I entered the cryptocurrency world in 2019 with a borrowed capital of 60,000, and by last year, my assets exceeded eight figures!
Having been in the cryptocurrency space for ten years, I have engaged in long-term, short-term, ultra-short, and swing trading—pretty much every type of method. I have a fair amount of authority on this issue. I have always said that mastering a skill requires the ten-thousand-hour rule: eight hours a day, over 200 days a year reviewing, which takes about five years. This is just the beginning of the foundation for stable profits. There will definitely be big pitfalls within ten years, so to be safe, do not expose your capital beyond your capabilities within that time frame. Many experts who have turned a few thousand into tens of millions or even billions just use high leverage in contracts; the result is that many died in a bear market, but you just don't know about it. Human nature, in the face of significant trends, often leads one to lose the ability to make correct judgments.
Returning to the main topic, I would like to share with everyone here:
In the cryptocurrency world, it is hard to change others, and it is also hard to change oneself; however, only by changing oneself is there hope! Changing others is hard, changing oneself is also hard; but only by changing oneself is there hope. The financial market has no 'what ifs', only results! If we are not getting results in cryptocurrency trading, we must have done something wrong; if we can consistently achieve results, we must have done something right, that's all. Our way of thinking influences our daily actions, and our daily actions lead to the final results. Losing money is not scary; what is scary is not finding the true cause of the loss. We must resolve to change immediately to help us turn losses into profits. Ignoring problems, avoiding problems, or failing to address them directly is what is truly terrifying. Everything has cause and effect; plant good causes, reap good results; plant bad causes, reap bad results. Our current situation stems entirely from every decision we made previously. Regardless of whether the results are good or bad, we must bear them. In the adult world, once a choice is made, even if it is wrong, we must walk through it on our knees. When the final results correspond to each individual, we must see if we can accept and face them calmly. In the adult world, do not pretend that the process was very hard, as the final result will not act in our favor. We must reflect and summarize more in our daily lives; keep improving on the good, and change the bad immediately. Given time, we will all improve. The same goes for trading in cryptocurrency; we must eliminate lucky thinking, discard the desire for quick wealth or speculation, and avoid every trade outside our abilities and understanding. Before every trade, ask yourself: do I understand this? Do I have a solid basis for my trading decision? Have I prepared my strategy and risk control system? Can I accept failure, etc.! Clearly identifying our abilities is an essential quality for us as competent investors. As long as we want to change, it is always just the right time!
The essence of trading is: cut losses when wrong, hold when right.
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