Trading cryptocurrencies is something that ordinary people should generally avoid; it's basically a way to lose money.
But if you really want to give it a try, listen to my insights from the past few years. However, I must clarify that these suggestions do not guarantee you will make a profit.
First, never get too emotional when trading cryptocurrencies. Some people panic when they start losing money and feel the urge to double down immediately to turn the situation around; this is actually a big mistake. The more you think like this, the more likely you are to stumble.
Second, stay away from high leverage. I also play with leverage, but I never go big; I avoid anything over 5x. Steady investment is the key. Ultimately, spot trading is the most reliable. If you want to make money steadily, you have to rely on spot trading. Most of the money I've made comes from spot trading, and most of the time, I just do a bit of hedging, taking steady steps.
Third, you need to have patience and not always think about quick short-term gains. Short-term trading may seem like it brings in money quickly, but it’s not a long-term strategy. If you want to profit in the long run, you have to focus on long-term investments. Opening positions once or twice a week is enough; if you don't have an 80% confidence, don't act, and patiently wait for the right opportunity.
This brings us back to emotional control; being able to hold off from opening positions is what makes a true expert.
Fourth, do only what you can afford. The money you use for trading cryptocurrencies should be something you can afford to lose; don’t just throw in hundreds of thousands without thinking. Just imagine, losing tens of thousands every day – who can handle that? Only those who are truly wealthy can remain calm because that amount of money is nothing to them.
If you're only playing with a few thousand, even if you get stuck, you won't panic; you'll know exactly what to do next. I'm not saying you must only trade with a few thousand; what I mean is that the money you invest should be something you won’t regret losing, something that won't affect your life. Getting stuck in a position is common; during those times, you need to stay calm, and if you endure, you will be the winner.
If you're still underwater and can't see the trend,
going long leads to drops, and going short leads to rises. Feel free to click on my profile and follow me,
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