When you come to the crypto world, do you want to make quick money or slow money?
I have encountered this question before, always fantasizing about sudden wealth, but ended up facing losses, often being swept away by waves. Later, I realized that this kind of thinking is incorrect, as I fell into the trap set by project parties and market manipulators. This myth does not suit me, so should I seek to break and change? How to change?
First, preserve your combat power by adopting a 1% position management strategy. Although the profits are small, not losing is winning; as long as the principal remains, there is still an opportunity, you just need to wait.
Second, do not pursue the profit-loss ratio, just focus on setting stop-losses properly. In the past, I would set a stop-loss at 3-5%, but now it's structural stop-loss.
What is a structural stop-loss?
It means to operate long and short positions at previous highs and lows, adjusting the stop-loss up or down by about 1% at those points. If you're wrong, exit; do not use the martingale strategy, otherwise you will incur losses.
Third, if you encounter market conditions you don’t understand, do not trade. Instead, read books and spend time with family, maintaining a good mindset without pursuing money. I just need to wait for the trend I'm familiar with to appear before I take action.
The advantage of slow money is that it lays a solid foundation for compound interest. Although my trading operations cannot compare to many genius traders who make multiples of their investments in a day, I may live longer than they do.
Summary: Long slope, thick snow, slowly compound interest!
