There are indeed people who have changed their fate against the odds in the crypto world, but let's not forget that there are many more who have lost everything and gone bankrupt. Recently, many big figures have come to settle in the square, and many people look at others' profits as if they are profiting themselves, giving themselves a boost of adrenaline, and directly going all in, fantasizing that they can also earn several thousand or even tens of thousands of dollars. This is very dangerous behavior.
How much others can earn is their business; you don’t know how much their principal is. Never let yourself fall into FOMO; you see others making tens of thousands, but they might also lose that much, or even more, in one go. You may know when you’re making money, but you might not recognize when you’re losing.
Most of the people who follow me are not big players; they might look down on the amounts I play with and my profits. There might be more retail investors, so this is what I want to say to the small retail investors who follow me. The number of people making money in this space is really very few, unless you can strictly control your hands and emotions, but how many people can actually do that? I think I have strict self-control, and I often withdraw, but there are times when I can't control my hands and end up with losses, not to mention those who don’t control themselves at all.
Sometimes, someone can lose several thousand or even ten thousand in one night, get anxious, buy again, and then get liquidated. After losing their capital, they look for loans wherever they can get them and continue to invest, rushing into bad positions and getting killed on both sides. Isn’t this the norm in the crypto world? Where there are profits, there are losses; you buy what others sell. Someone has to take over your position for you to sell yours. How do you know you are that lucky one making a profit?
Let’s all be more aware, especially those who are continuously losing. Sometimes, it’s good to learn some basic support and resistance when you don’t understand things. I’ve found that many people are just playing randomly. When the price goes up today, you think it’s high and want to short; when it drops from 4950 to 4700 or 4600, you think it’s low and want to buy the dip. Shorting gets you liquidated, going long leads to a crash; this is the harsh reality of the crypto world. $BTC
I haven't traded in a while, just holding onto this small position. If I lose and stop out, it’ll just be a loss of 300, or I might make a breakeven position later. I'm playing small but making some profit, and that’s satisfying.
