Treat trading cryptocurrencies like a job; clock in and out on time.
In the first few years of trading cryptocurrencies, I was like many others, staying up all night watching the market, chasing highs and cutting losses, and lost sleep over my losses. Later, I gritted my teeth and stuck to a simple method, surprisingly surviving and slowly starting to stabilize my profits.
Looking back now, this method, although simple, is effective: "If I don't see a familiar signal, I absolutely won't act!"
Better to miss a move than to place random trades.
With this ironclad rule, I now manage to stabilize my annual returns at over 50%, and I no longer have to rely on luck to survive.
Here are a few safety tips for beginners, all based on my real trading losses:
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1. Only trade after 9 PM.
During the day, the news is too chaotic, with various false positives and negatives flying around, causing the market to fluctuate wildly, making it easy to get tricked into entering trades.
I usually wait until after 9 PM to operate; by then, the news is generally stable, and the candlesticks are cleaner with clearer direction.
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2. Take profits immediately after making money.
Stop always thinking about doubling your money! For example, if you've made 1000U today, I suggest you withdraw 300U to your bank card immediately and continue to play with the rest.
I've seen too many people who made three times their money and then hoped for five times, only to lose it all in a single pullback.
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3. Look at the indicators, not your feelings.
Don't trade based on feelings; that’s just blind luck.
Install TradingView on your phone and check these indicators before making trades:
• MACD: Is there a golden cross or death cross?
• RSI: Is there overbought or oversold?
• Bollinger Bands: Is there a squeeze or breakout?
At least two of the three indicators must give a consistent signal before considering entry.
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4. Stop-loss must be flexible.
When you have time to watch the market, if you make a profit, manually raise your stop-loss price. For example, if your buy price is 1000 and it rises to 1100, move your stop-loss to 1050 to secure your profit.
But if you have to go out and can't watch the market, be sure to set a hard stop-loss at 3% to prevent sudden crashes from wiping you out.
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5. You must take profits each week.
Not withdrawing your profits is just a numbers game!
Every Friday without fail, I transfer 30% of my profits to my bank card and continue to roll the rest. Over time, this will thicken your account.
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6. There are tricks to reading candlesticks.
• For short-term trades, look at the 1-hour chart: if there are two consecutive bullish candles, consider going long.
• If the market is stagnant, switch to the 4-hour chart to find support lines: consider entering when it drops near the support level.
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7. Never fall into these traps!
• Leverage should not exceed 10 times; beginners should ideally keep it within 5 times.
• Avoid dogecoin, shitcoins, and other altcoins; they are easy to get burned.
• A maximum of 3 trades per day; too many may lead to a loss of control.
• Absolutely do not borrow money to trade cryptocurrencies!
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One last piece of advice for you:
Trading cryptocurrencies is not gambling; treat it like a job. Clock in and out at regular times, shut down when it's time, eat and sleep as needed, and you'll find that your profits will be more stable.
#Cryptocurrency #Stocks #Trading