Want to double your money in the crypto world? Here are 7 tips you can refer to, especially the last one is very important.

Many people think trading cryptocurrencies is like gambling, but the difference between doing well and poorly often lies in knowledge, execution, and mindset. Especially when the market is on the rise, friends with limited capital need to grasp the rhythm well. Below are some practical tips I’d like to share:

1. Trading at night is more rational.

There are many messages during the day that are hard to distinguish between true and false, making it easy to be swayed by short-term emotions. Trading after 9 PM makes the market relatively stable, the trends clearer, and decision-making less impulsive.

2. Don’t keep all your profits; locking in some is safer.

For example, if you made 1000 U today, consider taking out 300 U and cashing it out, while leaving the rest for continued trading. Many people are greedy, thinking they can make more, but then a market pullback occurs, and they end up losing all their profits—this happens too often.

3. Look at charts more and guess the market less.

Using basic indicators like MACD, RSI, and Bollinger Bands to judge market trends is much better than relying on feelings. It’s best to wait for two indicators to align before considering entering the market, to avoid rushing in and becoming a bag holder.

4. Keep up with profit-taking and stop-losses.

When monitoring the market, you can adjust stop-losses dynamically, for example, if prices rise to a certain level, raise the stop-loss to a safer zone; if it’s inconvenient to monitor the market, it’s advisable to set a fixed stop-loss of around 3% to avoid sudden crashes.

5. Withdraw regularly every week; secure your profits.

At the end of the week, if you’ve made some profits, consider withdrawing 30%. No matter how much money is in your account, if you don’t cash it out, it’s just a number. Developing a withdrawal habit is beneficial for controlling risks and emotions.

6. Don’t act rashly when watching the market; analyze K-lines by period.

For short-term trading, refer to the 1-hour chart and only consider entering when you see continuous rises supported by volume;

In a sideways market, look at the 4-hour chart, build positions slowly when prices drop to support levels, and exit when breaking through resistance levels; don’t rush the rhythm.

7. Key points to avoid pitfalls:

Don’t use too much leverage; within 50x is relatively controllable for risk;

Avoid air coins and meme coins; the market makers will run faster than you;

Three trades a day is enough; don’t get too carried away;

Never borrow money to trade cryptocurrencies; when the market is unstable, preserving your capital is the most important thing.