A letter to myself in 2024: 15 insights for traders from mindset management to seizing opportunities

Original author: ML

Original compilation: Deep Tide TechFlow

Memo to myself: 15 important lessons for 2024

1. Don't be afraid to try opportunities that may not seem obvious at first.

2. Don't overlook potential opportunities due to laziness, unfamiliarity, already holding other coins, or participating in competing coins.

3. Stay vigilant about various recommendations on Crypto Twitter (CT). When analyzing opportunities, be sure to engage in deep thinking and multi-layered reasoning.

4. Trust your analysis, believe in your intuition, and take responsibility for your investment decisions: the final profit and loss (PNL) is borne by you.

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

6. Learn to manage your emotions: impulsive or emotional decisions often lead to poor outcomes.

7. Find a balance between sticking to your beliefs and accepting new information.

8. Leverage your strengths and avoid blindly mimicking others' trading styles. There are many different ways to make money in the market; finding what suits you is the most important.

9. It's acceptable to have small profits or losses, but you must not endure significant losses.

10. Missing out on life-changing wealth is a common experience (don't let others tell you it's wrong), but be sure to learn from it to avoid repeating the same mistakes.

11. Identify and understand your cognitive blind spots, such as the "endowment effect" (the tendency to assign higher value to things we own while underestimating what we do not own).

12. Treat others well, do not belittle them, and try to help those who seek your advice. Regardless of wealth or status, do not change your nature and how you treat others.

13. In the market, choosing to sell proactively is far better than being forced to sell.

14. Opportunities are like buses on the street; there will always be another one coming. Don't be discouraged by missing one opportunity; there are always new possibilities in the market.

15. No matter how good an idea is, it ultimately has no value without effective execution.

Wishing everyone a Merry Christmas! Looking forward to meeting again on the order book!