๐ฅ๐ฅ Lesson Learned: Avoiding FOMO in Trading ๐ฅ๐ฅ
1. Shift in Strategy:
Moving away from chasing high-risk, high-reward gains, the focus is now on achieving consistent 10% daily returns, under the belief that this will lead to significant financial growth over time.
2. Initial Setup:
An advanced Coinbase account is established, supplemented by self-study through YouTube tutorials on chart patterns, with the assumption that basic technical knowledge is sufficient to succeed in crypto trading.
3. Overconfidence in Low-Volume Markets:
With a focus on low-volume trading pairs, confidence in achieving steady gains is high. However, these markets are competitive environments, often dominated by sophisticated trading firms equipped with advanced technologies.
4. Intense Competition:
The competition includes trading firms with resources such as blockchain tracking systems, AI-driven algorithms, and expert teams, all of which grant them real-time insights into market shifts, often placing retail traders at a disadvantage.
5. Platform Disadvantages:
Additionally, trading platforms themselves may have an inherent advantage, potentially using proprietary insights and strategies that are inaccessible to individual traders, further tilting the playing field.
6. Harsh Reality Check:
With a 90% loss rate, the experience reveals that trading in low-volume markets is far more complex and challenging than initially expected. This realization brings clarity to the inherent disadvantages of retail traders in the competitive trading landscape, suggesting that a different path may be worth considering.
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