After formulating my Sixth Law of Crypto yesterday, I mentioned that I should do a recap of my Crypto Laws

Perhaps I should do a post recapping my laws soon...
~Bit Brian - Yesterday

Since I will be away this weekend and will be unable to blog (try not to miss me too much, okay? 😥), I though that I should leave you with this collection of some of my finest distilled pearls of crypto wisdom. These sacred treasures should get you through the weekend intact.

Seriously though, many of my readers will have missed my earlier laws. In addition to that, the laws are worth being reminded about from time to time, I even need to remind myself of them. So I guess that a recap is due. Besides, at least one of my readers wants to see them:

From comments on my post of yesterday ; thanks for the support @pwny 😃

While I have been part of various other crypto groups for far longer, I only started blogging about crypto in March of this year. Because of that I don't have many laws yet, but I will keep adding to them over time.

Right, put on your best serious faces; here come The Laws!

Crypto Laws of Bit Brain

Bit Brain's First Law of Crypto:

The crypto market is inherently buoyant and will continue upwards (for a long time to come) unless acted upon by continuous external forces that lower market value.
April 2018

This is the reason why I got into the market in the first place. Read this ancient post of mine to see why I can say this with absolute confidence: https://mentormarket.io/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display-part-3-the-s-curve-more-good-news

Bit Brain's Second Law of Crypto:

Crypto with your head, not with your heart.
April 2018

I think this speaks for itself. Trading with the heart leads to poor decisions! Take a look at my final rule under "Bonus content" in this post to see an example of what I mean.

Bit Brain's Third Law of Crypto:

Crypto does not bubble, it's a loose chain of hype cycles. If you insist on seeing crypto as a bubble, then you must see it as a near-continuous succession of bubbles that do not impair its long-term upward growth.
May 2018

Need a graphic example with an explanation? Here you are: https://mentormarket.io/cryptocurrency/@bitbrain/history-doesn-t-repeat-does-it

Bit Brain's Fourth Law of Crypto:

Technical Analysis is a graphical representation of market psychology. It is a way to visualise the feelings of masses of people wrt trading.
June 2018

Those wavy lines are really just a way of charting human emotions: hype, fear, uncertainty, stubbornness, doubt, elation etc. All the feelings of the herd mentality over time.

Bit Brain's Fifth Law of Crypto:

Due to the inherent buoyant nature of the crypto market, it has no bear markets. Instead, it has consolidation periods that normally include a significant but temporary market contraction.
August 2018

This is a derivation and logical conclusion of my First Law.

Bit Brain's Sixth Law of Crypto:

TA is a tool, not a rule!
October 2018

So many analysts get this wrong. Especially the big Elliott Wave fans. I don't know why that is.

Read this excellent short post by @tradergurl, a Steemian whom I have sadly not seen around here for several months now: https://mentormarket.io/trading/@tradergurl/another-trading-story

Bonus content

While not formal Bit Brain Crypto Laws, I have said a few other law-like sayings which are worth repeating:

"An Altcoin is a Bitcoin Supercharger"

It sounds silly, it sounds irrelevant. It isn't. It can really help you with your trading if you understand what it means and implies. Read the full description and explanation here: https://mentormarket.io/cryptocurrency/@bitbrain/supercharge-your-bitcoin

"Diversify"

Possibly the most important thing to do in crypto. Here you can find the how and the why:

"I always use the "thirds" rule-of-thumb which I invented for myself. I don't keep more than one third of my cryptos in any one wallet, on any single exchange or in any one coin. This is a safety and security measure. The idea is that if I lose some of my investment, through whatever sort of disaster, I will still have at least twice as much remaining as what I lost."

The "Thirds Rule" works, and you can apply it to far more than just crypto.

"Never sell all your BTC"

Just don't! I aim to keep my portfolio at around 10% BTC. BTC is a funny animal, an unpredictable and volatile creature. Dump it all at your own peril! I suggest that you don't dump it all.

"Take profits (if there are any) at predetermined intervals"

I work on 6 month cycles. I got greedy and ignored my profit taking date on 31 January. That single mistake cost me several times the current value of my entire crypto portfolio! Don't make my mistake!

Those are my Laws of Crypto as I have them so far. What do you think? Any of your own you would like to share?

See you in a couple of days Bit Brainians; have a great weekend!

Yours in Crypto Laws,
Bit Brain