This is my mentor's 8 years of practical experience in the cryptocurrency world, every word is a truth, every sentence touches the heart. (Recommended to like + collect)
First, keep your stop-loss small and your profits high. All the trading experts who can make money are not those with high accuracy, but those who lose small and gain big. No one can accurately judge how long the trend will last.
Second, compared to the so-called getting rich quickly, surviving is more important. The priority of trading is safety first, then profit. Second is execution. Third is stability and continuity. Fourth comes your damn sentiment. Remember this order, the probability of survival is still quite large.
Third, a smart trader is not necessarily a good trader. If you think you're a genius after a few correct judgments in trading, then a bigger pit is already prepared for you.
Fourth, you must know that no one can accurately judge the market conditions. You can only get in at critical positions and get out at suitable positions. The most efficient trading method is to enter only at critical positions; if you are not at the position, stay in cash and wait. This is what is called 'slow is fast.' Never let your hands go; don’t rush to open an order. There is no purely purpose-driven high-frequency trading because the only outcome of high-frequency trading is liquidation.
Fifth, first thoroughly understand the technical strategies and tactics you can master, figure out a relatively accurate and most suitable trading strategy for you, and then concentrate on researching it. Year after year, day after day, repeat, repeat, and repeat. A single effective move truly surpasses a hundred strong moves.
Sixth, maintain a retail investor's mindset. Accept the fact that we are small investors, acknowledge that we are meat in the eyes of the main funds; neither you nor I can control the market. Therefore, if the direction is wrong, it's not shameful to run away in time. Occasionally losing several consecutive orders is not shameful. If you incur losses and your mindset collapses, then you go all in aggressively, and increasing your position while losing goes against the main funds, leading to liquidation—that's what is truly shameful. You need to understand that our advantage as retail investors lies in flexible capital and freedom of entry and exit, which is the only disadvantage of the main funds. Understand this, and you will know how to fight this battle.
Seventh, the crying child gets the milk. When you find an expert, don’t be shy. What they say may be quicker than your own understanding after half a year. Some resources really rely on your legs, sweet words, and a bit of thick skin; you need to run a few more times to get them. In trading, you must first learn to cry to have the opportunity to leverage.
Eighth, in the initial stages of trading, if you can use small funds, don’t use large funds. If you can use a demo account, don’t use a real account. If you can't even do more than ten rounds of demo account training, then going straight to real trading will mostly result in losses. At the beginning, if you are light enough, you can run fast enough; if you are fast enough, you can run far. In a zero-sum game, living long determines victory or defeat, and also life or death.
Ninth, you are here to trade, not to gamble, and certainly not to risk your life. Even if you encounter the best market conditions, don't be reckless; at least leave enough living expenses for your family for a year. Putting all your assets and life on the line is not bravery but recklessness. Investing has risks; enter the market with caution.
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