I have been in the cryptocurrency industry for 10 years. I lost more than 700,000 yuan in the first three years with my 1 million yuan capital! I was devastated at the time! I bought a house at that time and now it has doubled! After reflecting for a long time, I decided to start over. I was really unwilling to do so. In the fourth year, I started over with the remaining 300,000 yuan, slowly accumulating my own income, and slowly I could get a stable income every year! Now I have used the remaining 300,000 yuan to make more than 34 million yuan now, which is completely stable income. Over the years, I have also summarized 10 iron laws that must be implemented and a set of my own cryptocurrency trading methods, which I will share with you today!
I sincerely hope that friends who are confused in the cryptocurrency circle can absorb this information and take fewer detours, otherwise the cost of hitting a wall will be very high!
Today I’m giving you some useful information. It’s short, but every word is heart-touching. You will have an epiphany after reading it!
Summarize the trading experience, these points will help you grow and gain enlightenment quickly. Although the content is short, every word is as valuable as gold. If you are destined to understand it, you can save yourself a few years of detours!
I have been trading for so many years, and I have made some money and some have lost some money. Let me first summarize the main reasons for the losses, some of which I have also made.
Leverage is a double-edged sword. If used well, you can run faster than others; of course, on the other hand, if used poorly, you will die faster than others.
After playing with contracts for a long time, you will find that playing with spot trading becomes very simple. Many novices hope to make huge profits in a single transaction, from 10,000 to 1 million, 100 times, from 1 million to 500,000, a loss of 50%, back to 1 million, it needs to double, back to 0, it only needs to double.
Therefore, novices are most likely to be self-indulgent. After making a few profits in futures trading, they think they are talented. In excitement, they go all in, but end up back to square one. Traders who really want to survive in the cryptocurrency market will never put themselves in a desperate situation. From the moment they go all in, or go heavy, they are destined to be losers. I hope that cryptocurrency friends will be sufficiently vigilant in leveraged trading!
Old players choose to wait and see with an absolute empty position when the market is uncertain about the rise and fall, and will not rush to operate. They will enter the market quickly when the trend is clear. Moreover, they enter the market with a small position, while many ordinary retail investors operate frequently and operate with heavy positions when the market is unclear. In this way, you will continue to suffer losses, and if you encounter a fierce main force, the loss will be even greater.
Going against the medium and long-term trends and holding orders against the market trend will lead to your death.
Many people think that they lose money in futures because the trading cycle is too long, and that short-term trading is fine. However, when the loss reaches a point where it is obvious that the market is going in the opposite direction and a stop loss is needed, there is always a psychological struggle: should I stop the loss? Sometimes there is always a fluke mentality that the price will come back, and the long-term contrarian order will die. What's worse, novices who don't understand the trend hope to increase their positions to average out and reduce costs. Later, as the market trend and their own position direction go further and further, but at this time the position is heavier, and they die faster. They embark on the first path of death.
That is, do not hold a heavy position or carry a single order, trade frequently, and chase rising and selling falling.
After several struggles, the amount of meat that can be cut becomes smaller and smaller, and finally there is no meat left to cut, and death occurs. Most of the reasons for losses and liquidation can be summarized into the above three types, such as being too greedy, which is basically a heavy position. See the following ten blind spots in futures trading for details.
Trading with a full position - a full position is bound to lose.
Frequent trading-lack of technical guidance.
Going against the trend----low probability and high risk.
Locked position trading----do not accept the fact of loss.
Lowering or raising the average holding price - making a mistake on top of a mistake.
Guess the top and bottom and don’t set a stop loss—finding excuses for mistakes.
When there is too much, there is nothing; when there is nothing, there is too much. Excessive pursuit of perfection is aimless.
Believe in news and follow trends blindly - lack of understanding of the market.
Not good at self-reflection and doubting the market, which leads to fear of market conditions.
Develop long-term trading plans—the future is uncontrollable.
Many times, trading in the cryptocurrency market is like driving on the road.
First, go to a driving school to learn how to drive. If you can drive well, but don't follow traffic regulations, you will have an accident sooner or later. Even if you drive according to traffic regulations, you don't hit people, but people hit you. There are pits everywhere, so if you want to drive safely, you have to learn to avoid pits.
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