The four life-saving steps for veterans in the crypto world to help you lose 80% less
Step 1: Stay away from high leverage
I have seen too many people become rich overnight with 10x leverage, and too many others lose everything overnight with 10x leverage. Leverage is not an ATM; it is a slaughterhouse! I use at most 3x leverage, and only when the trend is very clear.
Step 2: Learn to play dead
Not all cryptocurrencies will make you rich, and not every drop means you have to cut losses! I once held a coin that dropped from 0.5 to 0.05, thinking it was over, but later it rose to 50! Playing dead is not passive; it gives your investment a chance to prove itself.
Step 3: Set hard stop-losses
This is the most important lesson I learned after losing 3 million! All trades must have hard stop-losses set; when it hits that point, you must cut losses, even if it later rises tenfold! Remember: as long as the green mountains remain, you don’t have to worry about firewood. Once you get liquidated, you lose everything.
Step 4: Stay away from FOMO
"FOMO" (Fear of Missing Out) is the biggest killer in the crypto world! Chasing coins when you see them rise only to end up at the peak. I once lost half a year's profit due to FOMO when I bought a meme coin at its peak. Now, I only trade coins that I thoroughly research and have a clear plan for.
The survival rule in the crypto world is simple: protect your principal, control risks, and wait patiently. Those who shout about getting rich every day are either scammers or fools.
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