Author: cyclop, Crypto KOL
Translation: Felix, PANews
Many successful cryptocurrency investors also play poker. Many successful poker players also invest in cryptocurrencies. Poker experience is key to making profits in the cryptocurrency field. Crypto KOL cyclop has summarized 10 poker experiences applicable to the cryptocurrency field.
1. Whales Have the Advantage
The person with the most chips at the table calls the shots. In the cryptocurrency field, it's important to understand that whales can manipulate the market, and this is not a fair game. But by observing their moves, you can profit from it.
2. Wait for Good Hands
When playing poker, unless you're lucky, you can only win with good hands. This rule also applies in the cryptocurrency field. You can only make substantial profits in a bull market. During a bear market, learn or accumulate capital through other means, and then go all-in during a bull market.
3. Be Wary of Others' Advice
If you hear advice at the gambling table, ignore it; no one wants you to win.
In the cryptocurrency field, never fully trust others' advice, not even from experienced players, because you don't know their motives (perhaps they've been paid).
Anyone can make mistakes, always DYOR (Do Your Own Research).
4. Don't Draw Conclusions from a Single Bet
You may have been very lucky in a game, but still lost; if the odds are in your favor, it doesn't mean your strategy is wrong.
This experience also applies in the cryptocurrency field. No one can profit from every trade, but having 70 profitable trades out of 100 is acceptable. Look at the big picture.
5. Maintain Mental Health
70% of poker success comes from mental health. Improving your mental health and lifestyle will also help you invest in cryptocurrencies.
6. Small Wins Lead to Big Success
Focus on small wins, don't take risks or go all-in; in the long run, this strategy will be profitable. Don't bet all your stakes on a single token, always adhere to risk management. If it's a low market cap token, don't invest more than 1% of your position; if it's a high market cap token, set a stop loss.
7. Control Emotions
Be patient, but when you have a good hand, go all-in.
In the cryptocurrency field, don't take this literally; when the opportunity is worth it, consider increasing your position. For example, if you have confidence in a project, you can increase your position from 1% to 5-10%.
8. Cut Losses in Time
If you have a bad hand and have already placed a bet, consider folding if the flop doesn't turn the game around. Losing $50 is better than losing $500.
In the cryptocurrency field, if you initially thought the project was good, but things aren't going well, then cut losses and move on.
9. Correct Your Mistakes
Playing poker is about learning from mistakes. You may be fooled once, but you should learn from it and incorporate it into your strategy. In the cryptocurrency field, think about where you went wrong? Why did you go wrong? Identify the mistakes and correct them.
10. Master Numbers
Basic math skills give you a great advantage at the poker table.
Learn to read charts, understand token economics, develop a risk management plan, and calculate spreads and investment returns. All of these will give you a huge advantage and lead to huge profits.
Related reading: 23 Insights from 7 Years of Trading Experience through Three Bull and Bear Cycles
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