Cryptocurrency Survival Guide: The “Dumb Method” for Steady Profits and Short-term Trading Secrets (Part 2)
Essential Skills for Beginners: Position Management and Trading Mindset
1. Position Management: This is key to protecting your funds. After making a profit, set stop-loss orders near the opening price to add a “protective shield” for your capital. Especially when investing in small altcoins, timely adjust your take-profit levels as prices rise, and always set stop-loss orders. At the same time, avoid being blindly optimistic due to small profits; learn to take profit when it’s good. If you unfortunately incur losses, do not blindly increase your investment out of spite; go with the trend and avoid blindly trying to catch the bottom. Establish a fixed trading system, patiently wait for the right moment to pull back, and rationally control your position and leverage.
2. Trading Mindset: This is the core factor in determining whether you can stand firm in the cryptocurrency space. When facing floating profits turning into floating losses, stay calm and don’t let emotions dictate your actions. Trading cryptocurrencies is essentially a test of your mindset; learn to overcome psychological barriers and not let temporary gains or losses affect your judgment.
In this field filled with unknowns and challenges, investors need to continue learning, summarize experiences and lessons daily, and continuously improve their trading skills. Position management and trading mindset are the two powerful tools for success in cryptocurrency trading. If beginners want to make profits in the crypto space, they must diligently practice these two skills.