Sharing experience about last night's long kill phase that caused Btc to collapse to the 34k8 and 34k4x(futu) range.
==>What lesson can we learn???
1. When the market is too excited, it is easy to get distracted.
2. Always set Stoploss clearly, Be Disciplined with this.
3. There are still a lot of odds left, don't be afraid of losing your chance, if you have money then you still have a chance. DO NOT HAVE MONEY TO LOSE OPPORTUNITY, guys. (It's better to drool than to shed tears)
4. Be Greedy when others are Fearful --> When Btc adjusts strongly, people are often scared, that's when we have the opportunity to shop at Super Cheap prices.
and
Fear when others are Greedy. --> When the market has increased too much, control your Greed, don't let greed cloud your reason, buying coins is easy to SUCK.
Some of my own experiences and in my opinion are very IMPORTANT for those who participate in the Crypto market.
1. Risk management: I realized that to make stable profits, we need to control our losses. The question is not how much you can win but how much you can lose as you continue to play this long-term game.
2. Study and improve knowledge every day: The market is always changing and our learning must keep up with trends.
Learning through YouTube, good friends, teachers,... helps us be more confident when trading.
3. Discipline is LIFE - Impulsivity and impatience are DEATH:
Setting trading rules and being truly disciplined with those principles will help us SUCCEED in this Crypto market.
4. Controlling emotions is the key to SUCCESS.
There are times when loss hits me very hard.
Most importantly, we learn that emotional resilience is just as important as financial resilience.
6. Practice recording your WINNING and LOSING trades.
Writing a trading diary isn't something I'm excited about, but it helps me understand my wins and, more importantly, my failures.
7. Patience AT THE RIGHT TIME is very important: In the early days of knowing Crypto, I thought trading more meant earning more money BUT this is not true and maybe at some point we LOSE PATIENCE - BEING HARD is a DEADLY MISTAKE. PEOPLE.
PATIENCE - WAITING - AT THE RIGHT TIME IT IS VERY IMPORTANT.