If you are in a losing position with your contract, you need to read this article carefully. Please be sure to follow these points to ensure you can achieve profitability.
1. Learn to take profits and cut losses
The market changes rapidly, so you must learn this. It's not as difficult as it sounds; taking profits controls your greed. A cryptocurrency will not rise indefinitely, nor will it fall continuously—there are cycles. Therefore, taking profits becomes especially important. Don't say you closed your position too early and missed out on future profits. Remember, the money in the crypto world is endless, but the money in your account can be lost completely.
2. Do not trade frequently
This is a big taboo. Are you always thinking about making profits from both sides? Wake up! Very few people can do that. Be content if you can profit from one side. Another point is the transaction fees; it's manageable with low leverage, but with high leverage, it becomes painful. You will lose 1-2% of your profits as soon as you open a position. You need to ensure that this trade will be profitable; otherwise, opening it is meaningless.
3. Learn to stay out of the market
When you don't understand the market, don't open a position. You might say that it's uncomfortable to miss out on market movements. So let me ask you, which is worse: missing out or losing money? Opening a position without understanding the market is no different from gambling.
4. Progress gradually
Don’t think you can become wealthy overnight; this is a gradual process. The crypto world will not make you rich instantly. For example, if you start with 100, and go long with 10 times leverage, your position will be 1000. If it rises by one point, you earn 10; if it rises by two points, you get 20. That's enough for a breakfast, right?
5. Avoid high-leverage all-in bets
Do not go all-in with high leverage. If something unexpected happens, it could all be gone. It might rise as expected, but a sudden major news event could reverse everything, and if you haven't set a stop loss, then you're done.
6. Be sure to align knowledge and action
This point is indeed quite difficult, and even I sometimes cannot fully achieve it. Human weaknesses are hard to grasp.
More trading experiences will be shared continuously
#经验分享 #CZ的“西兰花”梗 #BNBChainMeme热潮