If you want to 'succeed' in this cycle, you need to avoid these 10 pitfalls
Don't be afraid of missing out
In a bull market, many people fall due to fear of missing out on popular tokens. In fact, chasing highs can increase your risk during pullbacks.
Don't rush to make decisions
Take it slow, earn steadily. Quick actions can lead to unsafe capital.
Don't frequently switch positions
Switching between tokens can lead to significant losses. Trade with confidence; don’t let new and exciting projects overwhelm you.
Don't diversify too much
Concentrate your efforts to make money, and diversify to protect your wealth. Don’t invest too much in too many projects, but also don’t spread yourself too thin.
Don't be too greedy
Until cryptocurrency profits are realized, they are just paper wealth. You must use the money earned to truly become rich. Be increasingly cautious during the cycle, and avoid risks.
Don't get complacent after big gains
After making significant money, lock in some profits. Market reversals can happen faster than you think. I prefer using a percentage profit system, steadily exiting without gambling on market timing.
Don't touch leverage
Leverage is a tool to enhance efficiency and reduce risk, not to take on risks. Unless you have a clear plan, don’t engage with it.
Don't panic in a bull market
Don’t be afraid of the highs in a bull market; fluctuations are normal. You need to take these opportunities to increase your position. In a bull market, the risk is lowest and returns are highest when using leverage during an uptrend.
Don't lock tokens
Many people suffered losses in the last cycle due to this. Liquidity is key.
Don't overlook security
Don’t keep all your money on exchanges; using Binance Wallet is safer. Keep your private keys secure.
These are just some small suggestions; the key is to be mindful of your actions, stay vigilant at all times to remain calm.
Hope this article helps you.
In the upcoming layout direction, I will guide everyone to aim for the lucrative opportunities in altcoins, especially those with great potential. An expected growth of over 10 times is not an issue. If you want to make big money in a bull market, like + comment, and I will help you navigate the entire bull market!