As long as retail investors can achieve these six points, then a hundred thousand yuan can easily turn into ten million.
First point: You must understand stop-loss and take-profit.
We buy and sell cryptocurrencies for trading, for speculation, not to hold onto them forever! When you're making money, you think about making more, and when you're losing, you’re unwilling to sell. This kind of thinking is never advisable. When the trend of your position goes wrong, you need to decisively sell.
Second point: Don’t always think about buying at the lowest point and selling at the highest point.
Because the market will only have lower points and higher points. Ordinary people cannot achieve this mechanism, so don't pursue so-called highs and lows. What we really need to do is to buy and sell in the bottom and top areas.
Third point: Volume and price must match perfectly.
For those positions that rise without volume or reach new highs without volume, we must be vigilant. It could very likely be a signal that the main force is unable to sell and the rise is weakening, so never chase after it; it’s better to miss out than to make a mistake.
Fourth point: Reaction must be quick.
When information appears, we need to immediately find out which segments and companies benefit from it. If you can’t keep up with the first echelon, then we need to act timely, the second echelon will also yield significant gains.
Fifth point: Learn to rest.
As the saying goes, it takes three months to see the bottom and three days to see the top. This means that the known cycle of cryptocurrency price increases only lasts a short time. Therefore, we need to learn to seize this main wave, and the rest of the time is usually for resting.
Sixth point: The biggest benefit of the market is a crash, as after a crash, many greater opportunities often arise.
When others are greedy, you need to learn to be fearful, and when others are fearful, we should be greedy. So when the market crashes, do not be afraid; at this time, we should choose quality positions and build our positions in a timely manner.
These six points sound relatively simple, but very few can truly achieve them. Why? If you cannot overcome human weaknesses, you will never earn your first five million in life.
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