quickly enough when you see alarming signals, you may be able to preserve some of your original crypto bet. When a horse race is over, all losing betting tickets are worth zero.

There is a very old horse racing betting system which definitely applies here. The way it works is you set up a Bank and give it a value of 100%. It can be any amount. Then you decide what percentage of the Bank that you bet each time. You must be extremely strict with it and not let your emotions get in the way. If your Bank is at $264.40, your bet is EXACTLY $13.22 if you are using 5%. 5% is good but you can set it to any percentage. If you lose all the time you are always left with 95%, which theoretically means you can bet an infinite number of times. However if you get to a small enough amount of money you won't be able to trade it.

Whatever the result of the bet, you add it to the Bank after you have cashed out. Say you double your money on your first bet. The 5% has become 10%. Now your Bank is at 110%, and you can raise the bets to 5.5%. If the 5% becomes 0.5%, your Bank is now 95.5%, and your bet goes down to 4.775% of the orginal amount. You might decide that if the Bank gets up to 120% you will take out 10% of it for personal reasons. Just adjust the Bank and the bets by that amount.

EXAMPLE BOOK FOR GAMBLERS & SPECULATORS

This will show how you record deposits & withdrawals, & winning & losing bets.

Bank	Action	Amount	Result	Bank +/-	New Bank
0.00	Deposit	200.00	200.00	200.00	200.00
200.00	Bet #1 5%	10.00	17.00	7.00	207.00
207.00	Bet #2 5%	10.35	8.54	-1.81	205.19
205.19	Bet #3 5%	10.26	23.52	13.26	218.45
218.45	Withdraw	-8.45	-8.45	-8.45	210.00
210.00	Bet #4 5%	10.50	8.50	-2.00	208.00

You can add a lot more details to this basic Bank spreadsheet. What it was you bet on, time, date, etc. But in the end the only thing that matters is the money coming in and going out. If you are up you are up, and if you are down you are down. This system allows you to make a lot of mistakes until you find your groove.

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