Must-Know for Cryptocurrency Newbies! These Rules Will Help You Avoid Detours
Folks, the cryptocurrency world is really deep, but mastering some rules can help you navigate the market smoothly. Today, I want to share a few super practical rules for cryptocurrency trading that I have summarized from my own experience.
I have a senior friend in the crypto space who initially invested 100,000 and now his assets have reached 15 million. He told me that the crypto market is a battleground of emotions; as long as you control your emotions well, making money isn't hard. I didn't understand this at first, but gradually I figured it out. Now I want to share my experiences with you.
🌟 Rule One: Fixed Total Position
When I trade futures, I always use a fixed amount of funds, such as 300 USDT. The benefit of this approach is that I know my maximum loss, which is 300 USDT. But if the market trend is in my favor, the returns can be substantial, achieving a real balance between risk and reward.
🌟 Rule Two: Start with Small Amounts
When I first started trading, I always invested small amounts. This way, even if the market fluctuates, it won't put too much pressure on me, and I can ensure that I taste the sweetness of profits right from the start.
🌟 Rule Three: Add to Position Only After Profits
I only consider adding to my position when I’m in profit. When the market is good, it can maximize profits; when the market is not, it can also help avoid significant losses.
🌟 Rule Four: Cut Losses in Time
Cutting losses is a principle that must be followed in trading. You need to adjust your stop-loss point according to market conditions at all times to ensure the safety of your principal. Many newbies lose money because they don't cut losses or go in heavy right from the start. Remember, steady and measured steps are key to making money in the crypto space.
Also, don't believe those who claim to predict prices; the market changes too quickly, and a steady approach is the long-term strategy. I hope these rules can help everyone make money in the cryptocurrency world!
