Having been in the crypto space for seven or eight years, surviving without being wrecked, I am still doing quite well. There are reasons for my financial freedom. If you want to quickly break away from being a 'retail investor' in the crypto world, the following seven points are essential:
1. First, adjust your mindset. Treat trading as a game, regardless of profits or losses. Only by doing this can you trade comfortably in the crypto market.
2. Use spare money for trading. The funds used for trading should be money that won't affect your daily life if lost. Only by using spare money can you be able to take risks and let go when necessary.
3. Make time to learn. If you want to trade well, quickly master practical technical indicators and strategies, engage in more practice, and summarize your experiences.
4. Be cautious in your initial trades. As a retail investor, your capital is limited, so efficiency is key. Especially for your first trade, you need to prepare thoroughly to ensure a successful debut. Start with small positions to gain experience before making larger trades. Otherwise, entering the market could lead to being trapped or incurring losses, which can severely impact your confidence.
5. Protect your principal. Trading with profits will make you feel more relaxed and will allow you to operate more freely.
6. Develop your own set of methods. To transform from a retail investor into a successful trader, avoid chasing prices and over-investing. Always remember that as long as you do not chase highs, you can turn from a retail investor into a successful trader. Be good at learning and be able to summarize a set of trading techniques that suit you through practical operations; this is the essence of becoming a successful trader.
7. Only trade strong leading coins and concentrate your funds. In crypto trading, focus on the leading coins. Diversifying funds not only increases transaction costs but also leads to missing opportunities and prevents you from accurately analyzing and grasping the market characteristics of each coin!