In the past few years in the cryptocurrency market, I have accumulated about 30 million in profits, starting with 100,000, and I have been trading cryptocurrencies full-time for seven years.
During this time, I have experienced many ups and downs, but I truly made significant profits mainly due to two bull market opportunities. Here are some of my experiences and lessons:
1. Control the risk of each trade within 10% of the principal; I do not recommend new traders to take risks, it is best to keep the risk within 2%-5%.
2. Once you enter the market, do not close positions due to short-term fluctuations or impatience; the market needs time to prove itself, and you must have patience.
3. Execute trades according to your plan, avoiding overtrading, as this can lead to mistakes.
4. After making a profit, gradually adjust your take profit and stop loss levels, boldly following market trends to maximize your gains.
5. Never cancel your stop loss points; this effectively controls risk.
6. I do not recommend adding positions when the market is going well; greed often leads to significant risks.
7. Transitioning from long to short positions requires a high level of skill; not everyone is suited for arbitrary position switching.
8. Even when trading feels smooth, do not easily increase your position size; excessive confidence can lead to major mistakes. These insights are experiences I have summarized after years of navigating the cryptocurrency market, and I hope they are helpful to you.