One of the biggest mistakes newbies make is pricing everything in dollars. Dollar is a shitcoin. The Fed can outpace your profits by printing another trillion at any time.
When I first got into bitcoin, I made the same mistakes. Oftentimes, I was gaining dollars but losing sats without even realising it.
I stopped actively trading few years ago and I’ve never lost money since. My strategy since 2018 has been making monthly recurring purchases. I have auto DCA set up. There are apps that allow you to auto DCA as little as even $10.
With my auto DCA strategy, I don’t worry about whether the price is going up or down. I rarely look at the charts. Every month, my BTC stack is growing regardless of the dollar price.
Bitcoin is the hardest and most valuable money in the world. Everything else is a short term distraction. Your goal should be to accumulate as much of the 21 million BTC as you can. You’re in a race against 8 billion people.
Stop looking at the price every day. Stop overtrading. It’s stressful and very rarely ends well. So many day traders and leverage traders have made millions and ended up losing everything on one bad trade. Stop listening to social media influencers and celebrities. They’re full of shit. They prey on your ignorance to line their own pockets.
Keep it simple and stress free. Switch to low time preference. Start working towards a simple accumulation strategy with the goal of having more sats than you did last month.