You may not know how to trade contracts at all (full of valuable information)
If you are at a loss in trading contracts and want to turn that loss into profit, you need to carefully read this article and follow these six points to 100% ensure that you can achieve profitability
1: Learn to take profits and set stop losses
The market changes rapidly, so you must learn to take profits and set stop losses. This is not too difficult; taking profits controls your greed. A cryptocurrency 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 further profits! You must remember that the money in the crypto world is never-ending, but the money in your account can be lost completely.
Setting a stop loss means giving up sunk costs, which is also difficult. Don't always think that if you hold on, the market will reverse in the next second; never think this way. If you're wrong, you're wrong; you must admit it. Standing tall while being hit may hurt, but it can save your life. 2: Don't trade too frequently
It's a major taboo; don't always think about making money on both sides. Wake up, very few people can do that. Be content with making money on one side. Another point is the transaction fees; it’s manageable at low leverage, but at high leverage, it can be painful. As soon as you open a position, you lose 1-2 points of profit. You must ensure that this trade can be profitable; otherwise, it's meaningless, and all your gains will just go to cover the fees!
3: Learn to stay out of the market
When you don't understand the market, don't blindly open positions. At this point, you might say, 'It's uncomfortable to miss out on market movements.' But let me ask you, which is worse: missing out or taking a loss? Blindly opening positions without understanding the market and direction is no different from gambling!
Trading is all 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 there is a high probability it will go up or down.
4: Take it step by step
Don't always think you can become wealthy in one go; you can't eat hot tofu in a hurry!
The crypto world won't make you rich overnight. For example, if you start with 100, leverage it 10 times, then your position is 1000. If it rises by one point, you make 10 bucks; if it rises by two points, you make 20, which is equivalent to a breakfast. Nowadays, working in a factory earns you 15 bucks an hour. If you make three or 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
Absolutely do not go all in with heavy positions. An unexpected event can wipe you out. For example, if the market is expected to rise but suddenly a major news breaks and it plummets, and you haven't set a stop loss, then you’re done! So don’t rush; always trade with light positions, prioritize stability. The crypto world is not short of market opportunities; they will always be there, at least for the next 10-20 years. So don't be deceived by the illusions in front of you!
6: Ensure that knowledge and action are integrated
This point is indeed quite difficult; sometimes I can't fully achieve this either. Human weaknesses are hard to grasp!
I was once a novice too; I initially didn’t understand these basic issues, blindly opening positions without a plan! After being in this field for a long time, you will know that the crypto world can truly change your fate! The premise is that you must have a mindset far superior to others, the courage to take action, the decisiveness to set stop losses in time, and the determination to survive despite setbacks! Otherwise, you will never become one of the 1% of destined individuals!
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