Kysinbad
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Bearish
Since holding coins also incurs losses, I had to trade Futu again to recover my initial investment. Finally, I managed to get back to shore after days of effort.
In December 2024, I registered on Binance and deposited money to buy. At that time, not knowing what to play, I saw FOMO and bought some low-value coins (usual, pepe, vana, move,….) bought at a high price when they were newly listed on the exchange, and when the price dropped, I sold, ultimately incurring significant losses and switched to trading Futu. I also chose the isolate mode,….but ended up in the red due to a lack of knowledge,…..today is the day to summarize my experiences.
1. Don’t be tempted to follow others just because they share big profits.
2. Trade Futu with about 5-10% of your capital to have a distant liquidation price (when needed, I can DCA).
3. When placing orders, set take profit and stop-loss, especially when holding overnight (I don’t set a stop-loss because the liquidation price is far, but I do set take profit).
4. Know when to stop when profits have been achieved. For example, if Futu is at 100u and profits are 30-40-50u, then it’s time to take profit. (In trading, they also achieve 15-20%, and now if I’m above that, I need to know when to stop).
5. Don’t trade low-value coins (because they are easily manipulated). This month I tried 3 times, each time losing over a hundred dollars with usual, huma, and lpt.
6. Only take about 2-3 trades to easily manage and allocate capital appropriately.
7. Read news on X. Especially from Mr. Trump. That guy coughs for an hour, and BTC also reacts, sneezes...
8. The last point, which is also the most important, is (Don’t trust anyone. Trust yourself.) Those who post articles have their own agenda. (Like creating a false FOMO effect, while entering a short position but suffering losses, they keep saying this coin will soar, soar high,…). Those who win a lot do it quietly, they don’t say anything (if they do, they only tell their close family). And everyone has their own way of doing things.
$BTC virtual money but your money is real.
In December 2024, I registered on Binance and deposited money to buy. At that time, not knowing what to play, I saw FOMO and bought some low-value coins (usual, pepe, vana, move,….) bought at a high price when they were newly listed on the exchange, and when the price dropped, I sold, ultimately incurring significant losses and switched to trading Futu. I also chose the isolate mode,….but ended up in the red due to a lack of knowledge,…..today is the day to summarize my experiences.
1. Don’t be tempted to follow others just because they share big profits.
2. Trade Futu with about 5-10% of your capital to have a distant liquidation price (when needed, I can DCA).
3. When placing orders, set take profit and stop-loss, especially when holding overnight (I don’t set a stop-loss because the liquidation price is far, but I do set take profit).
4. Know when to stop when profits have been achieved. For example, if Futu is at 100u and profits are 30-40-50u, then it’s time to take profit. (In trading, they also achieve 15-20%, and now if I’m above that, I need to know when to stop).
5. Don’t trade low-value coins (because they are easily manipulated). This month I tried 3 times, each time losing over a hundred dollars with usual, huma, and lpt.
6. Only take about 2-3 trades to easily manage and allocate capital appropriately.
7. Read news on X. Especially from Mr. Trump. That guy coughs for an hour, and BTC also reacts, sneezes...
8. The last point, which is also the most important, is (Don’t trust anyone. Trust yourself.) Those who post articles have their own agenda. (Like creating a false FOMO effect, while entering a short position but suffering losses, they keep saying this coin will soar, soar high,…). Those who win a lot do it quietly, they don’t say anything (if they do, they only tell their close family). And everyone has their own way of doing things.
$BTC virtual money but your money is real.
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