The CEO of Binance reveals three fundamental principles for achieving success in cryptocurrency.
Richard Teng, CEO of Binance, revealed three fundamental principles that he believes are essential for achieving success in the field of cryptocurrency investment.
These tips came through a post on platform X, where he addressed traders and investors, highlighting the importance of mental and strategic discipline in a highly volatile market.
The first of these principles is 'setting rules'.
Teng urged investors to set clear guidelines before entering any trade, including determining risk limits, timing for profit-taking, and identifying points at which to cut losses.
He asserted that making these decisions in advance spares investors from falling into the trap of emotional decisions that have led many of them to substantial losses.
Secondly, he emphasized the need to continuously improve strategies.
Given the rapidly changing nature of the market, staying updated on developments and regulatory or technical adjustments is crucial.
Teng noted that ignoring important notifications, such as decisions to delist trading pairs, could result in irreversible asset loss.
The third principle is to remove emotion from investment decisions.
Teng warned against getting swept up in the rush or the fear of missing out (FOMO), stressing that these feelings often lead to uncalculated investment decisions that result in losses.
Although there is no direct reason for the timing of publishing these guidelines, the general context points to growing concerns over the impact of regional disruptions and sharp market fluctuations, which recently led to a 1.24% decline in the total market value of cryptocurrencies.
In such times, the role of leadership and guidance becomes prominent in calming markets and enhancing investor awareness.$BTC
