To quickly escape being a 'retail investor' in the cryptocurrency world and become a 'whale' in the market, you need to do the following seven things:
1. Adjust your mindset: Treat trading cryptocurrencies as a game; it doesn’t matter whether you win or lose. Only by doing this can you trade cryptocurrencies easily.
2. Use spare money for trading: The funds you use for trading should be spare money that won’t affect your daily life. Using spare money allows you to take risks and let go easily.
3. Make the most of your time to learn: If you want to trade well, quickly understand practical technical indicators and strategies, engage in more practice, and summarize your experiences.
4. Be cautious in your initial trades: Since retail investors typically have limited funds, efficiency is crucial. Especially for your first trade, meticulous preparation is necessary to aim for a successful debut. Before executing any trades, use simulation systems to practice, and wait until you have gained some experience before entering the market. Otherwise, you may find your funds trapped or suffer losses upon entering, which can significantly impact your confidence.
5. Protect your principal: Trading with the money you’ve earned will make things easier and allow you to trade more freely.
6. Develop your own set of methods: To transform from a retail investor into a whale, you must avoid chasing prices and the mentality of being fully invested. Always remember that as long as you don’t chase highs, you can turn from a retail investor into a whale. You should be good at learning and able to summarize a set of trading skills that suit you through practical operations; this is fundamental to becoming a whale.
7. Only trade strong leading coins and concentrate your funds: When trading cryptocurrencies, focus on leading coins. Diversifying your funds not only increases transaction costs but also makes it difficult for you to accurately analyze and grasp the market characteristics of each coin.
