What do newbies need to prepare for playing with coins?
1. The funniest thing about playing with coins is that you need to survive in the market for a long time before talking about profits ;)😂
That is the most essential thing, so play with the smallest capital and try to learn as much as possible from your mistakes.
2. You must play with idle capital and as little as possible.
Why idle capital?
Because that way you can hold onto profits. You cannot hold onto profits when you need money and have no cash besides the coins you are holding.
Why the smallest???
Small capital in the beginning, because 99% of the time you will lose in the early stages and only 1% will win and then lose everything later ;)
3. You must continuously learn and research from your past mistakes.
You need to study continuously, learn how to read charts, graphs, RSI, and many other data like on-chain, total,...
And find methods to identify indicators of increases and decreases that are unique to you.
4. Look at charts less :))
Newcomers often look at charts continuously every minute, 5 minutes, 15 minutes,... and are very panicked when the price fluctuates by 1-2%... 🥰
That is not necessary. Except for long-time futures traders, you only need to look at weekly, daily, and monthly charts. Checking a few times a day is enough.
5. You must train your steel-like spirit and a bit of impermanence :))🙃
- Steel here means being tough, holding firmly, strict stop-loss,...
- Impermanence here means don’t all-in your house, car to the point where you cannot fix it, learn to rise from your failures. Feel as light as possible and still be able to smile when you are down 30%, halved, or down 5 times.
6. Treat your loved ones, wife, children, and family well.
