The most resonant sentence I've been reading these past few days is: "No one knows the future better than you." Therefore, rather than trusting prediction experts and analysts, you should trust yourself. Especially when facing the market, they won't be paying for your money.
Reviewing my previous trading, I've overcome several hurdles:
1. Timeframe: When others talk about short-term, medium-term, and long-term, I get confused. I use long-term goals for short-term trades.
Ultimately, short-term fluctuations exceed my actual loss tolerance, leading to stop-loss orders.
2. The loss I think I can withstand is completely different from the actual loss after placing an order, causing me to stop-loss early. This is because the pain of facing losses is twice that of making profits, for the same amount of money.
3. From following various KOLs and combining their collective views to filtering out noise, I have a fixed procedure for analyzing the market and trust myself.
4. Overcoming the fear of market crashes: I was afraid to buy the dip—> even if I bought the dip, I was afraid to hold because of the potential for a second dip—> I bought the dip, held, and profited from the rebound. The best time to place orders is when prices are falling. The tuition fee in this process is 0.3 BTC, or if you include other market conditions, it's definitely at least 50 BTC.
5. Currently overcoming: Greed. Knowing I was trading a rebound, I wouldn't exit when prices surged by 10-20 points.
Profits were cut by 70%. Now I'm having AI review my trades and adjusting my strategy.
6. Position control: Reduced my crypto assets from 80% to 30%. Maintaining sufficient daily cash reserves. This way, I can maintain a stable mindset during market crashes and avoid unbalanced trading or going all-in.
This is the most useful adjustment I've made in retrospect.
The experience of losing 90% of my total assets after the bull market ended and the market turned bearish was incredibly painful.
7. Regularly withdrawing funds, treating the crypto market like an ATM, not a money-making machine. Last year, this was done well, but this year I was too caught up in the rhythm, always wanting to surpass previous gains, and didn't withdraw funds. Two major pullbacks wiped out most of my profits, causing significant losses.
Still working on it: Timing is crucial in the cryptocurrency market, both for investment and timing. When the overall trend is upward, speculation is natural, and funds flow wildly. But when the overall trend is downward, speculation (especially on volatile coins) becomes difficult.
