Richard Teng, Binance CEO, has offered a concise guide to investors in the crypto space that could help them succeed in their investments. He shared the insights on the social media platform X with users in the community.
According to the update, traders and investors must follow three key steps to success. The first is to "set the rules." This implies establishing clear principles or guidelines for any asset one intends to engage in the crypto space.
Teng suggested that every trader must have a personal investment rule that includes how much risk to take, when to close a trade for profit-taking regardless of market performance and when to cut their losses.
Deciding ahead of time before engaging could provide clarity of thought and ensure decisions are not reached based on emotions. Many investors have suffered huge losses due to sentimental trading and not following the rules.
The Binance CEO also highlighted that investors need to refine their strategy. In crypto, things move fast, and the market continually evolves. It is critical for investors to continuously monitor market trends and adjust accordingly to avoid a knowledge gap that could lead to losses.
For instance, a crypto exchange such as Binance could decide to delist a trading pair. Usually, this comes with a prior notice and time frame for market participants to convert their assets. However, such assets could be lost forever for an investor who is not current with this information.
Finally, Teng urged all crypto market participants to "keep emotions out of decision-making." Notably, reacting impulsively in the industry is dangerous to investment.
He warned traders to avoid panic buying or buying assets due to fear of missing out (FOMO), which could lead to losses.
Although there are no clear reasons behind Teng sharing the three-step success mindset tips, the Binance CEO generally provides warnings, guides and tips in the crypto industry. The current volatility in the crypto space might also be a factor.
As of press time, the general crypto market has declined by 1.24%, likely due to regional conflict in the Middle East.
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