In 2016, I bought Bitcoin and made my first bucket of gold in the cryptocurrency world. At that time, I wasn't very optimistic about the cryptocurrency market, but I was working in the financial industry and could understand some new things in the market. By 2017, I seemed to have forgotten about buying Bitcoin. In 2018, a friend reminded me, and because of this, I earned my first bucket of gold. This marked the beginning of my trading journey.
Many friends initially enter the cryptocurrency world and incur losses; they are all here to pay tuition and cannot escape the 28 law. However, my first bucket of gold was in a profitable state. At that time, I slowly entered the market and later bought spot Bitcoin and Ethereum.
, and there were also some small-cap coins that fell for quite a while. The market was all red, everyone was losing money, and I considered whether to cut losses, wondering if the market was failing. Considering the remaining profits, I thought about selling off and not playing in the cryptocurrency world anymore. However, later on, rationality overcame myself, thinking that the money was essentially free. The worst outcome would be losing what I earned.
I held onto my positions until 2020 when Bitcoin started to surge, and my assets successfully doubled.
Start expanding, funds increased 20 times in 15 days
From that day on, I stayed up all night, watching my account balance grow or shrink every second. At that time, I saw some trading processes in the market, and I realized that it was the same process as futures trading in our stock market. The only difference is that stocks can have a risk of liquidation. It’s all about watching K-lines and predicting rises or falls. It’s so easy! As an experienced stock trader, this trading was not difficult at all. When I first started futures trading, I was very excited. My first order that day made a profit of 2000 U, with a leverage of 30x and a full position. Just when I thought everything would go smoothly, after a few days of profit, I realized the cryptocurrency market is indeed different from the stock market. The cryptocurrency market has price fluctuations 24 hours a day. While sleeping, it’s easy to be ruthlessly affected by market movements. This hurt me a lot; I lost half of my investment. In despair, I was determined to rise from adversity. For the next few days, I didn’t trade, and I was also not focused on work. I just wanted to recover my lost money. Every day I researched how to achieve stable income and how to recoup my losses. I tried doing some small trades daily, not going all in. These small trades had a success rate of about 70%, and it was here that my confidence was restored.
Every day I don't seek too much profit; hundreds to thousands is already satisfying. Sometimes I also fail, and the reason for failure is not setting stop-loss and take-profit. When reaching the take-profit point, I greedily want to earn a little more, and when hitting the stop-loss point, I think it can still rebound to the opening price. This is actually a normal phenomenon; it is human nature to always believe the market will give you a second chance. In fact, it does not; if the opportunity is missed, it is lost and cannot be recovered.
When we trade, we should think about our take-profit points and stop-loss levels. Don’t think about being able to earn more and lose less; that’s a major mistake in futures trading. Strictly follow the standards, and I believe you can become an expert in futures trading.
This is a very common story encountered in this market, especially for those with a certain foundation who can understand K-lines and have a habit of reviewing. Old hands can generally find it relatively easy to double or multiply their investments in the cryptocurrency world.
As long as you are willing to put in the effort and spend more energy on learning, nothing is truly impossible. Of course, most people are losing money, and only a small portion is really profitable. Those who lose money often fail to recognize many of their own shortcomings.
Today, Brother Wen will explain and clarify how beginners should enter the market, how to truly learn correctly and effectively, and how to achieve profitability in the cryptocurrency world.
1. Overtrading: Many investors frequently buy and sell to earn quick profits, resulting in increased trading costs and fees, ultimately raising the overall investment cost and impacting final returns.
2. Blindly chasing new coins: When new coins are listed, many investors blindly buy them just because they have heard of the new listing, ignoring research on the projects and teams behind the new coins. As a result, after listing, the prices of new coins quickly drop, leading to losses.
3. Lack of stop-loss strategy: During the investment process, many investors do not set stop-loss points, or even if they do, they often miss the best exit time due to reluctance to cut losses, ultimately leading to expanded losses.
4. Emotional trading: Influenced by market emotions, such as chasing highs and selling lows, blindly buying at market peaks and hesitating to sell at lows, or frequently adjusting positions due to fear and greed. These can all lead to investment mistakes.
5. Insatiable: Many investors, seeing project prices rise, want to gain more profit and continue to add positions without timely reducing their holdings or taking profits. As a result, when the market fluctuates unfavorably, they are already too late to cut losses.
6. Lack of market research: Many investors lack sufficient in-depth research on project backgrounds, technical white papers, market liquidity, etc., when investing in currencies, relying only on feelings or hearsay to make investments. This lack of fundamental and technical analysis can easily lead to losses.
Success is not accidental; opportunities are also given to those who are prepared. Follow the public account (Luffy who can trade coins), a captain skilled in medium-short combination wave arbitrage is here. No matter how the market goes in the future, I will walk with you all the way.
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