Overcoming the 'Cannot Hold' Mentality and Cryptocurrency Trading Advice
Avoid Frequent Short-Term Trading: Do not engage in day trading too frequently; the smaller the fluctuations, the harder they are to grasp. If you frequently trade on a daily basis throughout the year, transaction fees could consume more than half of your principal. Money should be made through steady wins rather than frequent trades.
Control Position and Set Stop Loss/Take Profit: Do not buy one cryptocurrency with all your funds; control your risk by dividing your capital into 5 parts, investing 1/5 each time. Strictly set stop losses at 5 - 10 points; even if you are wrong consecutively, your total loss will only be 5 - 10% of your overall funds. If you make the right moves, wait for the market to peak before taking profits and aim for steady gains.
Operate Rationally, Without Emotions: Trading cryptocurrencies should be rational; buy and sell according to your target and stop-loss levels. Be brave enough to admit mistakes and cut losses; there will be plenty of opportunities later.
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