Why Beginners Lose Money in Crypto and How I Made 20% Profit Today
Many beginners in crypto trading lose money because they focus solely on top coins or meme coins, which are often unreliable for consistent returns. Here's how I achieved a 20% profit today by following a smarter approach:
My Strategy
I targeted Lumia, a lesser-known coin that was down 16%, showing significant fluctuations after a drop from its recent high. Here's what I did:
1. Identifying the Opportunity:
I observed Lumia's price movements after its decline and noticed it was fluctuating within a defined range, creating multiple trading opportunities.
2. Executing Trades:
I bought Lumia around 1.230 and sold it at 1.270, repeating this process 5-6 times.
Each trade yielded approximately 3.14% profit, which compounded to generate a significant return.
3. Overall Performance:
While I incurred small losses on other assets, the cumulative profits from Lumia trades brought my total gains to 20% on my overall investment.
Key Takeaway
Beginners should avoid focusing solely on top coins or meme coins and instead explore undervalued or volatile assets like Lumia. By identifying opportunities in fluctuating markets and executing multiple trades strategically, you can generate substantial returns. Discipline, observation, and proper risk management are key to succeeding in this dynamic market.