In 2013, when I started trading cryptocurrencies, I thought I could get rich quickly. Like most beginners, I jumped in during a bull market with high hopes but no strategy. The market quickly humbled me, but it also became my best teacher.

I wish I had known the following points back then:

1. Always make a plan before you buy.

It sounds boring, but that's where the key lies. Before any trade, I write down three things: entry point, where I will exit if the market goes against me, and profit-taking point. No exceptions.

I used to always improvise, hoping for the best outcome. That’s not trading, it’s gambling with extra stakes.

2. Only risk money that allows you to sleep soundly.

I paid a high price to learn this lesson. Never trade with rent money, emergency funds, or money needed for daily living. Pressure affects your decisions, and you may make emotional choices that harm your account.

Start small. Very small. When you are consistently profitable, you can scale up your position size at any time.

3. Greed will destroy your profits.

Those green candles are addictive. I've witnessed profits turn into losses so many times that I don't even want to admit it, simply because I was too greedy and didn't take profits when I should have.

Set your profit goals and stick to them. The market will always be there, and tomorrow is full of new opportunities.

4. Develop your own trading style.

Don't blindly follow the crowd. Methods that work for others may not be suitable for you. Some people excel at scalping, while others excel at swing trading. Find a trading style that fits your personality and schedule.

I spent two years trying to trade like my favorite cryptocurrency YouTuber. The result was a disaster because our risk tolerance and schedules were completely different.

5. Emotions are your biggest enemy.

FOMO (fear of missing out) and panic selling can cause me to lose more than bad technical analysis. The market is driven by emotions.

When you feel an urgent need to trade because 'it's going to soar', that's usually the best time to step away from the computer.

6. Patience always beats speed.

The great traders I know are very boring. They wait for opportunities and don't chase parabolas, and they are willing to miss opportunities if the strategy doesn't fit.

I used to think I needed to trade every day. Now I know that sometimes the best trade is no trade.

7. Even short-term trading should consider the long term.

A bad trade won't make you a bad trader. A good trade won't make you a genius. Focus on consistent profitability, whether over months or years, rather than days or weeks.

Keep a trading journal. Record which trades worked and which didn't. Learn from each trade, whether successful or failed.
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