ADVICE FOR NEWCOMERS TO THE MARKET
1. This is sincere advice from an experienced trader
. For beginners.
The reason I often talk about CAPITAL MANAGEMENT is that I know many of you have not experienced the feeling of 'bankrupting' your account, losing money without understanding why, losing faith in the market...
👉 Therefore, my advice is: Divide your money into 5 parts when participating in the market.
Take 1 part and see it as the only money to participate in the market. (Forget about the other 4 parts)
👉 Deposit money into your account and invest freely. Play like a person who wants to invest.
You will experience 2 feelings:
Excitement when making easy money, the market is so good that just holding your phone can earn money... To the point where you consider dropping out of school, quitting your job to focus 100% on trading.
Experience feelings of fear and confusion when losing all your invested money along with interest.
👉 I am sure that once is not enough for you to fully understand. So, take another part and continue investing. After that, you will go through the same story again.
👍 I hope after a few experiences, you will understand better. Revisit capital management and try to adhere to it.
Many people only advise you but do not guide you on how to do it. This is the most correct way to do it.
2. Greed:
👉 Gamblers tend to want to make quick profits and may not accurately assess risks in their trades. They may continue to invest even though they know the market is declining, just because they hope the price will rise again.
👉 Market-influenced mindset: The Crypto market can change very quickly and dramatically. Therefore, investors may become more emotional and easily influenced by those changes. If the price drops, they may become anxious, uneasy, and make wrong decisions based on emotions rather than accurate information and analysis.
👉 High risk: The Crypto market is a very risky market, so gamblers may feel pressured to make decisions, especially in cases where they are losing money. They may feel pressured to make quick decisions without enough time to analyze information and understand the market.
👉 Confidence and natural instinct: Successful investors may become overconfident in their abilities and easily become gamblers, seeking new and larger trading opportunities without assessing risks. They may be enchanted by previous success and believe they can make more money in the future.
Therefore, to become a successful investor in the cryptocurrency market, it is not only necessary to have knowledge of the market and analysis but also to monitor emotional regulation.
#MarketDownturn #BTC☀
