How can you make money in the cryptocurrency world?
There is a very important principle in trading: don't make small profits, don't lose big.
In just 8 simple words, it is actually very difficult to achieve. For example: you opened a position with 20,000, and as soon as you opened it, it rose to 21,000. You are very happy, take the profit, making a 5% gain, feeling great, but then the market continues to rise to 25,000... you made 5%, but missed out on 50%;
Then you tell yourself to make big money, this time you decisively won't take profits, and then the market goes back to 20,000. You opened another position, and it rises again to 21,000. You tell yourself to learn from the last lesson, hold on to make big money, but the market goes back to 20,000 and even drops below to 19,500, and you have to cut your losses.
It's so hard for me!
Many people spend their whole lives in this dilemma, constantly switching back and forth, and never getting out.
Is there a way to make money in both big and small markets?
No, it's a choice. I generally choose not to make small profits and patiently wait.
Trading is a long-term practice, whether you are a short-term or long-term trader, a big market can earn 200%, as long as you can keep most of the profits, the next time you encounter a big opportunity and earn another 200%, that’s 4 times... as long as you can preserve profits, you can compound it. If you earn 200% this time and then lose it all back, what’s the use? In the trading market, there’s no such thing as missing out; there are only losses and gains.
Some people may feel they have found the right path and think they will soon become rich.
Finding the path only means your chances of making money have increased.
In fact, this kind of operational 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 your capital, even if you lose it all, it doesn't matter? The anxiety of missing out, the urgency to secure profits after making money, the worry of losses after opening a position... all require a long time to cultivate. If you want to play, be cautious, but also try to pursue profits.
Of course, finding the path is still much better than those who play blindly; many people spend their whole lives never finding where the path is.