If you plan to treat cryptocurrency trading as a side job, then let me share some of my experiences with you, hoping it can help you!
First of all, you need to understand that making money and losing money do not happen at the same speed. For example, if you have 1 million, earning double to become 2 million is quite difficult, but losing half is much easier. So when trading cryptocurrencies, you must be cautious and not let a momentary profit cloud your judgment.
Secondly, cryptocurrency trading can have price fluctuations in the short term, which is perfectly normal, but this doesn't benefit the appreciation of your assets. For instance, if you have 1 million, you earn 100,000 on the first day, and then lose 90,000 the next day! Therefore, you need to be patient in trading cryptocurrencies and not be misled by short-term volatility.
Now let's talk about long-term gains; don't think that making a lot of money for several consecutive years is necessarily a good thing. If you end up losing money, your assets could shrink. For example, if you have 1 million, make money for a few years, then lose money for a few years, you might end up with less than the interest from a bank! Therefore, cryptocurrency trading requires strategy; you must know when to pull back.
Also, don’t think you can always make big money; that’s impossible. For instance, if you have 1 million and have made a fortune for several consecutive years, there will come a day when you will lose it back. Hence, in trading cryptocurrencies, moderation is key, and don't be greedy.
If you want to earn money in the long run, you need to pursue stable annual returns. For example, around 25% annually, after 10 years, your assets could multiply several times. However, this requires real skill and patience.
Additionally, when trading cryptocurrencies, you have to keep an eye on costs. For example, if you initially buy a batch of coins at a high cost, but if you buy some more, the average cost can be lowered. So cryptocurrency trading requires good accounting skills.
Moreover, when you make money, you should take profits in a timely manner. For instance, if you have 1 million and earn 100,000, sell part of it so that the remaining money can be held without pressure.
Finally, when the market crashes, you need to check how the coins in your hands are performing. If they don’t drop much, it could mean that a big player is protecting them; such coins can be held long-term, and you might be pleasantly surprised!
Recently, I plan to ambush a potential coin that is ready to explode in value; doubling is quite simple. I also plan to find some potential coins to hold until the end of the year, with an expected growth of over 10 times not being a problem. If you want to follow along, please like and leave a message for free sharing.
