This is my mentor's 8 years of practical experience in the cryptocurrency world, every word is a truth, every sentence goes to the heart. (Recommended to like + collect)
First, keep your stop losses small and your profits high. All the experts who make money in trading do not rely on high accuracy, but on small losses and big gains. No one can accurately judge how long a trend will last.
Second, compared to so-called sudden wealth, surviving is the most important. The priority in trading is safety first, then profit. Second is execution capability. Third is stability and continuity. Fourth is your damn sentiment. Remember this order, the probability of survival is still quite high.
Third, a smart trader is not necessarily a good trader. If you think that after getting a few trading judgments right, you will feel like a chosen one, then a bigger pit is already waiting for you.
Fourth, you must know that no one can accurately judge the market situation. You can only get in at key positions and exit at appropriate positions. The most efficient trading method is to only enter at key positions; if you are not at the position, stay in cash and wait. This is what is meant by slow is fast. Never let your hands get ahead of you and rush to open a position. There is no purely goal-oriented high-frequency trading, because the only result of high-frequency trading is liquidation.
Fifth, first master the technical strategies and tactics you can control, find a trading strategy that is relatively accurate and most suitable for you, and then concentrate your energy to study it thoroughly. Year after year, day after day, repeat, repeat, and repeat. A single strong move really beats a hundred weak ones.
Sixth, maintain a retail mindset, accept the fact that you are a retail investor, and recognize that we are just meat in the eyes of the main funds. Neither you nor I can control the market, so if the direction is wrong, it's not embarrassing to run away in time. Occasionally losing a few trades is not embarrassing. If you lose money, your mindset collapses, and you go all in recklessly; losing while adding to your position is against the main funds, and then liquidation happens—that's what’s embarrassing. You need to understand. Our advantage as retail investors is our capital flexibility and freedom to enter and exit, which is the only disadvantage of the main funds. Understand this, and you will know how to fight this battle.
Seventh, the child who cries gets milk. When you find an expert, don’t be shy; sometimes, what they say can help you understand things faster than your own six months of insights. Some resources really require you to be proactive, sweet-talking, and a bit shameless; you need to hustle a bit to get what you want. In trading, learn to cry first to have the chance to leverage others.
Eighth, in the initial stages of trading, if you can use small capital, don't use large capital. If you can use a simulated account, don’t use a real account. If you can’t even complete more than ten rounds of simulated trading, then jumping directly to a real account will mostly result in losses. You need to be light enough in the early stage to run fast, and you need to be fast enough to run far. In a zero-sum game, living long determines both victory and life or death.
Ninth, you are here to trade, not to gamble, and definitely not to risk your life. No matter how good the market situation is, don't rush in; at least leave enough living expenses for your family for a year. Putting all your wealth and life on the line is not bravery but recklessness. Investment comes with risks; enter the market with caution.
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