Entering the financial market is like stepping into a large-scale money game, especially the crypto market. Although it's called a "money game," this game does not rely on chance; it is a game of intellect, experience, and a bit of luck.
Thus, it may be in some situations that "the saint helps the fool" but you should not rely on luck to win in the market. Build your intellect and accumulate many experiences when dealing with this market.
Since the crypto market is also a 'money game,' to win this 'game,' you need to understand the Rules of the Game. The Rules of the Game can be understood as important mindsets that shape your style and guide your actions during your market exploration $BTC
First mindset: The market is always right
There is a famous saying: “Do you want to be right or do you want to make money?” from the original English “You want to be rich or you want to be right?”. To win in the crypto market, one of the basic principles you need to understand is that The market is always right.
Arguing or debating with the market that you are right does not help if you are not making money. Therefore, always stay alert to understand that if you want to survive and win, you need to respect the rules of the game and not have a 'win or lose' mentality with this market.
There are many cases where investors based on fundamental analysis (macro and micro) or technical analysis... believe that the market will definitely go up or down soon, thus being stubborn and thinking they are right. In the end, the market does not follow their analysis, which makes them frustrated and creates a feeling of resentment. In reality, this is not a wise action. Because after being angry, can you make more money?
Second mindset: The trend is you
Any market has its cycles. Understanding the cycles, grasping the principles and characteristics of the cycles will help you somewhat grasp the long-term trends of the market.
Similarly, when entering the crypto market, you should supplement your knowledge about the cyclical nature of the market, important time milestones and events, such as the Bitcoin Halving, the crypto market cycle lasting 4 years... Once you have knowledge about this cycle, investors can allocate capital and have a suitable investment plan. Because in the end, no matter how much money you have, if you enter the market during a downtrend, enduring the pressure of dividing assets multiple times is not a pleasant feeling.
Always enhance your knowledge and experience with the market to be proactive in your investment strategy!
Third mindset: Who are you in the market?
Everyone entering the market carries unique skills and strengths that they can build a suitable development direction from. The crypto market always welcomes individuals with unique qualities to develop and grow in this market.
Accurately identifying your strengths will save you a lot of time in achieving success. Everyone knows that time in the crypto market seems to pass faster than in traditional financial markets due to the 24/7 trading platform or the 4-year cycle compared to the 10-year stock cycle out there.
I myself have spent a lot of time researching and finding the right path for myself. For instance, some people are strong in trading (trader), or fundamental analysis to become long-term investors (holder/investor), or some people are strong in management and business development (becoming founders)... you have countless choices when stepping into this market.
In reality, there are many job groups you can work in the market. These job groups not only help you understand yourself but also help you earn money or a lot of money when becoming an expert in that job group. That is your ultimate goal, right?