After seven years of trading crypto, I turned 500,000 into over 9.6 million at my peak but also experienced weeks where it went to zero. I was despondent for half a year. I returned to the crypto world, started a new account with 50,000, and have grown it again. In essence, the so-called enlightenment in trading is to remain calm and composed regardless of market conditions, inner state, or profit curve!
I have used about 80% of the methods and techniques in the market, but the most practical is still bottom fishing! I am sharing everything today, which will surely assist you in achieving the path to wealth from recouping losses to making profits.
To become a master at trading crypto, you must first get started! If you can do the following points, starting out shouldn’t be a problem.
1. Be absolutely honest, do not deceive yourself.
The crypto world might be the fastest place to get slapped in the face; it doesn't allow lies or self-deception. Only those who are sufficiently honest can survive here.
If the crypto world has taught me anything, it’s that honesty requires courage, and courage is the noblest virtue in the world. Many lives are filled with deceit, cunning, and lies, losing the courage to face themselves honestly, perfecting the art of making excuses, and creating a perfect explanation system of 'everything is someone else's fault.'
First, think clearly about why you bought cryptocurrency and why you sold virtual coins.
When you bought in, did you really understand its fundamentals, or were you influenced by an article from a well-known figure on social media, or by a distant relative of a classmate about some 'news,' and did you feel tempted to jump in because it was rising too fast?
When you sell, is it because the fundamentals have changed, or because you panicked and were afraid of the drop, or felt uneasy because it rose, or lost patience seeing others gain more?
This is actually a very basic question. Most people cannot make money in the crypto world not due to technical issues, but because they can't even pass this first hurdle.
2. Know what you are doing at every moment and develop a system and style.
When you can honestly face your buying and selling logic, you need to further refine your trading system.
If you are a long-term investor, you should focus on fundamentals. For you, fundamentals are the only measure. If you are a trend investor, you should focus on strength and trends. For you, trends are the only measure.
3. Accept the shortcomings and risks of every system with grace.
There is no perfect trading system in this world; every trading system has its shortcomings and risks.
Investing long-term can be extremely lonely, watching other popular sectors rise, and you might face huge losses if you misread the fundamentals.
4. Patience is very important.
If you are a long-term investor and you have a positive outlook on a sector and several coins, but they keep falling while those you don't favor keep hitting new highs, what should you do?
You are a trend investor, but the recent hot stocks are not trending. Every time you see a breakout opportunity and buy in, it pulls back the same day. Should you still stick to your trading system?
5. Have a position and stop-loss system.
Because there is no perfect trading system in the world, it is necessary to have position control and stop-loss systems.
Putting all your funds into one coin and then being stuck with a 40% loss is something only a rookie would face. First, you shouldn't have invested all your funds at once; second, you should have stopped your losses when it fell.
6. Have the spirit to gamble and accept losses.
If you have a long-term outlook on a coin but its price keeps falling, and you firmly believe the market is wrong and keep buying more as it drops, ultimately, if the market proves you wrong and the fundamentals of the coin deteriorate, it’s just that you didn’t realize it.
At this time, you shouldn't complain. You guessed the wrong direction, which led to losses. The coins were chosen by you, and the decision to hold firmly and buy more as prices drop was made by you. At this moment, you should acknowledge your mistake and stand tall.
For most people, being able to do the above, while not necessarily making a fortune, is definitely not far from making money.
If you plan to stay in the crypto world for the next three years and aim to treat trading as a second career, you must read these 9 iron rules. What I share are practical tips for making a living through trading, and I believe you will avoid many detours after reading.
Finally, let me share some experiences with everyone!
First, be clear about the market rules you are in.
However, in the crypto market, having transaction fees means you've already lost the probability when you entered. You must expand the cycle and volatility space to reduce the impact of fees. Don’t underestimate transaction fees; they are a key reason for the failure of the coin-toss theory.
In the crypto market, my trading frequency has dropped to several dozen trades a year. I count my trades this way: two batches of entries count as two trades, rather than counting in and out as one.
Second, find your own trading method and only act in familiar situations.
We have many ways to enter and exit the market, with so many indicators to use. However, the more methods there are, the easier it is to make mistakes. The simpler and more singular the method, the more it can ensure a high win rate. I remember when we were trained back then, the teacher didn’t teach methods at all; he said everyone has their own methods, and you can’t teach what can’t be learned. I consider myself a mid-level trader, I can't make big money, but I never lose money, and my monthly return is stable because my trading method seeks stability. Clients also prefer traders like me who can consistently profit without causing fatal blows to them.
Some people like both trends and reversals, which are two different mindsets, increasing the chances of making mistakes. I personally excel at reversals, so I will only wait for my opportunities and ignore the rest.
Third, buy low and sell high.
The simplest principle is this: When pork prices rise, everyone starts raising pigs; thus, pork prices will certainly fall the following year. The market is cyclical; after a downturn, prosperity will surely follow. Enter the market gradually during the downturn when no one dares to, raise pigs when pork is cheap, and sell when prices rise. It's that simple.
Fourth, capital management.
If you are going to engage in a long battle, do not invest all your funds in one go. If you want a quick resolution, make full use of your funds.
Control your risk. Trading institutions have risk control officers who forcefully close positions. However, due to different trading methods, traders face varying levels of losses. If you are trading trends and have lost 10%, then you are clearly wrong; admit your mistake and exit quickly. If you are trading reversals, a 10% loss is quite normal.
That’s about it. There’s no point in saying more. The best traders in the world are those who have been through major storms. I've traded what you have, and I've also traded what you haven't. Each of the 100,000 trades is genuine and summarizes real battle experience. In trading, making money is easy, but preserving it is hard. A big problem is being unable to secure your profits after gaining.
Successfully recouped losses, account doubled. Stay close to the old ways, position early, and enjoy big gains!!!
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