You might not fully understand contracts, must-read full of valuable insights 🔥

1: Learn to take profits and cut losses

The market changes rapidly, and you must learn to take profits and cut losses. This isn't too difficult; taking profits controls your greed, while cutting losses means abandoning sunk costs. A coin won't rise indefinitely, nor will it fall continuously—there are cycles. Thus, taking profits becomes especially important. Don't always worry about closing positions too early and missing out on future profits! You must remember that money in the crypto world is never-ending, but the money in your account can be lost completely!

2: Learn to stay in cash

Don't trade frequently. If you don't understand the market, don't blindly open positions. You might say it's uncomfortable to miss out on opportunities. So let me ask you: is it more uncomfortable to miss out or to incur losses? Not understanding the market and blindly opening positions is akin to gambling! Trading is about having a probabilistic advantage; no one can accurately predict whether the market will rise or fall. The market changes too quickly; you can only say there's a high probability it will go up or down.

3: Take it step by step

Don’t always think about becoming a big shot overnight; you can’t rush to eat hot tofu! The crypto world won't make you rich instantly. For example, if you have a capital of 100 and take a long position with 10x leverage, your position will be 1000. If it rises by one point, you earn 10 bucks; if it rises by two points, you get 20 in hand—enough for a breakfast. Nowadays, a factory job pays about 15 bucks an hour. If you open three to four trades a day and maintain a win rate of 60-70%, isn’t that more comfortable than working in a factory?

4: Never go all-in with heavy positions

Absolutely do not go all-in with heavy positions; unexpected events can wipe you out.

5: Be sure to align knowledge with action

This point is indeed quite difficult; even I sometimes can't fully achieve it. Human weaknesses are hard to grasp! Initially, I didn’t understand these basic issues; I traded blindly without a plan! After being in the industry for a long time, you’ll realize that the crypto world can truly change your fate! The premise is that you must have a mindset far beyond others, the courage to take risks, the decisiveness to cut losses promptly, and the determination to survive at all costs! Otherwise, you'll never become one of that 1% destined for greatness!