How I Stopped Losing Money in Crypto: The Journey from Learning to Success

In the volatile world of crypto, losing money is inevitable for many investors, including seasoned people. I've also seen my portfolio "bleed" in a way that makes my heart ache every time I look at a chart. However, after a period of learning and adjusting the strategy, I have found the secrets to mitigate risk and turn the investment process into a sustainable and effective journey. Below is a detailed sharing of the changes that have helped me improve my trading results.

1. Stop FOMO and Don't Follow Price Booms In the past, I used to get caught up in the feeling of "FOMO" (Fear Of Missing Out) and chase coins after they exploded. I thought that if I bought when the price was rising, the profit would come quickly. However, the reality is that when you buy at the time of "following the crowd", the coin may be at its peak and you only get the seller's crack number back. My strategy changes as follows: Buy when the price falls: Instead of chasing the crowd fever, I learned to wait patiently for the moment when the price touches important support levels. When market sentiment becomes panicked, falling prices are even more attractive for those who know how to wait. Use limit orders: For example, instead of buying BTC at prices that are too high (như 100K+), I set limit orders at strategic support levels such as 70K or 80K, which helps optimize buying points and minimize risk.
2. Realized profits through periodic profit-taking One of the most important lessons I realized was that "Unclosed profits are unpaid profits". While holding the coin in the hope of rising in price in the long run can be hugely profitable, if you just look at the virtual data on the screen, you haven't really made any profits yet.

Specific changes: Partial profit-taking: When a coin rises in price by 30-50%, I start taking partial profits on my portfolio. This helps to "lock" in existing profits, reduce psychological pressure and avoid risks when the market turns around. Real-world example: Instead of waiting for the coin to "explode" endlessly, I took profits on several positions, ensuring that even if the market fluctuates, the profits that have been protected will not be lost. 3. Abandon high-risk "hype" coins One of the pitfalls I've fallen into is chasing a "100x chance" based on social media trends or Twitter rumors. For the most part, these coins are just high-risk gambling games and are often easy to "default" later. My solution: Focus on projects with real potential: Instead of hunting for "hype" coins, I researched and selected projects with solid foundations and long-term growth potential such as ETH, ADA, and DOT. These coins are not only worth investing in, but also have practical applications in the blockchain ecosystem. Risk reduction: Investing in projects with good technical and economic foundations helps me reduce risks compared to chasing short-term "crazes". 4. Master market trends and analysis tools "Blind" trading not only causes losses but also loses the opportunity to profit from predictable fluctuations. Learning how to do technical analysis and grasping market trends has been key to helping me make more accurate decisions.

Some of the tools and strategies I use: Observe technical indicators: Monitor charts, identify patterns such as "Higher Highs & Lower Lows", identify support and resistance levels, as well as use the RSI indicator to assess overbought or oversold. Clear planning: Each of my trades has a clear scenario with a predefined entry point, stop loss point, and take profit point. This helps me not to get caught up in emotions when the market fluctuates sharply. 5. Develop an emotionless trading mentality One of the key factors that determine success in crypto investing is psychology. I've fallen into the trap of emotional decisions – selling off when prices fall, or even panicking when the market suddenly reverses. My trading psychology training journey includes: Develop a trading plan and stick to it strictly: Before each trade, I made a detailed plan and tried not to let emotions dominate my decisions. Stay calm: When the market becomes chaotic, instead of overreacting, I keep myself calm and stick to the plan. This not only helps minimize losses but also creates an opportunity to take profits at a good price. Conclusion: Patience, discipline, and strategy are the keys to success Crypto investing is not a path to quick riches without risk. It's a game of patience, strategy, and discipline. When I gave up the habit of chasing the craze, started taking profits periodically, focused on quality projects, and mastered market analysis, my portfolio gradually stabilized and avoided painful shocks. If you're tired of consecutive failures, try applying these principles. Smart investing is not only about seeking profits but also about protecting your capital against unforeseen risks. Remember, in the crypto world, patience and discipline are the strongest "weapons" of successful investors.