Making Money in Cryptocurrency: Don't Make Small Gains, Don't Lose Big Money
How can one make money in the cryptocurrency world?
There is a very important principle in trading: don't make small gains, don't lose big money.
These 8 simple words are actually very hard to achieve. For example: if you opened a position with 20,000 and it immediately rose to 21,000, you would be very happy and take your profit, earning 5%. However, if the market continues to rise to 25,000, you would have made 5% but missed out on 50%.
Then you tell yourself that you want to make big money and this time you will not take profits. The market then falls back to 20,000, and you open another position. It rises again to 21,000, and you remind yourself to learn from last time, holding on to make big money. But then the market drops back to 20,000 and even below to 19,500, and you stop loss.
It's so difficult for me!
Many people spend their entire lives in this dilemma, unable to escape.
Is there a way to make money in both big and small markets?
No, it's a choice: I generally choose not to make small gains and to wait patiently.
Trading is a long-term practice. Whether you are a short-term or long-term trader, making 200% in a big market, as long as you can keep most of the profit, you can earn another 200% when you encounter a big opportunity next time. That would be 4 times your initial amount... As long as you can protect your profits, you can compound it. If you make 200% this time and then lose it all back, what’s the point? In the trading market, there is no such thing as missing out; there are only two outcomes: loss and gain.
Some people may feel that they have found the right path and that they are about to become rich.
Finding the path only means that your probability of making money has increased.
In fact, this type of operation requires a high level of mindset, patience, and courage.
1. Are you willing to patiently wait for the right position?
2. Can you boldly open a position without caring about your principal, even if you lose it all? The anxiety of missing out, the urgency to secure profits after earning, the worry of losing after opening a position... requires a long time to cultivate. If you want to play, be cautious while also trying to pursue profits.
Of course, finding the path is much better than those who play blindly; many people go through their entire lives without ever finding the path.
