A letter to myself in 2024: From mentality management to seizing opportunities, 15 insights for traders

Original author: ML

Original compilation: Deep Chao TechFlow

Memo to Self: 15 Important Lessons for 2024

1. Don’t be afraid to take chances that may not seem obvious at first.

2. Don’t ignore potential opportunities because of laziness, unfamiliarity, already holding other coins, or participating in competing coins.

3. Be wary of recommendations on Crypto Twitter (CT). When analyzing an opportunity, be sure to think deeply and reason at multiple levels.

4. Trust your own analysis, trust your intuition, and take responsibility for your own investment decisions: the final profit and loss (PNL) is your own responsibility.

5. Don’t compare yourself to others: try to be happy for those who are doing better and learn from their experiences.

6. Learn to manage your emotions: Impulsive or emotional decisions often lead to bad consequences.

7. Find a balance between standing up for what you believe in and being open to new information.

8. Use your own strengths and don't blindly imitate other people's trading styles. There are many different ways to make money in the market, and the most important thing is to find the one that suits you.

9. Small profits or losses are acceptable, but huge losses are never acceptable.

10. Missing out on life-changing fortunes is a common experience (don’t let anyone tell you it’s a mistake), but be sure to learn from it and avoid making the same mistakes again.

11. Discover and understand your own cognitive blind spots, such as the “endowment effect” (that is, our tendency to place a higher value on things we own and undervalue things we don’t own).

12. Be kind to others, don't belittle others, and try to be helpful to those who come to you for advice. Regardless of wealth or status, never change who you are and how you treat others.

13. In the market, it is far better to actively choose to sell than to be forced to sell.

14. Opportunity is like a bus on the street, there is always another one coming. Don't be discouraged by missing an opportunity, there is never a shortage of new possibilities in the market.

15. No matter how good the idea is, it is ultimately worthless if it is not implemented effectively.

Merry Christmas to everyone! Looking forward to seeing you again on the order book!