If you take a look through Crypto Facebook groups, you often come across requests of “what to trade – questions” like “I have 20k to invest, which coins will moon, so I can take some fast profits?”. Usually the lambo-moon-hodl party starts right away and everyone and his wheel-chaired stepmom joins in, to throw in the name of the coin, which they likely hold themselves. Wishful thinking at its best. Especially if someone wants a “fast return”, they are far away from the idea of “investing” into something, actually they request day trading advice unknowingly. And day trading is a tough game.
Once people become aware, that they actually are in search for the kick of day trading, they start to request a TA (short for technical analysis) – and soon pics with some random lines on a chart will appear. Sadly this seems to be enough for some guys to put their hard-earned bucks into it. Whilst there are very few honest signal providers out there, you could rely on, you will always depend on their mercy – as well as your trading account. Relying on signals is pretty risky – you give your money basically into the hands of a stranger. For those who are eager to really learn and want to step into that game on an independent base, learning the basics of technical analysis is mandatory. Having an endless sea of information, it is advisable to find a mentor – even better a mastermind group to join.
“A Mastermind is the principle through which you can accomplish in one year more than you could accomplish without it in a lifetime if you depended entirely on your own efforts for success” – Napoleon Hill
And between all those crowded facebook groups (which will honestly confuse you more than help you, – hey, everybody is an expert today!), I found a gem called The Crypto Mastermind, which I am silently reading for some time now. It is based on the mastermind concept – each one teach one -, and under the patronage of one serious and well-experienced trader: Travis Dobing, whose trading ideas I follow for some time on Twitter as well. Accompanying to the Facebook group he started to create a trading course, started back in July – and frankly, this is a great starting base to get your feet wet with all the basic knowledge one needs to know. Sure, there are tons of free informations out there already and this is exactly what makes it hard to find your way into this universe. You need a solid starting point, a base knowledge to process and rate the informations you find. You are likely to get lost and try to learn something useless.
So, basically there are two routes you can follow:
1. Research projects intensely, invest in the promising ones, hold them and then take the profits after some given time. In this case some basic technical analysis (like support and resistance can be helpful to not buy in at the top and to define a good entry point).
2. Learn chart reading, prepare your mind, practice technical analysis and let your account (hopefully) grow by day trading the charts. We have a feeling that this is what the majority actually wants to do, but doesnt knows where to start. There are tons of informations out there – and roughly 95% will just confuse you with wrong information or information which you are not yet ready to understand properly.
Regardless of which route you follow, a course like The Crypto Mastermind will be helpful in either case and you should consider it to gain the basics before starting to invest.
The Crypto Mastermind Course Review:
Since 11th July Travis has published 15 HQ videos and covers many important topic. I liked especially that he didn’t start out directly with analyzing the charts, but gives preference to some very important topics, that – if disregarded -will screw every trader sooner or later. The first section of the syllabus prepares you for the trading world and really not a single person that is willing to learn trading should skip this step. The videos covered in the preparation section are:
- Psychology & Mindset *FREE*
This is one of my favorites of this course as it is actually the most important base you will have to setup. Without the right mindset and pyschological base, you won’t be able to become successful in trading – simple as that. After creating a free account, you can watch this important video for free here. Always keep in mind: motions are a witch in trading, and they can cost you a lot.
- Capital Preservation
A nice video on how to not seeing your account size flooring everyday more and more. A great way to reduce your risk and to cut your losses. HODL is not always right.
- Risk Reward Ratio
This video shows a proven way to calculate the risk reward ration of your trades. Travis has a nice idea of estimating the risk of a trade. A nice addon is that he provides the shown excel file to his course members, which makes the calculations super easy.
- Risk per Trade
Here we learn how to calculate the risk on each trade. At the end of the day, each trade comes with a risk – that is normal, there will be always a level of uncertainty in trading, so we have to deal with that – here is the logical approach on how to do that. Good content!
- Position Sizing
“All in a good idea?” – Better not as we know, but how do I calculate how much I should invest in a trade setup. Travis explains here how to calculate the size of your trade position.
- Stop loss
Recently added to the syllabus this topic is important if you leave your trades running and want to avoid a nose dive.
These videos I would group up as the important basics, everyone should have internalized the content before even looking at the charts. I am glad Travis decided to emphasize the preparation and addresses it with five lessons before stepping into the trading itself. Let’s dive into the technical analysis.
Travis comes up with deep knowledge in technical analysis and shows some good didactic and methodical skills in outlining the course contents and the transmission of knowledge. The technical part has the following contents:
- Support & Resistance *FREE*
Not only in cryptoworld very important basics, that will help you giving you a hint when to get in and when to get out. Most traders uses support and resistance in estimating the targets of a trade and you can learn definitely a good chunk of support & resistance knowledge in this chapter.
