A Fool's Guide to Surviving in Cryptocurrency Trading: Surviving by the Word 'Wait'
Three years ago, I was like a drunk gambler in a casino, staring at the screen with bloodshot eyes at three in the morning, my fingers trembling as I chased prices up and down. It wasn't until my account shrank to only one-third that I understood a principle: in this market, it's not the smartest who survive, but those with the most patience.
My foolish method is summed up in one word: wait.
Wait for familiar signals to appear, wait for emotions to stabilize, wait for the market to provide clear answers. This seemingly foolish persistence has allowed me to turn monthly losses into an annualized stable profit of 70%.
A few life-saving insights gained through real money
1. Night trading is the real battlefield
Daytime trends are like a drunken sailor, swaying left and right with no certainty. I’ve suffered from too many false breakouts; now I only wait until after 9 PM, when the market has digested the daytime noise, for the real trend to surface.
2. Let indicators do the thinking for you
MACD golden cross and death cross represent the market's breathing rhythm
RSI overbought and oversold are like overheating warning lights
Bollinger Bands contraction and breakout signify the calm before the storm
When two out of these three indicators reach a consensus, it's time to act.
3. Stop-loss is the last dignity
I've seen too many people unwilling to admit defeat, resulting in small losses turning into liquidation. My rules are very simple now:
Exit immediately if the capital loses 3%
Lock in profits decisively if there's a 20% drawdown
Remember, staying alive gives you a chance to turn things around.
4. Always 'cash out' weekly
Withdraw one-third of your profits when you make money; this habit has saved me countless times. The cruelest aspect of the market is that it always delivers a heavy blow when you're most pleased with yourself.
5. The secret to watching the market lies in the time dimension
For short-term trades, look at the 1-hour chart: two bullish candles signal a charge
For volatile markets, look at the 4-hour chart: near support levels is the safe zone
I still use this 'foolish method,' but it finally allows me to sleep well. In this zero-sum game, sometimes the dumbest approach is actually the smartest choice.
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