People in the cryptocurrency circle may see their value increase by 50 or 100 times overnight, but they may also lose everything instantly. Playing contracts in the crypto circle is like playing with your heartbeat, thrilling, more exciting than riding a roller coaster. Have you ever experienced consecutive losses and frequent liquidations? Then you feel depressed and regret your decisions? You are eager to recover your losses, but you end up sinking deeper? You imagine the scenes of success repeatedly, but reality keeps slapping you in the face? This is something every trader has gone through; you and I are no exception!
The difference is that some people give up under such torment, some lose all their capital, and very few persist. But what is the point of persisting without a complete enlightenment? I have watched countless tutorials, learned from many traders' summaries, and analyzed countless reasons for failure! I have summarized the following points, believing they can help you:
Mental and emotional management. Mental and emotional management does not mean you cannot be happy when you make a profit or cannot be frustrated when you incur losses, becoming an emotionless robot! Instead, it means you must first firmly believe in your success internally, understanding that the current losses are only temporary, truly generating a positive belief system. Secondly, when losses occur, you should maintain a rational and calm mind, avoiding blind orders, able to analyze correctly and operate rationally—this is crucial!
Continuously improving trading system. Remember, trading is not gambling, but it does have probabilistic attributes. You must constantly summarize and explore a trading system that suits you in long-term trading. Specifically, establish your own trading rules in various dimensions such as indicator analysis, position size, take profit and stop loss, and long/short cycles to constrain yourself and determine your trades instead of being blind; otherwise, you will enter an unlimited deadlock!
In capital management, there is a saying: 'As long as the green mountains remain, you need not worry about firewood.' You must never have the mentality of going all in; this is very dangerous, because once you have that thought, in most cases, the market will fulfill that and leave you completely heartbroken! You must strictly control this aspect, managing your funds based on your maximum consecutive loss, ensuring you have the opportunity to turn things around. This requires you to be extremely calm; only with chips left do you have the chance for rebirth!
Technical analysis is extremely important. If you have no technical knowledge at all, do not place orders because that is gambling; you will definitely fail, and that is very scary! Learning technical indicators is a gradual process, but once you overly rely on various indicators for your judgments, you may often find yourself lost in thought, making frequent mistakes, and then doubting the technology. How to find the indicators that suit you among many is vital, simplifying the complex is key. Common indicators include naked K patterns, Bollinger Bands, moving averages, MACD, volume bars, OBV, etc. Understand the inner essence of simplifying complexity!
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