7 Years of Trading Coins: The Top Ten Points for Becoming Wealthy Through Trading (Worth Collecting)
Is it feasible to become rich by trading coins?
In the crypto world, achieving financial freedom and class advancement must adhere to the iron laws of the market: The top ten points for becoming wealthy through trading coins.
1. Keep a Close Eye on Bitcoin Trends
In the crypto world, Bitcoin often leads the rise and fall. While Ethereum can sometimes perform independently, most altcoins are influenced by it.
2. Pay Attention to the Relationship Between Bitcoin and USDT
Bitcoin and USDT often move in opposite directions. When USDT rises, be cautious as Bitcoin may fall; when Bitcoin rises, it’s an opportunity to buy USDT.
3. Seize Trading Opportunities in the Early Morning
From 12 AM to 1 AM, spike phenomena are common. Domestic coin traders can place low-price buy orders for their desired coins before sleeping and high-price sell orders, which may lead to pleasant surprises and easy profits.
4. Observe Morning Price Trends
From 6 AM to 8 AM each day is a key time to determine whether to buy or sell. If there is a continuous decline from 12 AM to 6 AM, and it continues to fall, it’s advisable to buy or add to positions, as there’s a good chance of a rise that day; if there is a continuous rise, and it continues to rise, it’s advisable to sell, as there’s a high probability of a decline that day.
5. Pay Attention to Afternoon Volatility
Particularly at 5 PM, special attention is needed because of time differences, as US traders begin to operate, which may trigger price fluctuations. Many significant rises and falls occur at this time.
6. Be Cautious of “Black Friday”
There is a term “Black Friday” in the crypto world; while there may be significant drops on Fridays, there can also be large rises or sideways movements, so keep an eye on the news.
7. Be Patient with Declining Coins
If a coin with a certain trading volume declines, don’t worry; holding patiently may allow for a return to break-even. It could take as short as 3-4 days or as long as a month. If you have extra funds, consider buying in batches to speed up recovery, unless it’s a worthless coin.
8. Stick to Long-term Spot Trading
Engaging in spot trading, holding the same coins long-term with less trading, often yields greater returns than frequent trading; it just depends on your patience.
9. Pay Attention to External Influencing Factors
The crypto market is volatile due to various influencing factors, such as countries' attitudes towards cryptocurrencies, which may lead to declines if negative; U.S. financial policies, such as rumors about taxes on the wealthy; and opinions from influential figures in the crypto space, like comments from Musk. Stay informed with financial news.
10. Maintain a Good Mindset While Trading Coins
Having the right mindset while trading coins is crucial; don’t panic during significant declines, and don’t become arrogant during significant rises; securing your profits is key.
