Many people think that investing in the cryptocurrency market is simple:
Put in ten thousand dollars, don't pay any attention, and sell out for a million after ten years.
However, the reality of the cryptocurrency market is like this――
You enter with ten thousand dollars, and the next day it becomes five thousand. At night, you toss and turn, unable to sleep. Every late night, when you're woken up by the need to urinate, you check the market on the app.
After enduring for a year, the coin price fluctuates between 1000 and 6000. You're exhausted and determined: if it rises to 9000, you'll cut your losses and exit. However, when the bull market comes, your coins rise to 8500. You recall the past several ups and downs and think it must retrace to 6000, so you sell at 8500, planning to wait for a dip to buy back.
You definitely made a profit, but this time, the market didn’t go back to 6000. Instead, you thought, if you don’t get back in, you might miss the opportunity, so you chase and buy back at 9000. Your position is back, but you have fewer coins. Then, it retraces from 9000 to 7000, and you waver again. Watching it rise all the way to 12000, you finally make a profit, but when you calculate the annualized return, it’s only 20%. You comfort yourself: this is still a good investment!
This is the true portrayal of a novice: all-in, full position, cutting losses, chasing highs and selling lows, repeatedly fidgeting.
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