Today, let's talk about position management. I found that many people are actually quite blind about position management, leading to a year of hard work and still being on the road to break even.
First, too many currencies lead to a messy position.
We all know that even the most beautiful villa needs to be maintained. If neglected and overgrown with weeds, it will only lower the quality, looking far worse than someone else's thatched cottage.
Managing currencies is equally important. If you go through all the currencies, you will feel tired and confused. Especially during a bull market, this sense of fatigue intensifies.
The platform provides us with a self-selected currency area. But I found that many people do not clean it up much. Over time, the number of currencies in this area increases, becoming a cumbersome big data. Then, everyone keeps flipping through it, taking a long time to find the currencies related to them.
Research shows that once the number exceeds 7, humans find it difficult to remember. But for me, things should not go beyond three. If there are more than that, they must be dollar-cost averaging or long-term currencies.
So, all I need to do is research strong currencies, then invest in them and wait for a big breakout.
We don't need to hold every currency; this will only lengthen the timeline, and in the end, we won't know which ones lost and which ones gained.
Second, for position management, you must have a decisive heart.
No matter what you do, hesitation is definitely a big taboo. This will cause you to lose when you should be profiting and lose even more when you are already losing.
If you are in a currency that you bought at a high price, do not hope that it will multiply several times. Short-term should have a short-term appearance; blind greed will only discount your capital. Sometimes, in order to chase one or two points of profit, you end up being deeply trapped halfway up the mountain. That is not worth it.
We don't have that much time and energy to wait, and human weaknesses do not allow us to patiently wait. If your position's profit margin is negative, you should consider cleaning up your positions.
Long-term currencies are irrelevant; anyway, they were bought at a low price, so you can ignore them. But short-term currencies need to be paid attention to.
My principle for positions is: hold good currencies, decisively exit bad currencies, and reduce positions for losing currencies.
Positions are like our wallets; although they are just numbers, every cent is our hard-earned money. Only by managing positions well can we charge forward better. In the process of circulation, it can also make the account profitable; this is what we need to do.
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