Having been in the crypto space for seven or eight years, not getting wrecked, and still living well, there are reasons for financial freedom. If you want to quickly escape being a retail investor in the crypto world, the following 7 points are essential:
1. First, adjust your mindset. Treat trading as a game, and it doesn't matter whether you win or lose. Only in this way can you trade easily in the crypto market.
2. Trade with spare money. The funds for trading should be money that, if lost, won't affect your life. Trading with spare money allows you to hold on and let go easily.
3. Make the most of your time to learn. To trade well, quickly understand practical technical indicators and strategies, engage in practical trading, and summarize your experiences.
4. Be cautious in your initial trades. Retail investors usually have limited funds, so effectiveness is essential. Especially for your first trade, prepare meticulously to ensure a successful start. Engage in small position trading to gain some experience before going in big. Otherwise, entering the market could lead to being trapped or forced to sell at a loss, which can be a significant blow to your confidence.
5. Protect your principal. Trading with the money you've earned will make you feel more relaxed and allow for smoother operations.
6. Develop your own set of methods. To transform from a retail investor to a skilled trader, avoid chasing prices and overly investing. Always remember that as long as you don’t chase highs, this saying about transforming from a retail investor to a skilled trader holds true. Be good at learning, and through practical operations, summarize a set of trading techniques that suit you; this is fundamental to becoming a skilled trader.
7. Only trade strong leading coins and concentrate your capital. When trading, focus on the leading coins. Diversifying your funds not only increases trading costs but also leads to losing focus, making it difficult to analyze and grasp the market characteristics of each coin accurately.
Give me a follow if you have questions that need consulting or if you want to exchange and learn together. Check out the introduction to the cooking industry to avoid unnecessary entry into the market.