In the cryptocurrency world, mindset is really important!!!
If you have faced a liquidation this round, don't rush, don't immerse yourself in pain. Think about whether it is a market problem or your own problem. I dare say, 90% of the time it is because you cannot control your desires and impulses; this is a common issue among most 'gamblers' in the cryptocurrency space. It is crucial to recognize: it is not trading that ruined you, but your gambler's mentality that led you down the path of trading.
1. Ask yourself first: Are you really a trader or just a gambler?
A trader is disciplined, has a plan, and is responsible for their actions; a gambler is emotional, betting everything on 'luck' based on market ups and downs. To be honest, for the first few years after I entered the crypto world, I was a gambler. I would increase my position without looking at the market, go all in on a heavy bet, and to put it bluntly, it was all gambling. At that time, I felt great when I made money, but when I lost, I blamed the world, thinking the market was unreasonable. The truth is, the market wasn't wrong; I deserved to lose.
2. Gambling addiction is the biggest poison in all trading.
When you are addicted to gambling, you completely lose your rationality. During a market surge, you are extremely greedy, and during a crash, you stubbornly refuse to cut losses, always thinking about doubling your investment again. But the market never caters to gamblers. In fact, it is not that we cannot admit we have a gambling addiction, but rather that most people refuse to change due to pride. Brother, if you don't change this habit, no matter how much you earn, you will eventually lose everything.
3. How to correctly become a real trader?
• Learn to control emotions: Trading should never be driven by emotions; don't let greed and fear lead you by the nose. Make a plan and then strictly execute it. Don't get overly excited when prices rise, and don't be confused when they fall; sticking to the plan is key.
• Test patience with small positions: Never go all in at every opportunity. A true trader understands the importance of breaking each trade into smaller parts. A good trader does not gamble on probabilities but manages risks.
• Learn to take profits and cut losses: One of the most terrifying aspects of human nature is being unsatisfied. When making profits, you want to make more, and when losing, you refuse to cut losses until you face liquidation. These can all be avoided through strict profit-taking and loss-cutting rules.
• Regularly review trades: Gloating when you make a profit and cursing the market when you lose is a gambler's mindset. A real trader will review their trades after each operation, identify where they went wrong, and improve next time.
4. A gambler's end only has one outcome: return to zero.
