Making money in the crypto world: Don't aim for small profits, don't incur big losses
How can one make money in the crypto world?
There is a very important principle in trading: don't aim for small profits, don't incur big losses.
Simply put in 8 characters, it's actually very difficult to achieve. For example: with 20,000, you opened a position, and as soon as you did, it rose to 21,000. You were very happy, took profits, and made 5%, feeling great, but then the market kept rising to 25,000... you made 5% but missed out on 50%;
Then you tell yourself to aim for big profits, this time you definitely won't take profits, but the market goes back to 20,000. You opened another position, and it rose to 21,000 again. You tell yourself to learn from the last lesson, hold on to aim for big profits, but then the market falls back to 20,000 and even drops below to 19,500, and you had to cut losses.
I'm finding it so hard!
Many people spend their whole lives in this dilemma, constantly switching back and forth, unable to break free.
Is there a way to make profits whether the market is big or small?
No, it's one or the other; I generally choose not to aim for small profits and wait patiently.
Trading is a long-term practice, whether you are a short-term or long-term trader, making 200% on a big market wave, as long as you can keep the majority of the profits, when the next big opportunity comes, making another 200%, that’s 4 times... as long as you can preserve profits, you can compound them. If you make 200% this time and then lose it again, what’s the point? In the trading market, there's no concept of missing out, only profits and losses.
Some people may feel they've found the right path and think they are about to get rich immediately.
Finding the path only means your chances of making money have increased.
In fact, this kind of trading method requires a high level of mentality, patience, and courage:
1. Are you willing to patiently wait for a good position?
2. Can you boldly open a position without caring about the principal, even if losing it all doesn't matter? The anxiety of missing out, the urgency to secure profits after making money, the worry of losses after opening a position... it takes a long time to cultivate. If you want to play, be cautious, while also trying to seek profits.
Of course, finding the path is much better than those who are playing blindly. Many people go their whole lives without ever finding where the path is.
