Trade crypto only for the current status of the market and not for what you expect it to become
Today I was reading an article on crypto trading and not that I'm an expert trader, I thought it will be nice to share a few things that I know. In order to be successful in any trading, strong principle and practice are required. It isn't something that is applicable only to traditional trading but even for crypto trading, some strong rules are required. These ideologies prevent us from seeing loss even though we don't get bigger gains. I have made a lot of mistakes personally and I have learned from them. Learning will always be there and the learning we do will overcome our greed and show us the right path in trading.
When it comes to trading, emotions are something that should be kept aside. There is a high possibility that the market can change at any time. Having some prior expectations on the market and investing based on that carries lots of risks. Most of the time when we do investments, it is better to consider only the current status of the market and try to do some trading or investment. We shouldn't expect so much from the market as to how it should become in the future. That can be high risk.
There are many people out there who easily book profits in crypto trading. It doesn't mean that we will also be successful. If we are caught purchasing our assets during the peak time of the market and if there is a big fall following that, we have to again wait for years to get back our capital, and sometimes we may not even be able to get our investment back. If something worked for someone, it doesn't really have to work for us as well. I know a few friends who entered into crypto at the wrong time and they lost 50% of their investment value. They did not have the patience to wait for the next bull run and booked their loss.
Tomorrow the market can change upside down. Either towards the positive trend or towards the negative trend. We shouldn't expect too much. If we plan for the long term, then that's a different story, if we plan for short-term trading, we have to be very careful and keep our emotions aside. Also, when someone is doing daily trading their analysis should be perfect and their high value and low value should keep changing. Today the price of Hive is over 1.1$. They should not be expecting to do the trading expecting the price would drop to 80 cents. That's something for the future. The current trend should be understood and short-term trades should be executed based on that.
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