Cryptocurrency Mindset

Controlling the Mindset in the Crypto World

🌱1. Do not define success or failure by a single investment; do not overly entangle yourself with the gains or losses of one investment. Stay resolute and open-minded.

🌱2. In the adult world, once you buy, you must let go; acceptance is key. In the crypto world, there are no assumptions, no 'what ifs', and no regrets.

🌱3. Have a planned approach to transactions; remain calm in emergencies.

🌱4. Plan your stop-loss and take-profit strategies before placing an order, and strictly adhere to your own plan without harboring lucky thoughts.

🌱5. Maintain strict control over your positions; losses in cryptocurrency are often reversible. Do not easily deny yourself the opportunity to recover. Additionally, significant losses can easily cloud your judgment and emotions, causing you to miss out on profits and push you to hold onto losing positions because you cannot accept the stop-loss, often leading you to hold onto losses.

🌱6. Do not stubbornly resist stop-losses; market movements cannot be overcome by willpower and determination alone. Timely stop-losses are the best protection for your capital. Even if you have sufficient margin, holding onto losing positions can lead you to miss out on more profitable opportunities and can easily cause emotional instability, leading to poor judgment or subjective decisions.

🌱7. Remember to never let trading affect your normal work and life. Whether it's futures or spot trading, it inherently carries risks, so it should be based on a certain economic foundation and time commitment. If you do not have enough financial backing, but you have some free time, it is fine to invest a small amount of spare money or pocket money for the experience. Most people participate just to add an extra income to their otherwise dull lives. Moreover, whether trading spot or futures, there is no guarantee of profit; many people enter the crypto world with stories of making hundreds or thousands of times their investment. Indeed, there are many such stories, and many people have made substantial profits. However, it is important to know that those who achieve such returns are often investing spare money and have even forgotten about their investment after making it, allowing them to realize those extraordinary profits.