In the cryptocurrency world, money indeed comes quickly, but it leaves even faster.
Many newcomers come in and see others flaunting their earnings, thinking that all they need is one big investment or leverage. The result is often that they don't make money, but instead get schooled by the market.
I have managed to progress from a small amount of capital to now, not because I am bold, but because I have survived long enough.
Contracts are not essentially a 'quick money tool', but rather a machine that amplifies all your mistakes.
If you don't have rules, it shows no mercy.
The following points are, to put it bluntly, lifesavers for beginners.
First rule: If you're wrong, just leave, don't insist.
The market never feels sorry for you just because you can hold on longer.
Once you realize you're headed in the wrong direction and hit your own stop loss, admit your mistake and exit.
Small losses are costs, stubbornly holding on is an accident.
Second rule: If you keep losing, you must stop.
If you keep making the wrong calls several times, it means you're not unlucky; the market is not suitable for you.
At this time, the best thing to do is not to 'turn it around,' but to turn off the software and take a break.
Many times, looking at it the next day makes things clearer.
Third rule: Remember to take the money you earn.
The numbers in your account are not yours; only what you withdraw is yours.
Even if you don't earn much, you should develop the habit of regularly cashing out.
Otherwise, a wave of retracement could make all your previous efforts in vain.
Fourth rule: Only act when there is direction.
When the trend is clear, even with a light position, there are many opportunities;
When the market is choppy, whoever enters gets hit.
If you don't understand, don't do it; staying in cash is also a strategy.
Fifth rule: Never go heavy on positions.
Beginners are most likely to fail due to one thing: betting too much at once.
Keep your position light so you can withstand volatility and not be led by emotions.
Surviving is much more important than making a profit.
Lastly, let me say something heartfelt:
Contracts are not for you to turn your fortunes around; they are for disciplined people to amplify their advantages.
If you can't even manage basic control, no matter how high the leverage, it will only make you exit faster.
First learn to survive,
Let's talk about making money again.
