I have accumulated about 32 million from the cryptocurrency market, starting with less than 120,000 in capital. I haven't looked for a job in seven years, trading cryptocurrencies full-time. During this time, I experienced drastic market fluctuations, but the key was seizing a few bull market opportunities. Here are the lessons I've summarized:
1. The risk of each trade should be controlled within 10% of the capital, especially for beginners, preferably between 2%-5%, to ensure that you won't lose everything on a single trade.
2. After entering the market, you must not close your position early due to short-term fluctuations or lack of patience. The market needs time to develop; patiently wait for the market to validate your strategy.
3. Each trade must be executed according to plan; overtrading will only increase the likelihood of mistakes.
4. After making a profit, ensure your earnings by adjusting your take profit and stop loss, continuously following the market trend until a trend reversal is identified.
5. Setting a stop-loss point is key to trading; do not casually cancel stop losses, and adhere to risk management after entering the market.
6. Avoid greedily adding positions when the market is performing well, as this can easily lead to a break in the capital chain.
7. Switching from long to short positions requires high trading skills; beginners should not attempt this lightly.
8. When trades are going well, remain cautious and avoid randomly increasing positions; otherwise, you may fall into the trap of complacency.
These trading principles have helped me to progress steadily in the cryptocurrency market and avoid many unnecessary risks.