Trendlines are pretty important and can indicate good entry points. Travis covers this topic extensively and you are good to go with the knowledge you can gain here. This chapter will enable you to draw trendlines very exact.
- Candlestick Patterns
This part has know video on it, but comes with a cheatsheet. Knowing that Travis has a thing for price action patterns, we expected a bit more background here. A video could cover how the market reacts to certain patterns as live example.
- Indicators and Divergence
A nice runup on indicators and what to do with them, plus what the heck is divergence? This course will make it crystal clear to you and will help you, not to get lost in indicator land. Always remember indicators just indicate – traders actually trade.
- Price Action
Price Action is one of the most important things when it comes to day trading. This course gives you a brief overview, but can’t make you a PA master – to achieve this, you will have to watch charts for hours, days, month and get a feeling for it. However, this chapter will fuel your progress as you will learn to interpret the things you see.
Patterns appear on charts and patterns have a meaning. Whilst pattern are no exact science but should give you a good chunk of information what will happen in the markets.
- Trends, Runs and Pullbacks
Especially in crypto a very important topic. News can drive a price really WILD in cryptoworld. Whilst it is good of keeping up to date with the help of twitter and telegram, the price action is important understand when to enter and when to get out before a pullback happens.
- Fibonacci Retracements
Fibs are very common in day trading and many traders rely on them. Fib levels might appear almost magical to some and it is not really clear why the price often tends to respect those levels often very exact. Travis will demistify it in the vid and will enable you to draw them on your charts and make use of fibonacci levels.
- Confluence Stacking
Confluence connects the dots and requires some knowledge to be able to define it. This is advanced level and more of an entry point to build your own trading strategy. Travis gives some good advice on how to jump in. Trading is never a blueprint copy thing, where you just see something and adopt it to your charts – everyone sees and interprets charts in a different way. So in the end game it will be important for you to develop your own trading style and this is first step into this direction.
Bonus Lesson: How to make use of a Tradingview loophole, so you can save the fees for their platform and still use a good range of the features Tradingview offers.
What do we think about the the Crypto Mastermind Trading Course?
A great point with The Crypto Mastermind is, that paying members are able to request new videos on certain topics – that give the course a nice and individual touch. As said before, Travis is not in throwing a random course on the market to make some quick bucks. From the videos we watched Travis is very granular with educating people – he cares to bring up value to his paying members. This course covers the basic pretty much and is constantly growing in terms of content. The users can request videos on certain topics, here you can see what’s coming up next. We are happy to see the course is becoming more and more crypto-relevant. Frankly, at first we have been under the impression that the usage of the word “Crypto” in the title of the site has been chosen only to market a “usual” trading course, like selling a general technical analysis course with the help of the crypto buzz. However, you have to keep in mind, that the site is still young, and of course you want to cover the basics first and build up from there with more specific content (Update: We asked Travis and he confirmed that he will come up more and more with crypto-related topics, so he is building the basics first as we assumed). Seeing what comes up next strengthens our hope that it will become more and more specialized for crypto. In our opinion technical analysis works great on FX – and it works for Cryptos, too. Though this market is still very young, more and more newbies are jumping in and do their trade decisions based on news, so right now it is often very often emotion-driven. The absence of real fundamentals and institutional traders makes technical analysis even more difficult. If something like the China ban happens, you can screw your TA. On the other hand, the markets respect technical analysis on a high level under certain circumstances, like if BTC moves sideways. The quality of the videos was overall pretty good, the elder videos’ sound quality is a bit dull, though it becomes crystal clear in later videos – so this issue has been addressed. The website itself has a nice design, but usability issues – the menu structure is confusing and needs a better structure.
So should you jump in? If you are new to trading The Crypto Mastermind course is definitely a good investment. You get videos that explain all the basics in a good didactical way and you can learn very much – I’d choose The Crypto Mastermind instead over any Udemy course. Right now it is more a Technical Analysis 101 – but you will need this basics for sure. Considering that you pay a one-time fee of $147 you will get all upcoming videos, which I assume to get deeper and deeper into crypto-specific topics. Where I can see a great potential, is the mastermind group on facebook. This adds up interactivity to the course and will help to get feedback on your first steps. It is important that this group is governed by Travis to avoid the common “noob gives advice to other noob” bias. The conjunction of the video course and the group makes the concept hollistic and a great chance to learn actively how to trade the markets. The activity of the group is currently increasing, which is a good sign – the quality of the content there is overall good.
If you want to learn the basics of technical analysis, don’t save on the wrong end and treat yourself with valid information and a well thought through path to follow.