After ten years of trading cryptocurrencies, at my peak, I turned 500,000 into over 9.6 million, but I also faced weeks where everything went to zero, feeling hopeless for half a year. I returned to the crypto world, opened a new account, and turned 50,000 into what I have today. In fact, the so-called enlightenment in trading cryptocurrencies is being able to remain calm and composed regardless of market conditions, emotional state, or profit curve!
I have used 80% of the methods and techniques in the market, but the most practical one is still bottom-fishing! I will share everything today; it will surely help you turn from recovery to a profitable path.
To become a master in trading cryptocurrencies, you must first get started! If you can do the following points, getting started shouldn't be a problem.
1. Absolute honesty, no self-deception.
The crypto world may be the fastest place in the world to get slapped in the face; it cannot tolerate lies and self-deception. Only those who are honest enough can survive here.
If the crypto world has taught me anything, it is that honesty is backed by courage, and courage is the noblest quality in the world. Many people's lives are filled with deception, cunning, and lies, losing the courage to face themselves honestly, crafting excuses, and building a perfect explanation system of 'everything is someone else's fault.'
First, clarify why you bought cryptocurrency and why you sold virtual coins.
When you buy in, did you really understand its fundamentals, or were you influenced by an article from a big influencer on Xueqiu or a so-called 'tip' from a distant relative of your elementary school classmate, or did you jump in because it has been rising too fast?
When you sell, is it because the fundamentals have changed, or because you are scared of the drop, anxious about the rise, or lost patience seeing others make a lot?
This is actually a very basic question. Most people can't make money in the crypto world not because of technical issues, but because they haven't passed this first hurdle.
2. Know what you are doing at all times, forming a system and style.
When you can face your buying and selling logic honestly, you should further refine your trading system.
If you are a long-term investor, you should look at the fundamentals. For you, the fundamentals are the only measure. If you are a trend investor, you should look at strength and trends. For you, trends are the only measure.
3. Willingly accept the drawbacks and risks of each system.
In this world, there is no perfect trading system; every trading system has its drawbacks and risks.
Investing long-term might feel extremely lonely as you watch other popular sectors rise, and you might face huge losses if you misread the fundamentals.
4. Patience is very important.
If you are a long-term investor and you are bullish on a sector and several coins, but they are not rising and even falling, while sectors you don't believe in keep hitting new highs, what should you do?
You are a trend investor, but the recent hot stocks are not trending; every time you see a breakout, you buy in, only for it to pull back on the same day. Do you still insist on your trading system?
5. Have a position and stop-loss system.
Since there is no perfect trading system in the world, one must have position control and a stop-loss system.
Buying a coin with your entire capital and then being down 40% is a situation only a novice would face. First, you shouldn't have gone all-in when you bought; secondly, you should stop-loss when it drops.
6. Have the spirit to gamble and take losses.
You are bullish on a coin long-term, but the price keeps falling. You firmly believe the market is wrong, buying more as it drops, only to find out the market was right and you were wrong; the fundamentals of this coin have deteriorated, but you just didn't know it.
At this point, you shouldn't complain. You guessed the wrong direction, leading to losses; the coin was your choice, and the decision to hold and buy more as it drops was yours. You should acknowledge the mistake and stand tall to take it.
For most people, being able to do the above is not guaranteed to make a fortune, but you are definitely not far from making money.
Still the same, bulls have their strategies, bears have their ways; if you want to eat meat, find Fish Brother. He won't lead fans to blow their accounts and won't blindly open positions. Don't forget to leave a like and follow; Fish Brother will lead you forward!
Keep an eye on BTC, ETH, BNB.