In these years in the cryptocurrency world, I have accumulated about tens of millions in profits, starting with 100,000, and I have been trading cryptocurrencies full-time for 10 years. During this time, I have experienced quite a few ups and downs, but I truly made a significant amount of money thanks to two bull market opportunities. Here I share some of my experiences and lessons:
1. Keep the risk of each trade within 10% of the principal; I do not recommend beginners to take risks, it's best to keep the risk between 2% to 5%.
2. Once you enter the market, do not close your position due to short-term fluctuations or impatience; the market needs time to prove itself, and you must have patience.
3. Execute according to your plan in trading to avoid over-trading; otherwise, you are prone to making mistakes.
4. After making a profit, gradually adjust your take profit and stop loss, daring to follow the market trend for maximum returns.
5. Never cancel your stop-loss point at any time, this can effectively control risks.
6. I do not recommend increasing your position when the market is favorable, greed often leads to huge risks.
7. Switching positions from long to short requires extremely high technical skill; not everyone is suited to switch positions casually.
8. Even when trading is going smoothly, do not easily increase your position; overconfidence can lead to significant mistakes. The above insights are experiences I have summarized after years of struggling in the cryptocurrency world, and I hope they help you.
