I recently came across a post on social media. A
blogger hopped on a trend and bought 50,000
#BOME coins for 0.025. But within a week, he
couldn't hold onto them and ended up selling them for 0.012.
It's a classic example of a leaky mentality. If you can't hold on, you're bound to get cut. In the world of cryptocurrency, you need to be brave enough to take risks, but also wise enough to know when to stop. Don't always chase the bottom. Sometimes trying to buy at the lowest point can lead to bad decisions, indicating something's off in your strategy.
Once you're in the market and have established a position, the road ahead can either be filled with success or pitfalls. Some people enter your world just to teach you a lesson and then move on. Don't expect to turn things around with just a small profit. Like a hen, you have to accumulate bit by bit to achieve something substantial.
Newcomers might think it's okay not to set a stop loss in a volatile market, believing losses can turn into gains. But often, they can't recognize when it's time to cut losses. While the market may show clear signs of breaking, they perceive it as mere volatility. This is where rookies differ from seasoned traders.
Reflecting on a past liquidation on Luna, which cost me about US$60,000, I realize I was young and reckless, gambling with a full position and high leverage. In hindsight, if you're just gambling, go big.
But if you want to truly understand and profit from the market, you need to analyze it properly. There are various strategies to make money in this market, but mastering one strategy is key. As the saying goes, mastering one skill can lead to success anywhere.
In trading, it's not about how much you make quickly, but how steadily you trade and manage retracements. That's the mark of true ability.
