I have accumulated about 20 million in the crypto world, starting with less than 60,000 in capital. I haven't looked for a job in 7 years and have been trading cryptocurrencies full-time. During this period, I experienced severe market fluctuations, but the key was seizing a few bull market opportunities.
1. The risk for each trade should be controlled within 10% of the capital, especially for beginners, it's better to keep it between 2%-5% to ensure that you won't lose everything in one trade.
2. After entering the market, never close your position early due to short-term fluctuations or lack of patience. The market needs time to ferment; patiently wait for the market to validate your strategy.
3. Each trade must be conducted according to plan; overtrading will only increase the possibility of mistakes.
4. After making a profit, adjust your take profit and stop loss to secure gains, continuously follow the market trend until you detect a trend reversal.
5. Setting stop-loss points is key to trading; do not cancel stop-loss orders lightly, and stick to risk management after entering the market.
6. Avoid greedily adding positions when the market is doing well, as this can lead to a break in the capital chain.
7. Transitioning from a long position to a short position requires extremely high trading skills; beginners should not attempt this lightly.
8. When trading is going smoothly, remain cautious, and avoid randomly increasing your position; otherwise, you may fall into the trap of complacency. This set of trading principles has helped me progress steadily in the crypto world and avoid many unnecessary risks
