To quickly escape from being a retail investor and become a seasoned trader in the cryptocurrency market, you need to achieve the following seven points:
1. First, adjust your mindset. Treat trading cryptocurrencies as a game; it doesn’t matter whether you win or lose. Only in this way can you trade cryptocurrencies with ease.
2. Use spare money for trading. The funds for trading cryptocurrencies must be spare money that won't affect your life if lost. Only by using spare money can you trade with confidence.
3. Make the most of your time to learn. To trade cryptocurrencies well, clarify the practical technical indicators and strategies as soon as possible. Engage in more practical trading and summarize your experiences.
4. Be cautious in your initial battle. Retail investors inherently have limited funds, so effectiveness is crucial. Especially for your first trade, careful preparation is essential to achieve success. Before trading, make full use of simulation systems to practice, and only enter the market after gaining some experience. Otherwise, entering the market could result in 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 earn will make you more relaxed and allow your operations to be more fluid.
6. Summarize your own set of methods. To transform from a retail investor to a seasoned trader, you must avoid chasing highs and the mentality of being fully invested. Always remember that as long as you don't chase highs, the phrase 'retail investors become seasoned traders' holds true. You should be good at learning and be able to summarize a set of operating skills suitable for yourself through practical trading; this is fundamental to becoming a seasoned trader.
7. Only trade strong leading coins and concentrate your funds. When trading, focus on the leading coins. Diversifying funds not only increases transaction costs but also makes it difficult to accurately analyze and grasp the market characteristics of each coin.
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