Is trading cryptocurrencies a way to get rich?
What does it mean to get rich? Getting rich is relative.
Turning 100,000 into 1 million may seem like getting rich to some, but people in Shanghai scoff at that; 1 million can only buy a decent toilet in Shanghai.
Turning 1 million into 10 million can buy a three-bedroom, two-living-room apartment in Shanghai, making one a 'normal citizen.'
Thus, getting rich is relative; it relates to your capital. With a small principal, no matter how large the profit, the absolute value is insufficient. Only scale can generate benefits.
To survive in trading for the long term, one must consider investment risks and anything that might happen. The essence of leveraged trading is to gradually increase the position size when in profit and gradually decrease it when in loss to minimize the losses. This is the essence of trading!
Core One: The truth of trading is not about getting rich overnight, but about earning consistently and living long.
Core Two: A common mistake investors make is frequent trading without looking for trading opportunities. Entering the market whenever there is volatility is undoubtedly wrong and will only result in missing good points and frequent losses.
Core Three: “There’s a saying: I can pull you back from the cliff, but I can’t stop you from jumping every time.” Impulsiveness is a source of disaster; one must follow trading signals and avoid impulsiveness, which is the first element of risk control. Learn to manage risk.
Core Four: Don’t let profits cloud your judgment; the key is to maintain profitability. Human desire is to want more, which leads to forgetting risks, causing self-destruction. Therefore, one must always keep a clear head; be cautious when losing money and even more cautious when making money.
Core Five: Everyone has a gambling mentality and likes to make reckless high-stakes trades based on their arbitrary judgments. To this day, there isn’t a single high-stakes operation that hasn't ended in disaster. Therefore, control losses to within 2% of each trade, and always set take-profit and stop-loss orders.
Core Six: When facing significant losses, one often hopes to recover immediately, leading to larger and larger trades in an attempt to reverse the disadvantage. Once you do this, it equates to failure. After encountering setbacks, one should immediately reduce trading volume or stop trading. Right now, it’s not about how much to earn back, but about regaining your confidence.
Core Seven: It’s okay to make mistakes; the priority is to quickly extricate oneself. “As long as the green mountains remain, one need not worry about not having firewood.” Preserve your strength, find the reasons, and make a comeback!
Core Eight: Both new and experienced traders know the principles of trading, but top experts steadfastly execute these principles even in extreme trends. The main reason most traders continue to lose money is their lack of patience to follow trading principles. They cannot clearly wait for trends to clarify and recklessly enter the market when they feel they can control it.
Core Nine: Diversify trading to cope with market changes. Those who make mistakes in trading lack strategy. When they go wrong, they complain that trading is hard, or that the platform is manipulating things, and always ask why. Isn’t life just an unknown? Never lose because of a lack of strategy.
Core Ten: Learn self-restraint and money management before trading. If the position turns unfavorable, exit immediately; if favorable, hold. When the market trend is poor, reduce trading volume or stop trading. At this moment, it’s not about how much to earn, but how to avoid increasing your losses. Never enter trades recklessly when you cannot control the situation.
The counterfeit bull is about to arrive.
Emperor Brother will continue to share spot and contract passwords with community fans.
If you haven't profited in this bull market, I advise you to quickly find Emperor Brother.
God's brother's car, eating the market's meat!!!
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