I have earned about 32 million yuan from the cryptocurrency circle. At the beginning, I had less than 120,000 yuan in principal. I did not look for a job for seven years and traded cryptocurrencies full-time. During this period, I experienced drastic market fluctuations, but the key was to seize several bull market opportunities. The following is my summary of experience:
1. The risk of each transaction should be controlled within 10% of the principal, especially for novices, preferably between 2%-5%, to ensure that you will not lose all your money in one transaction.
2. After entering the market, you must never close your position in advance due to short-term fluctuations or lack of patience. The market needs time to ferment, and you must wait patiently for the market to verify your strategy.
3. Each transaction must be carried out as planned. Excessive trading will only increase the possibility of mistakes.
4. After making a profit, adjust the stop profit and stop loss to protect the income, and keep following the market trend until you find a trend reversal.
5. Setting a stop loss point is the key to trading. Do not cancel the stop loss at will. After entering the market, you must insist on implementing risk management.
6. Avoid greedy additional positions when the market is going well, which can easily lead to a break in the capital chain.
7. Switching from long positions to short positions requires extremely high trading skills, so novices should not try it easily.
8. When the transaction is going smoothly, be cautious and avoid adding positions at will, otherwise you will easily fall into the trap of carelessness. This set of trading principles helped me to move forward steadily in the cryptocurrency circle and avoid many unnecessary risks
