Putting aside technology, professional background, ability, experience and knowledge, what is the most important thing when making money in the cryptocurrency world?
Of course it’s luck!
In fact, luck is the most important thing for all those who do business and are responsible for their own profits and losses, rather than working for others and receiving a fixed salary!
For example, you had a heavy position in altcoins before, but you cleared out your position at a high price, or you had been heavily invested in altcoins hoping to make 10-20 times the profit, but now you are losing 50%-60%. For most people, what are the most important decisive factors for these two results?
Of course it’s luck. Many times it’s just a matter of one thought.
Cryptocurrency trading is the easiest business for everyone to do, but like all the hardest businesses, most people will end up losing money.
A former richest man who is no longer alive once said that if a person's success does not realize that a large part of it is due to luck, then he will soon run into bad luck and fall.
This is just like what we often say, money earned by luck will be lost by strength.
In the long run, it is unlikely that you can just make a quick buck and leave the cryptocurrency world.
What are the characteristics of a casino? First, they let you earn some money, so that you become addicted and like the feeling of making money by your own ability.
Making money will definitely be attributed to one's own well-informedness, being one step ahead of others, decisiveness and bravery. In short, not many people will think it is luck.
How do casinos make money? They rely on those who make temporary profits to be reluctant to leave, those who lose money temporarily to always want to make up for their losses, and those poor people who have lost so much that they can't lose any more to leave the casino reluctantly, turning losses into permanent profits for the casino.
The ending has already been written, but no one among the crazy people at the moment realizes the danger.
In fact, each of us has a gambling addiction. This is the most primitive instinct of human beings. It is not much different from the desire for sex after being well fed and well clothed. It is even more addictive and can’t be stopped. Since it is addictive, over time, everyone’s luck in the casino is about the same. Today, the lucky ones catch this bus, and the unlucky ones don’t. Tomorrow, those who catch the bus won’t be able to get off in time. The day after tomorrow and the day before yesterday, those who didn’t catch the bus will have to wait for a new bus that doesn’t need to squeeze and even has seats.
Life is long enough, and everyone goes to the casino enough times, so in the end everyone's luck will be about the same.
In this way, leaving aside hard skills, what plays a decisive role in the casino is the soft power - we call it - mentality!
Even if you can't be greedy when others are panicking, or fearful when others are greedy, do the opposite. At least, don't be anxious because others make money while you don't, or be frustrated because you lose money while others don't.
You have to know that investing is a marathon and gains and losses are only temporary.
Just before the stock market started to soar, the cryptocurrency market was still sideways, and stock traders began to vent their "wisdom and bravery"
If I lost my balance and started a war of words with them, it would be the end of me. Once I was distracted by troubles and lost my mind, it would be difficult for me to focus and concentrate on adding more futures at the last moment before the market took off.
Bad luck is not terrible, because luck is only temporary. There are good and bad luck. It is destined in the dark and cannot be changed.
If your mentality is bad, there is no hope!
When a person is in a bad state of mind, it is difficult for him to make rational decisions. When a person is in a bad state of mind, it will amplify his fear and greed and lead to big mistakes.
Missing out on opportunities will not make you lose money. The fastest time for a person to lose money in a casino is often when he first misses out on a few games that seem to be profitable but don't, and then rushes into the game rashly in a rush to succeed. At this time, because of his bad mentality, he becomes a fish at the mercy of others, and it is impossible for him to perform at his original level.
In a casino, if ability is a positive number, some people have greater abilities and some have less, then mentality is a multiple. When you have a good mentality, you can amplify your ability, punish opponents with a bad mentality, and expand your victory. When you have a bad mentality, the multiple is zero, and you cannot use any ability. You can only stick out your neck and wait to be chopped off.
Therefore, the masters at the gambling table know to get up and leave the table when their mentality is unstable, sort out their emotions, and calm down before re-entering the game.