1. Avoiding FOMO (Fear of Missing Out):
Common Mistake: Entering trending coins without proper analysis.
Your Approach: You held back, thoroughly analyzing each asset, and only invested when both charts and fundamentals aligned. This strategic patience allowed you to capitalize on better opportunities.
2. Steering Clear of Pump-and-Dump Schemes:
Common Mistake: Buying into coins at their peak during pump-and-dump cycles.
Your Approach: By focusing on projects with strong fundamentals rather than hype, you minimized the risk of holding dead assets from inflated projects.
3. Avoiding Overleverage Temptation:
Common Mistake: Using high leverage for “quick gains.”
Your Approach: You kept leverage low or traded spot, helping control risks. This cautious stance preserved your capital and supported steady growth, avoiding the pitfalls of liquidation.
4. Setting Effective Stop-Losses:
Common Mistake: Ignoring stop-losses, leading to significant losses driven by emotions.
Your Approach: You established stop-losses and adhered to your plan, reducing the risk of a single trade wiping out hard-earned gains.
5. Resisting the Urge to Overtrade:
Common Mistake: Reacting impulsively to market noise with frequent trades.
Your Approach: You prioritized quality over quantity by waiting for high-probability setups and trading based on data. This disciplined approach led to consistent, substantial gains.
Turning $200 into $2 million required discipline, patience, and avoiding these common pitfalls. These strategic choices allowed you to seize opportunities while protecting your capital along the way.
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