The CEO of Binance reveals three fundamental principles for achieving success in the field of cryptocurrency.
Richard Teng, the CEO of Binance, revealed three fundamental principles that he sees as essential for achieving success in the field of cryptocurrency investment.
These tips came through a post he made on platform X, addressing traders and investors, highlighting the importance of mental and strategic discipline in a highly volatile market.
- The first of these principles is 'Establishing Rules'.
Teng urged investors to set clear guidelines before entering any deal, including determining risk limits, timing for profit-taking, and identifying points at which to cut losses.
He emphasized that making these decisions in advance helps investors avoid falling into the trap of emotional decisions that have caused many to incur significant losses.
- The second principle emphasized the necessity of continuously improving strategies.
Given the rapidly changing nature of the market, keeping up with developments and regulatory or technical adjustments is crucial.
Teng pointed out that ignoring important notifications, such as decisions to delist trading pairs, may lead to irreversible loss of assets.
- The third principle is to keep emotions out of investment decisions.
Teng warned against being swept away by impulsiveness or the fear of missing out (FOMO), stressing that these emotions often lead to uncalculated investment decisions that end in losses.
Although there is no direct reason for the timing of these guidelines, the general context indicates growing concern about the impact of regional disruptions and sharp market fluctuations, which have recently led to a decline in the total market capitalization of cryptocurrencies by 1.24%.
In such times, the role of leadership and guidance becomes prominent in calming markets and enhancing investor awareness.
