Without wasting much of your time i will be short and precise: How you approach the market determines for how long you will survive in this trading business. Lot of traders will remain newbies and amateurs for years because they are going round and round on the same place.
How to Approach the Markets?
If you approach these markets in a wrong way you will get burnt, remember these markets are volatile and they always go up and down. Just like a gambler who knows when to play and when to run, if you buy certain crypto assets you should know when to take profit.
So traders purchase crypto assets and hold them for so long to the extent that they will lose the profits they were holding and close in loss. For example there are some who bought Bitcoin at $60k and it reached $67k and they kept on holding but now its trading at around $54k something now they are holding their losses. So depending on which type of a trader and how you intend to deal with your portfolio you just have to make sure you make wise choices.
If you are buying Stock, Shares an Crypto with the intention of holding for so long as maybe 5 to 10 years then you do not have to worry because you know market always swings up and down it will always come back around.
Lack of Patience
I always like using examples of things which surrounds us e.g if you follow how lions hunt you will learn something and apply it to you trading skills. If have noticed lions are very patient when they are hunt. When they have eyes on a certain prey even if there are mo than 50 preys which comes near them they will never be distracted and change plans, they will always stick to plan and that is how traders should do.
Only trade when necessary and when all conditions are met and you are sure that the odds are in you favor. Do not chase the price, instead let the price come to you. If you see that the price is going up massively do not just jump in but wait for it to give you an opportunity to jump in to make sure you do not make losses.
Fear Of Missing Out is the main reason why we end up buying assets at higher prices and the price then fall hard and we end up holding losses. You just have to make sure you approach the markets with caution to avoid being in positions you will regret.
