How to control greed in currency speculation
To control greed when speculating in currencies, you can take the following measures:
Develop and execute a clear investment strategy. This includes determining the investment amount, currency, return on investment, etc., and setting bottom lines. No matter how the market changes, these bottom lines should not be exceeded1.
Properly allocate assets. Think of speculating as a way to manage your finances, not the entirety of your life, and avoid investing all your money in cryptocurrencies2.
Keep a peaceful mind. Recognize the volatility of the cryptocurrency market and do not let short-term price fluctuations affect your emotions23.
Avoid paying too much attention to the market. Instead of checking prices every day, you can check market dynamics regularly to avoid greed or fear caused by excessive attention to the market23.
Don't be greedy. Recognize that most cryptocurrency investors will ultimately struggle to achieve huge gains and avoid making irrational decisions due to excessive greed2.
Control the emotion of chasing prices. Avoid investing impulsively when the market is rising, and make decisions after thinking calmly2.
Use your spare money to invest. Ensure that investment funds will not affect daily life and avoid borrowing or using life funds to invest due to greed3.
Arrange investment time reasonably. There is no need to monitor the market around the clock, and you can regularly check market dynamics to avoid unnecessary fees and risks caused by excessive trading.
