How to be one of the few who make money from trading cryptocurrencies? The common mistakes that lead to losing money can be summed up in six points; do the opposite and you can win:
1. Don’t be a short-term gambler
Staring at the ups and downs every day won’t earn you much! Look at those who truly made big money; none of them just held onto their coins waiting for a big market. Hold onto what you should, don’t move it, and occasionally follow short-term trends to pick up some profit. It’s like farming: plant in spring and harvest in autumn; don’t keep digging to check if it has sprouted.
2. Don’t follow the crowd and become a victim
When you see others frantically buying, you jump in too; when it falls, you can't bear to cut your losses, waiting until you lose everything. This is a typical case of "buy high, sell low disease"; to cure this, you need to learn from the old doctors—cut losses when needed, don’t be sentimental, and don’t go against your wallet.
3. Trade with your own brain
Don’t take what the big influencers say as the gospel! They already had their positions set before they tell you to buy in. Before you follow a recommendation, check what this coin is about; even the white paper needs to be scrutinized. It’s like buying vegetables; you need to check if they are fresh, not just listen to the vendor's hype.
4. Don’t daydream about getting rich
After buying a coin, don’t fantasize about it multiplying tenfold by tomorrow; if it doesn’t rise in three days, don’t curse. The crypto world isn’t an ATM; do you think the whales are philanthropists? Do you really think you are the chosen one who can hit all the hundredfold coins? First, engrave the words "going to zero" on your forehead to wake up.
5. Don’t trade like an illiterate
If you can’t even explain what blockchain is, following the crowd to trade coins is just a death wish. You should at least know that Bitcoin isn’t a game currency, and a wallet isn’t a real leather bag. It’s like driving; you must have a license first; don’t jump on the highway if you can’t tell the gas pedal from the brake.
6. Don’t rely on intuition blindly
Before trading, make a plan: how much to invest? When to take profits? At what point to cut losses? Don’t act like a reckless youth relying solely on feelings. It’s like going to war; you need a battle plan, you can’t just rely on "I feel we can win" and charge forward.
Finally, a reminder: don’t flaunt your gains; money made by luck won’t last. I’ve seen too many people win big only to end up losing everything, even their pants. Stay away from those who keep talking about "blockchain revolution"; they don’t even know what a block is, yet they think you are blocking their wealth!
Instead of groping in the dark alone, why not grab the wings of the strong, let experience pave the way for you, and follow my steps to see a different circle.
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