It’s not about being passionate about trading cryptocurrencies, but about being passionate about making money and improving the living standards of oneself and one’s family. The ways to make money in this world are just a few.
1. Starting a company in times of overcapacity, under the shadow of the pandemic, and fierce competition is akin to courting disaster.
2. Starting a small food stall or similar business is possible, but if you can't rent a good location, a poor location won’t attract customers. Street vendors are also an option, but are you sure you can handle the hardships of sleeping outdoors and living in greasy conditions?
3. Starting a self-media business has become fiercely competitive, with more self-media vying for attention than there are viewers. Those top influencers may look glamorous, but only they know the hardships behind the scenes. For example, I sincerely answer questions but cannot earn a few perfunctory likes in return.
4. Working a job is certainly not a problem; it’s like having a crisis manager (the boss) to shield you. However, a job can only provide you with a salary; can it provide you with wealth? It cannot. Of course, if you are a technical expert, highly educated, or a sales champion, then it might be possible.
However, 99% of the world's people are not.
After years of trading cryptocurrencies, I have rarely encountered disputes in business, leading to fewer worries. The most important aspect of trading is having a good mindset; skills come second. After years of experience in the crypto space, I have summarized several classic quotes that I hope will help both new and seasoned investors.
First, do not hold onto positions; the profits you bring back will eventually have to be 'returned' to the market due to holding onto them.
Second, do not try to guess the top or bottom; the profits you guess will eventually have to be 'returned' to the market.
Third, do not try to guess the top or bottom, as it may still be halfway up the mountain.
Fourth, do not rely heavily on news, as that is just 'guessing' the tops and bottoms.
Fifth, do not easily exit while in profit, as you may still be halfway up the mountain.
Sixth, do not get excited when you see large bearish or bullish candles, as they may just be a 'performance' for the retail investors by the big players.
Seventh, do not think that what you see is the final wave of the market and act recklessly; as long as your capital is still there, there will always be market opportunities.
Eighth, do not trade frequently; not only will it make you lose sight of the overall direction and increase the chance of making mistakes, but it will also raise transaction costs, making it not worth the effort.
Ninth, do not go against the trend; if you are right, hold on tightly, if you are wrong, get out quickly.
Tenth, do not buy simply because the price is low, and do not sell just because the price is high. Do not act rashly unless the trend has changed.
Eleventh, do not treat trading as your main job; do not stare at the market, as the time spent watching the market is inversely proportional to profits.
Twelfth, do not easily trust others' opinions; in the end, you are the one who is most worthy of trust.
Thirteenth, do not make big mistakes; missing out is not a big mistake, making a mistake is not a big mistake as long as you cut your losses. Only holding onto high leverage positions and ultimately facing a margin call is considered a big mistake. No matter how many times you were right before, if you make one big mistake, all previous wins become zero, and compounding will be interrupted.
Fourteenth, if you want to gain something in the crypto space, you must stay away from people who drain your attention; the ratio of such people is higher among women. Spending time chatting mindlessly with such people will only waste your time and energy, leaving you with nothing in the end.
Fifteenth, if you do not have enough understanding, even if you follow others' trades, you cannot make money, as countless facts have proven that the crypto market changes too quickly to keep up.
