If you want to treat cryptocurrency trading as a side job, I need to share some practical experience with you, hoping to lend you a helping hand.
First, you need to be clear that the speed of making money and losing money is not on the same level. For example, if you have 1 million and want to double it to 2 million, that’s not easy. But if you lose half, that can happen much faster. So don’t get carried away just because you've made some small profits in crypto trading.
For instance, if you have 1 million and earn 100,000 on the first day, then lose 90,000 the next day, it’s as if you haven’t made any profit at all! So you need to be patient and not let these small ups and downs confuse you.
Can you make money in the long term? Don’t think that making a lot of money for several consecutive years is a good thing; if you start losing one day, your wealth can shrink faster than anything. For example, if you have 1 million and after a few years of ups and downs, you find out you haven’t saved more in the bank with interest and even lost money. So in trading, you need to know when to stop, be prudent, and not be too greedy.
If you want to make money in the long term, we need to be steady and aim for a reasonable annual return. For example, about 25% annualized, so after 10 years, your money can multiply several times. But this is not as easy as it sounds; it takes real skill and patience. Costs also need to be calculated carefully. For example, if you buy a bunch of coins at a high cost, but if you buy a bit more, the average cost can come down. You need to plan carefully.
Once you make money, you need to cash out quickly. For instance, if you have 1 million and make 100,000, sell part of it so that the remaining money can be securely kept. When the market crashes, you need to check how the coins you hold are doing. If they haven't dropped much, it may be that large investors are supporting the market, and such coins can be held long-term; you never know when they might surge.
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