When lacking money, the desire to get rich quickly can make it extremely difficult to profit, because doubling 50,000 only earns you 50,000, which is simply not enough. In fact, doubling your money in two years is already quite impressive, so you should focus on accumulating capital first.
I don't have a method to turn 50,000 into 1 million, but I have experience going from 300,000 to over 10 million, so I should have some say on this issue.
I have been trading cryptocurrencies for 10 years, going from a 300,000 investment and losing 90% to now supporting my family through trading while consistently making profits. This is because I have understood the '10 Rule' over the past decade and today share it unreservedly for those who are destined to receive it. Even beginners can understand it, and it's worth your like!
I still remember when I first entered the market, I thought trading cryptocurrencies was simple, so I learned a few strategies, a few candlestick patterns, and eagerly wanted to prove my ability in the crypto world, only to pay a heavy price for my arrogance.
Later, when my father found out, he gave me a scolding. From childhood to adulthood, that was the first time my father had taught me a lesson. I silently resolved not to let my father down.
That night, I knelt on the ground, repeatedly blaming myself with my trading slips in hand. My father, unable to bear it, told me that although there are many trades in the world, only one can be the best, and those who become the best are all those who have studied their industry thoroughly. Without taking small steps, one cannot reach a thousand miles; without gathering small streams, one cannot form a river or sea. No matter how many times things change, the fundamentals remain unchanged. Just like a sword, no matter how skilled the craftsman is, it cannot be forged without iron.
How to master the art of short, medium, and long-term trading?
For traders, the strategies of market games are varied, but they can be generally divided into short-term trading, medium-term trading, and long-term trading based on time frames. Each type of trading corresponds to different market cycles and investment method strategies. Generally speaking, an investment (including buying and selling) completed within a day, or within 3-5 days, 1-2 weeks, and no longer than a month, is considered short-term trading.
Short-term trading is a typical buy low and sell high strategy, and it tests investors' ability to watch the market intraday. This is the operating method for most people in the market. Medium-term trading generally lasts 2-4 weeks or 1-3 months, while longer trends can extend to 6 months.
Medium-term traders do not care about short-term coin prices and trends but focus on the cyclical market trends, predicting the future trends based on the current market, thereby preparing in advance. Long-term trading refers to holding for at least 6 months or more, preferably a year or more, to obtain substantial profits through long-term market trends. From a trading method perspective, short-term, medium-term, and long-term trading are merely different trading methods and strategies, with no one being superior to another; what matters is the ability to apply them flexibly.
For investors in the market, individual differences are significant. There are different opinions on the same cryptocurrency; some believe it can be a long-term investment, while others think it can only be traded short-term, and some believe it should not be touched at all.
Therefore, one cannot generalize but must differentiate based on one's own understanding and analysis of the project, choosing strategies that suit oneself. Many people in the market lose money by chasing highs and cutting losses, buying high and selling low, and many do not understand how to take profits or cut losses. Many times, the issue lies in the timing strategy; clearly mediocre assets are seen with faith, thinking they've bought treasures. When the price of a coin rises and they make a good profit, they are reluctant to sell in time, ultimately leading to the result where not only are the book profits gone, but even the principal is deeply trapped inside, and cutting losses becomes futile.
There are also excellent assets that fail to recognize their value, buying at low prices and selling at lows, only to see the price rise significantly later, leaving behind only regret and disappointment. In the current cryptocurrency market, it is small, not well-established, lacking regulation, and with varying project quality. Therefore, there is a basic principle: for long-term trading, only hold Bitcoin and Ethereum; for medium-term trading, focus on mainstream or popular coins; for most altcoins, only play them short-term; never have faith and do not hold coins passively waiting for death.
For medium and long-term trading, the best strategy is to choose coins with strong certainty, then dollar-cost average, starting from the middle to late stages of a downward market cycle to lower the average holding cost as much as possible, increasing the holding quantity, and then gradually selling during an upward cycle.
For short-term trading, one must be extremely cautious, as short-term price movements are very difficult to predict. For each transaction, you must set a time limit; from the moment you buy, know at what price to buy, at what price to sell, what point to take profits if your prediction is correct, and how much to cut losses if your prediction is wrong. You must have a clear plan and strictly execute it.
Do not extend the holding time due to greed, or continue holding out of aversion to losses while waiting for a rebound. These behaviors can turn short-term holdings into passive waiting for the medium to long term, ultimately getting trapped and unable to turn around. Of course, there is one exception: when you assess the market and gradually discover that the coins you hold have potential or high growth, you can transition your short-term strategy to a medium to long-term strategy. Otherwise, strictly enforce trading discipline.
These days I am preparing for the launch of a significant layout!!!
Leave 168 to board!!!
Impermanence brings impermanence brings impermanence!!!
Important things should be said three times!!!
