There are more people who lost everything overnight in the cryptocurrency circle than those who became rich overnight. There are also people around me who made a lot of money overnight, but they kept it and did not lose it all due to their own strength.
There are a few isolated cases, but there are still many people who frequently get liquidated.
Don't be a gambler in the cryptocurrency circle. The probability of becoming rich overnight is far less than that of becoming zero overnight. Take one step at a time. Charlie Munger said: When the probability of success is high, place the biggest bet, and the rest of the time, do nothing. Note that the key to this sentence is not "the biggest bet", but "do nothing". In other words, there are few opportunities for market certainty, and most of the time, investment is actually waiting. In the process of waiting, the most important thing is to ensure the safety of funds.
The cryptocurrency market has been bullish for more than two years. If there were still obvious bull and bear cycles like before, this time should end soon, so be cautious in the future; if you haven't made money in the bull market of the past two years, thinking you can make money at the end is a bit far-fetched.
Holding onto profits and patiently waiting for the next upward cycle, how much one can earn depends 99% on the course of history, not on one's efforts. Only when your efforts coincide with historical processes does it make sense to work hard.
In other words, you will only succeed if you get the direction right and roll over during significant trend fluctuations. Without major fluctuations, no matter how hard you try, you are wrong.
Stay patient and wait for the next big trend.
Whether in life or trading, there are rarely things you can control; more often it’s about fate or momentum. As Buffett said, my success is like winning the womb lottery, being born in America, in a century of American fortune.
If Buffett were born in China or even Africa, no amount of effort would make a difference.
Personal success must rely on the big trends, whether in entrepreneurship or trading, it’s the same. When there is no trend, focus on self-improvement.
Don’t be afraid, just do it.
You can't be afraid to trade; if you're afraid, you're basically done. You want to open a position but are scared of losing, so you don't, and if you don't open a position, how do you make money?
It’s like pursuing girls; you need to be bold, thick-skinned, and willing to try. So what if you get rejected? Summarize your experience and continue to pursue another.
The same principle applies to trading: if you see an opportunity, open a position and give it a try. If you’re wrong, cut your losses; if you’re right, hold on. It’s that simple.
Think about how many opportunities in life you have missed because of fear.
I absolutely hate people who are weak-willed, hesitant, indecisive, and not assertive.
Many people come to the trading market wanting to make big money, after all, they saw others making big profits and came here. But think about it, is it really that easy to make big money?
If you work for someone else, how hard is it to earn over ten thousand a month? Earning over 300,000 a year is difficult; how hard is it to earn a million a year?
In fact, the median income in cities like Beijing, Shanghai, Guangzhou, and Shenzhen is only around 7,000 to 8,000. Earning 200,000 a year would filter out the vast majority of people.
When working a job, no one thinks they should earn hundreds of thousands right away; they request wages based on reality. But in trading, you come in wanting to earn hundreds of thousands or even billions; is that reasonable?
Success cannot be achieved overnight; just like having a baby, it takes ten months of pregnancy.
At the beginning, think more about how to earn more than you do at your job, like making hundreds of thousands a year. That goal is quite achievable, right?
First, achieve this before thinking about how to make big money.
This market is very unfair; the more you earn, the easier it is to make money; the more you lose, the easier it is to lose money.
It's because of mindset.
The more you earn, the less you will care about whether you can make money; if you are indifferent to money, your mindset will improve.
The more you lose, the more you want to break even; the more you care about money, the worse your mindset becomes, leading to even greater losses.
A good mindset can only be achieved through long-term experience or through the amount of money you have.
Understanding certain issues might help you to see things more calmly.
