I have experienced the darkest moment. The yuzu contract continued to blow up, all the spot currencies suffered huge losses, the domestic currency ran away and returned to zero. I paid hundreds of thousands of tuition fees. I seized the opportunity on March 12 and made a profit of 20 times.
The logic of making money by speculating in cryptocurrencies is very simple, buy when the market is bearish and sell when the market is bullish, everyone knows this. But many people just want to buy at the bottom and cannot control their hands, and they insist on making random moves before the market trend comes.
When the bull market comes, it is really easy to make money. You can make money by buying anything casually, but this is the money given to you by the trend. If you think that the money you earn is awesome, then it is very dangerous. Any huge loss is caused by overconfidence. Money earned by luck will eventually be lost. Every penny you earn is money within your scope of cognition. You will never earn money beyond your scope of cognition. If you earn money by luck, don't be too proud. This society will have a hundred ways to harvest you. Only by constantly practicing your own virtues can you carry greater wealth.
It is difficult for new investors to keep the money they earn when they first enter the cryptocurrency circle, and most of them lose both the principal and the interest. Only when you have stepped into pits and suffered losses, experienced enough losses, tried and failed, and thought, improved your cognition and learned knowledge that will help you grow, will you have the ability to make continuous profits in this market.
When trading, even if everyone buys the same currency, the profit gap is very large. The bottom-fishing price depends on your grasp of the trend and the timing of the entire macro-economy. If you don’t understand the project, you will not be able to make a profit even if it increases a hundred times or a thousand times. When buying each currency, you must understand the potential of this track, the resumes of team members, the issuance volume, the release mechanism, the project’s empowerment of tokens, whether the profit model can be sustained, and the industry’s market value ceiling to calculate future gains. Only if you fully understand the project can you hold on to it, and there are also buying plans and selling plans. Cognition determines your profitability.