The crypto market is currently very unstable. I am easily affected, in panic selling conditions like now I sometimes sell bitcoin at a price lower than the purchase price. The result is a fatal loss.
So far, I have only relied on news information obtained from forums and social media and a little understanding of the foundation of price charts and market movements to make investment decisions in Bitcoin.
Then what is the way so that I can make a big profit ...?
How to effectively avoid unnecessary losses ...?
The main problem is already in your posts which is panic selling. If you can overcome panic selling and then continue to hold then that is where you can achieve huge profits. The law applies in to any investments like taking care if your business until it grows bigger and getting tempted to stop because you don't see quick returns immediately.
It is our strategies and effective planning are the things be needed to run a business which could possibly resulting into good and profitable. Worries, emotions will be our enemy in this field and we mostly affected it causing into not thinking the right decision, and it get worst to think of quitting.
The first thing is to change your mindset about gaining big profits and avoiding unmecessary losses. Even long time traders experience those all the time. Just don't be afraid of the risks and accept the losses as lessons. Along the way you'll eventually pick up trading strategies that would work for you. Trading requires huge amount of patience.