When the bull market is booming, it is a good time to make money - but if you mess around, you may lose everything. If you want to keep your gains, you have to avoid these 10 pitfalls!
1️⃣ Spreading the money too thinly
Trap: Spreading money on more than 20 unreliable small projects will dilute the profit.
Countermeasure: Focus on 5-10 niche projects that you think are reliable and have potential.
Why it works: Focus on investing in a few to get a considerable return, don't turn the money into pocket money.
2️⃣ Don't put money in your pocket after making money
Trap: Always think that the stock market will continue to rise.
Countermeasure: Set a target price, withdraw when you make money, don't be greedy.
Example: Don't wait until you have only 2,000 left to regret an investment of 10,000 yuan. Collect the money when you make money, it's safe and secure.
3️⃣ Buy high with the trend
Trap: Buy whichever one has risen sharply.
Countermeasure: Buy at a low price before the price takes off.
Experts' advice: Smart investors act early, and those who follow the trend are likely to regret it.
4️⃣ Not seeing new opportunities
Pit: Holding on to old projects and not looking at new opportunities.
Countermeasure: Pay more attention to new technologies and new trends, such as blockchain, artificial intelligence, and games.
Key: Missing decentralized finance in 2020 and non-fungible tokens in 2021 is equivalent to missing out on big money.
5️⃣ Emotions dominate trading
Pit: Fear, greed, and panic will make you lose your composure.
Countermeasure: Make a reliable plan and follow it, don't be led by emotions.
Golden rule: The market recovers faster than your mood, don't let emotions mess up your game.
6️⃣ Doing things without a plan
Pit: Buying and selling are all based on feelings, and there is no clue.
Countermeasure: Write down your buying price, selling target, and the entire plan.
Example: Want to make 10,000 from 1,000? Act according to the plan and withdraw when you make money.
7️⃣ Put all your money in the exchange
Pit: It is risky to leave all your money to the exchange.
Solution: Transfer your cryptocurrency to a hardware wallet, such as Ledger, Trezor, etc.
Lesson: Don't wait until something happens to the exchange before you regret it. It is safer to keep the key in your own hands.
8️⃣ Dream of getting rich overnight
Pit: Without understanding the market, you want to make a thousand times the return.
Solution: Look at the market value and how the tokens work, and be realistic.
The truth: A token with a market value of 1 billion will not become 1 trillion all of a sudden. Making a little money is also a victory.
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