Many successful cryptocurrency investors have played Texas Hold’em poker and invested in cryptocurrencies. What can we learn from this to profit in the cryptocurrency field? This article is based on the 10 investment experiences summarized by cryptocurrency KOL cyclop, compiled, sorted, and written by PANews.
(Table of Contents:
Whales have advantages
Wait for good cards
Be cautious of others’ advice
Do not draw conclusions from a single bet
Maintain mental health
Small wins lead to big success
Control emotions
Cut losses in time
Correct your mistakes
Master the digital)
Whales have advantages
The one with the most chips on the table has the final say. In the cryptocurrency field, it is important to understand that whales can manipulate the market, and this is not a fair game. But by observing their actions, you can profit from it.
Wait for good cards
When playing Texas Hold’em, unless you are lucky, you can only win if you have good cards. The same rule applies in the cryptocurrency field. You can only earn substantial income during a bull market. During a bear market, learn or accumulate capital through other means, and then go all out during a bull market.
Be cautious of others’ advice
If you hear advice at the gambling table, ignore it. No one wants you to win. In the cryptocurrency field, never fully trust others’ advice, even from experienced players, because you don’t know their motives (maybe they have been paid). Anyone can make mistakes, always DYOR (Do Your Own Research).
Do not draw conclusions from a single bet
In a game of cards, you may have good luck but still lose; just because the odds are in your favor doesn’t mean your strategy is wrong. The same applies in the cryptocurrency field. No one can profit from every trade, but having 70 profitable trades out of 100 is acceptable. Look at the overall picture.
Maintain mental health
70% of success in playing poker relies on mental health. Improve your mental health and lifestyle, which will also help you invest in cryptocurrencies.
Small wins lead to big success
Focus on small wins, don’t take risks or go all-in. In the long run, this strategy will be profitable. Don’t bet all your chips on one token, always stick to risk management. If it’s a low market cap token, don’t buy more than 1% of your position; if it’s a high market cap token, set a stop loss.
Control emotions
Be patient, but when you have a good hand, go all-in. In the cryptocurrency field, don’t take this literally; when the opportunity is worth it, appropriately increase your position. For example, if you have confidence in a project, you can increase your position from 1% to 5-10%.
Cut losses in time
When you are holding bad cards and have already placed a bet, consider when to fold if the flop doesn’t change the game. Losing $50 is better than losing $500. In the cryptocurrency field, if you initially think a project is good but things don’t go well, cut your losses and move on.
Correct your mistakes
Playing poker is about learning from mistakes. You may be fooled once, but you should learn from it and incorporate it into your strategy. In the cryptocurrency field, think about where you went wrong and why. Find the mistakes and correct them.
Master the digital
Basic mathematical knowledge gives you a great advantage at the poker table. Learn to read charts, understand token economics, formulate risk management plans, and calculate spreads and investment returns. All of these will give you a huge advantage and result in massive profits.
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