Do you have the right investment strategy and patience?
A common mistake made by novices when trading cryptocurrencies is to check the exchange frequently. If the price of the currency does not rise within a few minutes after buying, they will start to worry, doubt their choice, and then rush to sell and buy other currencies.
This back-and-forth operation not only increases transaction costs, but also often leads to a gradual reduction in funds, because the handling fees accumulate more and more in the continuous operation.
In contrast, experienced investors will adopt a fixed investment strategy, choose a currency and set long-term investment goals. They will not pay too much attention to short-term market fluctuations, and may only check it a few times a month. After buying, they will hold it firmly. No matter how the market fluctuates, they will not operate frequently, but just insist on fixed investment.
In the long run, novices often fail because of frequent trading and chasing ups and downs, while they themselves gain advantages because of low costs and stable positions.
Therefore, the highest realm of investment can be summarized as "buy and forget", be prepared to hold for a long time, and don't pay too much attention to short-term market fluctuations. Short-term trading and long-term investment each have their own strategies and timing, and those friends who ask about market trends many times a day may need to reconsider their investment strategies and patience.