In this round, I entered with a principal of 3000 U, and after 12 days, the net profit was over 5300. Then I got carried away, heavily invested, and encountered a sudden market surge, resulting in losses of over 4700 in two days. After that, my small fund operations were in complete disarray. Currently, I'm slowly returning to 1500 U. To summarize my experience, feel free to refer to it if interested.
First, after making money, prioritize returning the principal instead of increasing the position to earn more. Currently, my account has no principal, only pure profit. After years of experience in trading stocks, forex, gold, and cryptocurrencies, the reality is that increasing funds leads to losses. Everyone has different amounts of capital they can operate with, so find a suitable range for your operations, and withdraw any excess. This is why many people find their funds stuck at a certain number that never increases, and they end up losing money later.
Second, only trade mainstream coins and focus on one side of the market. In this market, making money is always about who can last longer, not who makes more money, so the priority should be on risk rather than profit. Making money with altcoins is mostly based on luck, not to mention contracts, which I currently have no understanding of, so I avoid them. Researching altcoins is also troublesome, so I only play with mainstream coins. Currently, both long and short positions can make money, but sticking to one side reduces risk. You can see many so-called analysts in the square, who are just salespeople analyzing the market as die-hard bulls or die-hard bears. Those who can actually trade will tell you to stick to one side, while those suggesting to trade both sides likely have never traded in real markets.
Third, making money is a simple matter, so don’t overcomplicate it. Calm down and strictly follow the indicators, then combine them with news analysis. Do not discuss the market with anyone, and block those analysts in the square, who are just salespeople with no value. If you are a beginner and cannot analyze, you can look for some good references, but you only need to focus on key points. Do not consider game theory, order books, or human nature in gambling. I have an acquaintance who constantly talks about these things, almost as if he cannot stand to see me make money. I really want to block him.
Fourth, learn to use cryptocurrency as a unit rather than using U as a unit. The vast majority of people who use U as a unit end up losing money. These people have not figured out how to play with contracts, and there’s no need to discuss how contracts are unrelated to leverage. If you don’t even understand this, then you should research it again.
Fifth, frequently review your trades. Although I am making money, I still have some operations that are problematic, so I need to review myself regularly. I do not believe this money is easy to earn.
Finally, I still do not recommend playing with contracts, let alone borrowing money to play with contracts. Since you are in, I wish everyone a big profit and early financial freedom.