The most important thing is: risk control
I often remind myself that forgetting about stop-losses means forgetting about risks; we must maintain respect for the market!
In this circle, you often hear about certain traders, million or even billion-dollar accounts blowing up; it's quite common. They make some money and forget about the risks, thinking they are geniuses, not setting stop-losses, and blowing up is just a matter of time.
In this circle, there are definitely more losers than winners; it's actually a transfer of wealth. The money you earn is essentially the money others lose; only the exchanges make a significant profit.
First
Determine whether you are playing contracts for the short term or the long term. For short-term, it's about quick entries and exits, using high leverage, which is quite aggressive and has higher technical requirements and risks. When trading contracts, you should be steady and also invest in Bitcoin and Ethereum. Other altcoins pose significant risks, and my advice is to avoid them.
If it's a long position, then it's low leverage (3-5 times), low risk, stable.
My longest contract position lasted for a month, with 5x leverage, and I made double the profit.
This has lower technical requirements; you just need to choose the right direction. All increases and decreases are irrelevant to you. Once you reach your expectations, close the position immediately. In the crypto world, profits are endless, but if you're not careful, reversals can happen!
I am Xiao O, a professional analyst and teacher, a mentor and friend on your investment journey! As an analyst, the most basic thing is to help everyone make money. I will solve your confusion and help you with your positions, speaking with strength. When you are lost and don't know what to do, follow Xiao O; I'll point you in the right direction.
