Can you really get rich overnight in the cryptocurrency world?
Yes, there are indeed opportunities to get rich overnight in the cryptocurrency world, but how many can actually seize that opportunity? Take today as an example: if you bought 5 ETH near the 2200 mark in the morning and then it skyrocketed to 2490, you would make nearly 1500 USD, which is equivalent to more than 10,000 RMB, enough to earn an average person's monthly salary in just one morning.
But in reality, you would likely close your position around 2250 because it has already surged, and you have made a profit; you secure your gains, but the subsequent surge is no longer related to you.
In another scenario, you keep a close watch on the market and hold on, believing that you can time your exit for profit. So, during the pullback, you keep increasing your position. When it rises to 2400, you have made a profit of 2000 USD, and your position has grown to 20 ETH. Suddenly, ETH spikes and soars to 2490, and in between, you add another 10 ETH to your position.
However, the price quickly retreats, and profits are rapidly eroded, yet you remain determined to hold. You secretly decide to take profit when the price hits 2500. After a rapid decline, the price temporarily stabilizes around 2400, and you breathe a sigh of relief, contemplating the possibility of further surges.
But the situation changes immediately, and the price starts to drop again. You begin to panic, pondering whether to reduce your position, but the sudden rebound during the sharp drop makes you think it's a false dip. However, the price continues to decline, leading you to believe it will rebound shortly. As the price gradually approaches your average entry point, you find it hard to contain yourself, but it's too late, and you ultimately face liquidation.
