How can a beginner in the cryptocurrency circle become stronger?
If you don't have much and want to eat 🥩 in Circle B, there's a simple method that can help you continuously earn.
As long as you master this method, the following #traders can earn an additional 3%-10%.
Here are the insights I've gained from my experiences over the past few years:
1. Don't be greedy, start with one or two coins to play with. The #cryptocurrency market has as many virtual currencies as there are stars, with dozens or even hundreds available, but as small investors, our energy and money are limited. Don't think you can try everything; it's best to focus on just 1-2 coins, at most 3.
2. When prices rise crazily or drop sharply, don't act recklessly. When the market surges, do you feel like the coin is going to double, and only think about quickly charging money to buy, buy, buy? Conversely, when the market crashes, you feel it’s over and want to sell quickly! In such times, being flustered can easily lead to foolish decisions. I recommend that when prices fluctuate wildly, don't act, calm down and reassess.
3. Don't invest all your money; maintain a steady mindset. It's best to keep 30%-50% of your money on hand. This way, if prices drop, you can average down, and if they rise, you can increase your holdings. If you invest too much, you'll be happy when prices rise but panicked when they drop, causing your mindset to collapse and your decisions to become distorted. Leave yourself some room.
4. Take your profits and run; don't be greedy, and own up to your losses. Set a goal for yourself when trading, for example, if you earn 20%, sell. Don't worry about whether it will rise further afterward. Many people want to earn a little more and end up trapped. Greed is human nature; you need to control yourself. The same goes for losses: set a bottom line, such as cutting losses at 10%. Don't hold on stubbornly. Many trading platforms allow you to set automatic buy and sell orders; set the price and let the computer handle it. Don't rely on your shaky hands to make decisions in the moment.
5. Learn some technical skills; don't rely solely on what others say. Many people in the cryptocurrency circle aren't from a financial background; they might be programmers or homebodies who want to earn some money but know nothing. Instead of listening to others ramble, it's better to spend a few days learning technical analysis, such as reading candlestick charts and moving averages. Having your own understanding is more valuable than anything else.
6. Take your time; don't bet everything at once or liquidate completely. Whether buying or selling, don't put everything in at once. For example, if you want to buy 10 Bitcoins, spread it over 5 purchases, completing it in an hour or over a few days. This way, the risk is smaller, and you won't ruin yourself due to impulsiveness. Steady and gradual progress is the way for the long run.
Finally: Bitcoin is most afraid of being driven by emotions; making decisions with your own brain is the key to making money.
