It's normal to lose money in the cryptocurrency market, but when you do, you need to learn your lesson!
Many people see others flaunting their earnings and doubling their profits, thinking that the crypto world is 'gold everywhere.' But those who have been in the market for a while know: losing money is the entry ticket that this market gives to everyone.
I am no exception.
When I first entered the market, I was trading on contracts, going all in, chasing trades, and adding positions against the trend. My account blew up once a day. At the worst, I lost four months' salary in one night. Looking back, the money lost was all 'tuition fees,' but if you don't reflect, it will always just be 'paying the IQ tax.'
The fundamental reason for losing money:
Not understanding the market, following the crowd. No awareness of stop-loss, going all in on one strategy. Frequent trading, missing trends. Losing composure, yet still forcing it. Trading cryptocurrencies turns you into a gambler, unable to hold on or let go.
How did I adjust later?
I reviewed every loss instead of blaming the market; I established a trading plan and strictly adhered to stop-loss; I controlled my positions and never went fully invested; I withdrew profits in a timely manner and didn't fall in love with battles; I learned to wait instead of acting blindly; in the crypto world, it's not losing money that's scary, it's not learning from your mistakes!
Losing money is not a shame, and being liquidated is not the end. The real underlying logic is: can you learn something from every loss, can you survive?
Making money relies on skills; not losing money relies on systems and discipline.
Often, stopping losses is a form of profit.
Keep up with the rising sun, the next big opportunity is already being set up, let's ambush for ten times the return together!
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