I am Zhang Lihui, born for trading. If you have any questions, you can always follow me. Recklessly entering the market is foolish, finding the right person is wise. A small boat drifts in the sea. If you don't hoist the sail, you will drift in the sea forever. Lihui currently has deep and unique insights into various currencies in the currency circle. Each analysis is not an emotional game or a release of emotions. Each opening and closing is a professional performance. Lihui strictly demands to write each analysis report carefully and convey valuable investment thoughts, hoping for value and gain!
So, what are the four attitudes and five major skills that a successful coin trader should have for long-term survival in the market?
Do not be proud and complacent when making a profit.
A proud person always ends up destroying themselves in pride. In the process of investment and financial management, if a person becomes proud and complacent because of making a profit, there will always be a day of loss. The reason is that a proud and complacent person will not listen to others' opinions and suggestions due to the little achievement they have made. Even when the market changes, they will stubbornly believe in themselves, neglect risk prevention, and may ultimately suffer losses.
Do not rush to break even when losing.
Making both profits and losses in coin trading is a normal phenomenon. After talking about profits, let's talk about losses. Profits can make some people proud and complacent, while losses can stimulate the desire of many people to break even. However, breaking even also depends on the timing. If you rush to break even, you will make irrational decisions. For example, some people eager to break even will bet all their coin trading funds on a seemingly promising coin. However, the market is always unpredictable and uncontrollable. If the coin price falls, not only will they fail to break even, but they will also incur more losses.
Do not be greedy for quick gains.
Accumulating wealth through coin trading and financial management is a long process. If, during this process, one is both greedy and eager to make money quickly, it is basically impossible to achieve wealth growth. Both of these mentalities will lead people to blindly pursue profits, lose rationality when faced with high returns, and blind investment will only lead to failure. Only by pursuing stable wealth growth can one balance risk and profit.
Do not be anxious about gains and losses.
Lihui believes that investors who are anxious about gains and losses often hesitate for a long time before investing, fearing that their money will be lost. After finally making up their minds to invest, this mentality becomes even more apparent. They will feel anxious and irritable as soon as they see a decrease in their account balance. If the decrease is significant, they will either withdraw their funds and leave, or they will seek insider information in the hope of breaking even quickly, ultimately resulting in losses. At the same time, if they hear news about the platform running away or having difficulty withdrawing funds, they will worry about the safety of their investment. Even if their platform has not experienced any issues, they may choose not to invest anymore, making it difficult to continue the investment and financial management journey.
If you cannot adjust your mentality well, it will be difficult to see the situation clearly and stabilize your investment mentality. Let's talk about the coin trading skills you want to know:
Use technical indicators but do not get stuck in the technical indicator quagmire.
There are countless technical indicators in the candlestick chart. Sometimes, learning too many of them can disrupt objective analysis. The ultimate goal of learning these indicators is to use them to obtain the necessary information. If you have obtained the necessary information from a certain indicator, there is no need to be entangled in other indicators, as many indicators in the candlestick chart have similarities.
Go with the trend.
Those who go with the trend prosper, while those who go against it perish. In terms of investment, one should go with the trend. Grasping the major trend is like boarding a spaceship, it will quickly take you to a high place, making it difficult not to make money. On the contrary, if you go against the trend, especially in a major market, you will fall into an abyss from which it is difficult to escape, causing significant losses. Therefore, grasping the trend is more important than anything else.
Although history does not repeat itself, there are lessons to be learned.
In terms of technical analysis, at certain times, it is indeed possible to capture clues from historical data. The cyclical pattern of the market will never change. Other markets are the same, going from an adjustment period to a growth period, from a growth period to a mature period, and from a mature period to a decline period, repeating in cycles. Therefore, historical data can be considered in technical analysis.
In-depth analysis of the news.
The currency market transmits a large amount of information every day, so it is very important to analyze this information in depth. As a qualified investor, the most basic thing is to learn to distinguish the authenticity of information. Especially, some half-true and half-false news can be very misleading, and sometimes a piece of news can directly affect the directional judgment of the market.
Summarize experience and find a set of methods that suit you.
Watching fish by the pond is not as good as retreating and casting a net. If you don't enter the tiger's den, how can you get the tiger's cub? We always envy others for being able to invest and earn a lot of money in the currency market. We always watch others operate vigorously, but we dare not enter the market ourselves, afraid of losing everything. Lihui suggests that if you have enough knowledge and skills, how many opportunities will you have in life?
The two main factors leading the market, technology and news, have always been a topic of debate among investors. Whether the market is led by technology or news, in fact, it is neither. It is the human mind that leads the market. Without the drive for profit and the influence of greed, there would be no traps and struggles. In the market, one must deeply understand the way of advance and retreat, to be as stable as a rock in the wind, and to turn danger into safety in a trap. As the saying goes, if you trust me, I will repay you with profit!
I interpret world economic news, analyze the global trend of the currency circle, and have conducted in-depth research on currencies such as Bitcoin, Ethereum, Litecoin, DOT, etc. during my study in the United States. For those who do not know how to operate, you are welcome to comment and leave a message!
This article is exclusively published by Zhang Lihui and does not represent any official position. The publication and review of the article have a time delay. The above points are for reference only, and the risk is self-borne. Investment is a practice. Understanding what to choose and give up can lead to success. Lihui is willing to walk with you on this road, becoming stronger and happier!
Translated from Chinese
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