I am 30 years old this year. I entered the cryptocurrency space in 2019, borrowing a principal of 60,000 when I started. By last year, my assets had exceeded 10 million!
Having been in the cryptocurrency space for ten years and a professional trader for six years, with over 3100 days of experience. I have tried long-term, short-term, ultra-short, and swing trading; I have done almost every type of method, so I have a say in this matter. I always say that mastering a skill takes the '10,000-hour rule'. With 8 hours a day and over 200 days a year for five years of review, this is just the foundation for stable profits. There will definitely be major pitfalls within ten years, so to be safe, do not put your principal beyond your capability within that timeframe. Many experts who have traded from tens of thousands to hundreds of millions have just used high leverage in their contracts, and quite a few have perished in a bear market—it's just that you don't know about it. Human nature often causes a loss of the ability to make correct judgments in the face of major trends.
Returning to the main topic, I would like to share with everyone:
In the cryptocurrency space, it's difficult to change others, and it's also hard to change oneself; however, only by changing oneself can there be hope! Changing others is hard, changing oneself is hard; but only by changing oneself can there be hope. The financial market never entertains 'what ifs', only outcomes! If we are not getting results in trading in the cryptocurrency space, we must have done something wrong; if we can consistently get results, we must have done something right—it's just that simple. Our way of thinking affects our daily actions, and our daily actions lead to the final results. Losing money is not scary; what is scary is not finding the true reasons for the loss and not making the firm decision to change immediately, which can help us turn losses into profits. Ignoring problems, avoiding problems, or not facing and solving problems directly is the most terrifying thing. Everything has cause and effect; sow good causes, reap good results; sow bad causes, reap bad results. Our current situation today stems from every decision we made before. Regardless of whether the outcome is good or bad, we must bear it. In the adult world, once a choice is made, even if it's wrong, we must walk through it on our knees. When we see the final results reflected in each person, we must be able to accept and face them calmly. In the adult world, we should never pretend that the process was very hard-working because the final result will not act in our favor. We must learn to reflect and summarize regularly; keep improving what is good and change what is bad. Given time, we will all improve. Trading in the cryptocurrency space is the same; we must abandon lucky thinking, abandon the desire for quick wealth or speculation, and abandon every trade outside our capabilities and understanding. Before each trade, we should ask ourselves whether we truly understand it, whether we have a solid basis for our trading decision, whether we have a good strategy and risk control system, and whether we can accept failure, among others! Clearly identifying our abilities is an essential element for us as qualified investors. As long as we want to change, any time is just right!
The essence of trading is: cut losses when wrong, hold on when right.
