When people start trading, they often get lucky at first—beginner’s luck. Winning those early trades can make us overconfident, thinking trading is simple. But soon, we face losses and start chasing wins again, and this cycle can lead to major losses, frustration, or even despair. The truth is, crypto trading isn’t gambling, but many treat it like it is, setting themselves up for failure.
If you’re new to crypto, here’s my advice: don’t get overconfident, don’t overtrade, and don’t gamble. Educate yourself continuously, even if you’re winning most trades. Have a strategy and stick to it, but also keep learning. Ask yourself: What are the strengths of my strategy? What mistakes can I fix? What can I learn from others? Know the crypto market, and treat trading like a business if you want to succeed.
Think of it like this: in what other business can you double your money in minutes? When you make a small profit, take it. For example, if you invested $10 with 10x leverage and made a $5 profit, be content with that. Avoid FOMO—it’s dangerous. Set clear rules and respect them.
For instance, if you’ve placed a stop-loss, don’t adjust it out of hope. Stick to your rules, or you’ll undermine your entire approach. Even if you’re winning nine out of ten trades, ignoring your stop-loss could mean that one losing trade wipes out all your previous gains. I see this happen a lot, and then people say, “I’m lost, I don’t know what to do, I’ve lost everything and will kill myself and stuff...”
This mindset has to change. Treat crypto as a business. That’s the only way to succeed, grow, and improve in trading. Respect your rules, keep your emotions in check, and always focus on learning and refining your strategy.
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