Cognition determines everything! [Very Important]
The cryptocurrency world is a place where the poor become poorer and the rich become richer. There aren't as many tales of instant wealth, nor are there as many nouveau riche.
A wealthy person has 100 million, and he only engages in spot trading, exiting with a 20% profit, securing 20 million; if there’s no 20% profit, he holds on tightly.
A poor person only has 100,000. If he engages in spot trading, even with a 20% profit, he only makes 20,000, which is not enough for living expenses. So he can only play with leverage, treating 100,000 as if it were 1 million.
If there’s a 20% profit, he would have a return of 200,000, but the reality is harsh; it usually ends in liquidation.
Some poor people hear various tales of achieving great outcomes with minimal inputs, and thus they invest their money into risky ventures, and in the end, 99.9999% of them also find it to be a dead end. The real 0.0001% that survives remains uncertain whether they are real people or just insiders profiting from the project.
Therefore, only mainstream spot trading can yield profits; as long as there are no profits, one must hold on tightly, and eventually, one will make money. Then, through compound interest, it doesn’t require a large investment; the power of compound interest is infinite.
In fact, developing good trading habits and mentality, firmly controlling one's desires and emotions, is more important than how much money one earns.
