Doubling the currency is basic, ten times is normal, a hundred times is amazing, and a thousand times is legendary.
You can never make money beyond your knowledge. Even if you make money, you will lose it back. The money earned by luck will not be kept in the end. Only when you understand the pie that falls on your head, you can know where to catch the next pie!
Want to make a fortune in the cryptocurrency world? These are all things you need to know.
First, newcomers must go through a cycle and suffer some losses before they can calm down and look at cryptocurrency investment. Otherwise, no matter how many reminders you give, it will be useless, because newcomers don’t realize the importance of what I said. I dare say that only after you lose money will you remember this answer again. I am so confident~
Second, I know why you enter the cryptocurrency circle and hear about the legend of getting rich overnight, but please stay rational and calm. No money can be made easily. You see double, 10 times, or 100 times, but you don’t know how much homework others have done. It’s the same old saying, you can’t make money beyond your cognition, and even if you make money, you will give it back! I have seen many novices who drive Mercedes-Benz and BMW today and Wuling Hongguang tomorrow. Many times, it is made through hard work. The wind outlet is one aspect, and it is not something you can step on just because you want to. Long-term loneliness and patience wait for an outbreak. The more anxious the transaction, the easier it is to go wrong. Everyone wants to make quick money. After doubling, they want to double it by 5 times, 10 times, or 100 times. Greed, caution, and stupidity are the eternal weaknesses of human nature. Being both timid and brave is a common problem. The market tests human nature. Many times, trading is an anti-human operation! The market has always been cruel, and there is no philanthropist who gives you money! We need to stay calm when others are crazy, and we move forward when others retreat! Chairman Mao’s guerrilla warfare thinking will never go out of date!
Third, it is best for novices to test the water with a small position first to familiarize themselves with the process. Don’t say that I am a long-term investment and leave it alone. That is strategic laziness! Believe me, you will not be able to help but watch the rise and fall every day after buying the currency. Set a stop-profit and stop-loss line after buying the currency. If a coin doubles, you can withdraw the principal first, or if it rises to 5 to 10 times your expected price, you can choose to withdraw 50% or 30% first. This way, you can reserve enough funds to deploy other currencies, or you can make up for the position at a low position. Frequently adding positions at high positions are all leeks, especially avoid chasing ups and downs, and heavily warehouse all-in for altcoins and air coins!
Any investment market cannot escape the 80/20 rule, and the same is true for the cryptocurrency circle. After all, only a few people make money from cryptocurrency trading, and most investors are the ones who are harvested. There are many factors that lead to losing money in cryptocurrency trading, such as: chasing ups and downs, not having a complete investment plan, and insufficient knowledge. In summary, it is nothing more than the following six points:
1. Serious short-term thinking
Many people have serious short-term thinking. In fact, we should take a longer-term view, allocate positions reasonably, focus on the long term and supplement with the medium and short term, and also follow the short-term trend changes that we can see clearly.
2. Buy high and sell low
Chasing the rise and selling the fall is a mistake that almost every cryptocurrency investor will make. When they see a coin soaring and the whole world is discussing it, they will follow the trend and buy it. After they are trapped, they are reluctant to sell their stocks when they lose 10% or 20%, and they will hold on to it until the day when they can get out of the trap. When the price continues to fall and they lose 50% or even 60% or 70%, they will think that the coin is not good and sell their stocks directly to the floor, and then repeat this step again and again.
3. Lack of awareness
Many people do not think before investing. If a big V says this coin is good today, they will buy it immediately. If a rumor says that the coin will rise tomorrow, they will buy it too. As for why this coin is good or why it will rise, they have no idea. Others speculate on coins based on their own cognition, but you speculate on coins based on their cognition. It is impossible to invest without losing money in this way. We can use other people's cognition as a reference when investing, but we must establish our own cognition before that.
4. Too impetuous
Impatience seems to have become the norm in the cryptocurrency circle. Many people enter this market with the mentality of getting rich overnight, but they are not prepared to return to zero in one day, let alone the ability to get rich overnight. After buying a coin, they hope that it will go up after the purchase, double in three days, and increase tenfold in half a month. If the coin does not go up in half a month, or even suffers a loss, they will start to find all kinds of excuses for themselves, scolding the project party for not managing the market value, scolding the dog market for dumping the market, and blaming the big V for inaccurate predictions.
5. Not learning
Previously, a media outlet conducted a survey on investors’ understanding of digital currencies. Among the 778 digital asset investors randomly selected, less than 10% could quickly and accurately describe “what is Bitcoin?” and only 17 people could accurately explain “what is blockchain technology?” Although the statistical data is small, it is enough to illustrate the current situation of investors in the cryptocurrency circle. How can you have faith if you don’t even know what you are investing in? Without faith, how can you hold on to the lowest-priced chips or the best currencies? Learning is an eternal wealth, and only by continuous learning can you avoid being harvested.
6. Lack of sound investment philosophy
Most people do not have a complete investment plan before investing, and they just follow their feelings. This kind of investment method that relies entirely on intuition will definitely lead to a high probability of losing money if you encounter unexpected situations. Only by making a corresponding investment plan before investing, such as: how many currencies to buy? When to buy? How to allocate positions? Should you stop loss or cover the position after buying? Should you reduce your position in batches or continue to hold after making a profit? Only by summarizing a set of investment strategies that suit you can we deal with various situations, whether it is rising or falling, we can treat it calmly, so that at least we can make our mentality invincible and avoid the influence of mentality on making wrong choices.
Entering this industry is like embarking on an unknown journey. Sometimes the people you meet are just passers-by, but they may also be teachers who teach you how to manage risks.
Don’t always think that you can get rich overnight by making a small profit. Real success depends on patience and accumulation, just like a hen hatching eggs, you have to wait slowly.
Please: Like + follow the person who bought the coin with a hundred times the profit
