The Story of Cryptocurrency
Talking about contracts, I have seen many people enter the crypto world initially attracted by the myth of getting rich quickly, but the reality is that it is hard for anyone to leave unscathed. At first, most people just buy mainstream cryptocurrencies, but later, seeing the explosive growth of altcoins, they start to convince themselves that maybe the next myth of getting rich could happen to them? So they follow dubious mentors and start buying from the primary market, firmly believing they are value investors.
When most people really start trading contracts, they can still control themselves, investing small amounts to try it out. On this journey, you will encounter all sorts of outrageous coincidences. Occasionally, you might gamble on not setting a stop-loss, thinking what if the market reverses? As a result, being liquidated disrupts your mindset. When setting a stop-loss, you might find that just after being stopped out, the market reverses, or after being liquidated, the market suddenly skyrockets, and so on.
I have also had many dark moments on this path, along with a mindset of taking chances, continuously adding to losing positions until finally being liquidated, feeling regret and anger welling up inside. Here are a few pieces of advice I can share:
1. Try not to trade too frequently across different time frames; it can easily interfere with your trading system. Opening and closing positions too often can lead to emotional decisions, excessive use of capital, rapid changes in rhythm, and increased gambling mentality, avoiding setting stop-losses or holding onto losing positions.
2. The market always offers opportunities, so there is no need to worry about missing out on particularly good market conditions. As long as you still have capital, there will always be opportunities for you. The path of trading is also a path of self-cultivation.
3. I generally prefer to look at the 4-hour chart when opening positions. When shorting, a key indicator is the upper shadow. For example, after the 4-hour closing, if the upper shadow is relatively long, I will open a short position, with leverage not exceeding 10x and a maximum position of 10% of my capital, placing the stop-loss at the high of the upper shadow.
4. Everyone's trading style is different, and I sincerely advise everyone to have a stable income. Do not resort to loans, borrowing money, or cashing out, as this can slowly lead you to become a gambler. Life is still beautiful, and I hope both you and I can have a good ending on this path.
5. I hope everyone can open a commission rebate account, as many people find that their trading fees exceed their profits after a month of trading.
Transcribed from Alpaca
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