In less than a week of trading cryptocurrencies, I've already lost 80%. What should I do?
The premise of successful trading is to adhere to discipline. Here, I will share my over 10 years of experience in the crypto world with everyone!
Worth collecting and learning repeatedly!
1. Never say the top during an uptrend or the bottom during a downtrend. Many people don't believe Bitcoin can reach $150,000 because the bull market hasn't arrived yet. Just because you think $68,000 is the bottom, would you believe it if it drops to $62,000? In the end, it dipped to $56,000.
2. It's best not to exceed 5% for each trade. Why is it harder with smaller amounts? True experts build their positions in increments of 5%. Just think about how many opportunities they have to experiment! How low their cost is!
3. Being afraid of highs means you're in a difficult position. You need to understand that major players have a high cost in a certain cryptocurrency, including promotion fees, token costs, development fees, etc. This isn't just 20%-50%, but several times, even dozens of times.
4. A bull market is the only opportunity for a turnaround.
5. The lagging nature of technical indicators. This means technical indicators can only serve as references, not as the main basis for buying and selling. When there’s a strong uptrend, technical indicators look good, but they might have already risen too high. Would you chase after it? Take the MACD indicator as an example; it can give a buy signal one day and then a sell signal the next. This happens all the time.
6. Firmly believe that you will eventually overcome the market. Which big players aren't filled with confidence? Everyone has suffered losses, but no one has ever been knocked down! If you don't even believe that you can make money, do you think you will actually make money?
If you like contracts, enjoy market analysis, and studying technology, click on my avatar. I'll share my years of experience and tips in the crypto space for free. I'm here waiting for you, always online, welcome to discuss and improve together.