Your contract is in a losing state. If you want to turn losses into gains, please read this article carefully and follow these points to ensure you can achieve profitability.
1: Learn to take profits and stop losses
The market changes rapidly, and you must learn to take profits and stop losses. This is not difficult; taking profits controls your greed. A coin will not rise indefinitely nor will it fall continuously; there are cycles. Therefore, taking profits becomes particularly important. Don’t always worry about closing a position too early and missing out on later profits! You must remember that the money in the crypto world is endless, but the money in your account can be lost completely.
Stopping losses means giving up sunk costs, which is also difficult. Don’t always think you can hold on a little longer; the market may reverse in the next second. Never think that way. If you're wrong, admit it. Taking a beating while standing upright is painful, but it can save your life.
2: Do not trade frequently
It's a big taboo to always think about making profits from both sides. Wake up! Not many people can do that. Be content with profiting from one side. Another point is the transaction fees. Low leverage is fine, but high leverage can be painful. You could lose 1-2% of your profit as soon as you open a position. You must ensure that this trade can make money; otherwise, it is meaningless, and all your profits will go to the market makers as fees!
3: Learn to stay out of the market
When you don’t understand the market, don’t blindly open positions. You might be saying that missing the market is uncomfortable. So let me ask you, is it more uncomfortable to miss the market or to incur losses? Not understanding the market and blindly opening positions is no different from gambling!
Trading is about having a probabilistic advantage. No one can accurately predict whether the market will go up or down. The market changes too quickly; you can only say that it is highly likely to go up or down.
4: Progress gradually
Don’t always think you can eat everything at once; you can’t eat hot tofu in a hurry!
The crypto world will not make you wealthy overnight. For example, if you have a capital of 100 and leverage it 10 times, your position will be 1000. If it rises by one point, you make 10 dollars; if it rises by two points, you make 20 dollars. That’s enough for a breakfast. Nowadays, working in a factory earns you 15 dollars an hour. If you can open three to four trades a day with a win rate of 60-70%, it’s more comfortable than working in a factory.
5: Never go all in with heavy positions
You must never go all in with heavy positions. An unexpected event could wipe you out. For instance, if the market is rising as expected, but then a major news event causes it to plummet, and you haven’t set a stop loss, you’re done for! So don’t rush; always trade lightly and prioritize stability. The crypto world is not lacking in markets or opportunities; they will always be there, at least for the next 10 to 20 years. So don’t be fooled by the illusions in front of you!
6: You must ensure unity of knowledge and action
This point is indeed quite difficult, and even I sometimes can’t fully achieve it. Human nature is hard to grasp!
I am also a novice. In the beginning, I didn’t understand these basic issues and opened positions blindly, with no plan! After being in the industry for a while, you will realize that the crypto world can truly change your fate! The premise is that you must have a mindset that surpasses others, the courage to take risks, and the ability to stop losses in time to survive! Otherwise, you will never become one of the 1% destined for greatness.
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