Cryptocurrency is getting more popular with time, and many people have started to discuss it more and more. Many countries have started to legalize cryptocurrency and accept it as a payment method because they know that cryptocurrency is the future money of the world and there is no benefit to resisting it. They know pretty well that they can't stop people from using cryptocurrency.
One can make a very good career in the field of cryptocurrency, but cryptocurrency is designed in such a way that everyone can't make money from it. Only smart people can develop a good career in this field. If you want to make money, then you need to be smart otherwise, you will lose your money easily, and that's the rule here. it's also a fact many people fear entering the world of cryptocurrency.
Smart people are making money in cryptocurrency, but most of them are losing their assets here. What makes the difference here? It's the knowledge and the decision-making ability. To be honest, most people still don't have proper knowledge about cryptocurrency. Little knowledge is very dangerous most of the time, and it's the same in the case of cryptocurrency. At the beginning, when people started to know a little bit about cryptocurrency, people think it's very easy to generate money from it. They think that they just need to buy a crypto and then wait to sell if the price goes up. They don't have any specific game plan for what to do, and many of them don't know about stop-loss and how to use it. If anyone wants to make a profit, then it's necessary to understand when to enter and when to exit a trade. Some people lose their money because of their greed, and some people lose money because of their fear.
The another reason for losing money is getting influenced by YouTubers or someone else and taking entries without considering anything. Without any kind of research or analysis, taking entry in any trade is nothing more than a foolishness. But most of the people make the same mistakes again and again.
Patience is required in the field of cryptocurrency. If you have no patience, then cryptocurrency is not for you. Without patience, loss is inevitable. But many people don't understand the true meaning of patience in the field of cryptocurrency. There are actually two types of patience. One type of patience is you buy a crypto and then you need to wait for some time to raise the price of the crypto and sell it after reaching the desired price. And that is what true patience means in crypto. The another kind of patience is you buy a crypto, but if any kind of reason your cryptocurrency price drops, you may suffer a huge loss if you sell. So forcefully, you need to wait for the same price to rise if you don't want to bear the loss. In a word, in this case, a fund stuck in cryptocurrency and you are forced to wait to avoid losses, and that's not actually patience because it's kind of a trap.
So before taking any entry, doing research, making an entry and exit plan, and setting up some backup plans are very necessary; otherwise, you may be stuck for a long time.
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The crypto space is filled with lessons to learn and the mistakes we make are part of that :) It can be tough to manage our expectations and emotions and have strategies to employ when navigating the space. I agree, we should do our due diligence before making any investments.
Hehe. But most of us invest in crypto without thinking anything just based on belief or fake hope given by influencers. Making money in a bull market is not difficult but securing that money till the end of the bear market is challenging.
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