From liquidation to a 100-fold return, I used these 9 principles to navigate through bull and bear markets. This is my 8 years of practical experience in the cryptocurrency world, every word is sincere, every segment resonates! All are heartfelt truths (recommended to bookmark)
1. Accurately predicting the rise and fall of the cryptocurrency market is nearly impossible. The key to making money lies in minimizing losses when losing and maximizing profits when winning. Strictly set stop-losses and strive to expand profit margins, rather than pursuing extremely high prediction accuracy.
2. Stop dreaming of getting rich overnight. In the cryptocurrency market, securing your capital is the top priority, and only then consider profits. Strong execution and a stable trading rhythm are far more important than unrealistic sentiments; this order must not be mistaken.
3. If you guess the market trend correctly several times in a row, don't get complacent. The market changes rapidly, and blind confidence can lead you into bigger traps. Staying calm and cautious is the way to long-term success.
4. No one can accurately predict the direction of the cryptocurrency market, so what you need to do is wait and seize key opportunities to enter the market. If the time isn't right, patiently stay out of the market. Do not trade frequently; high-frequency trading often leads to liquidation.
5. Newcomers should avoid being overly ambitious; focus on mastering one technical strategy, repeatedly research and refine it, and practice it to perfection. This is far more effective than superficially learning many methods.
6. Recognize your identity as a small retail investor, and decisively stop losses when you make judgment mistakes; it’s not shameful. After losing money, don’t get emotional and double down. Utilize the flexibility of retail funds; this is key to competing with the major players.
7. When encountering experts in the cryptocurrency market, don’t be afraid to lose face; boldly seek their advice. Their experiential insights can save you a lot of time and effort in self-exploration.
8. In the early stages of trading, first accumulate experience with small funds or virtual accounts. If you can't make repeated profits in a virtual account, directly entering a real account will likely result in losses. Caution in the initial stages ensures steady and long-term success.
9. Remember, we are here for rational trading in the cryptocurrency market, aiming for steady wealth growth, not gambling. No matter how tempting the market is, do not go all in; always reserve enough for daily living expenses, and never gamble with your family's future.