$SOL The year I first entered the cryptocurrency space, I had a principal of 110,000 and made contracts, every direction I got right—Bitcoin I was bullish on, Ethereum I was bearish, and the market followed my judgments.
$ZEC But in the end, my account was almost wiped out. Where did the money go?
$XNY It wasn't that the market reversed, but I stepped into three deadly pits.
The first was opening positions too hastily; seeing a breakout, I chased it, only to find out that was the line drawn by the market makers intentionally. Once I rushed in, I was hit hard.
The second was having a rigid stop-loss; I set a fixed 3%, and with the market shaking slightly, I got swept out, even if my direction was right, it was useless.
The third, the most fatal, I would often go all-in with heavy positions. A single needle could pierce through and cut my account in half; at that moment, I was completely stunned.
These three lessons were bought with real money:
Positions should be light, enter in several batches, and always leave some room.
Stop-loss must be flexible, adjust it with the market fluctuations, don’t stubbornly stick to a number.
When uncertain, it’s better to stay out than to act rashly.
No matter how accurate your direction is, it can't compete with calmness and discipline.
It was from then on that I learned to be conservative and gradually took control of my rhythm.
The market never fears who can predict accurately; it fears that you won’t survive until the right day.
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