Family! The bloody experiences of trading cryptocurrencies are out in the open! Don't be the leeks getting cut anymore! Summarizing four iron rules, memorize them quickly and save them👇
When trading cryptocurrencies, it's not scary if you haven't made money before, but it's terrifying if you make money and then lose it all!
From my own experiences over the past few years, I have summarized 4 iron rules; knowing them early helps avoid pitfalls, those who listen will benefit:
1. Never go all in, no matter how accurate you think you are.
The market is alive, going all in is dead; you'll panic at the first retracement and explode at the first crash. Learn to keep some bullets in reserve to have the confidence for a comeback.
2. Not setting stop-losses will definitely lead to a tragic end.
The most deadly thing is the mentality of luck; fantasizing about a rebound is just waiting to die. Every trade must have a stop-loss line; losing a small amount of money is not scary, holding onto a losing position is slow suicide.
3. If you don't take profits, it’s just paper wealth.
If you can't bear to sell after a double increase, you'll end up watching your profits halve, not securing a single cent. Remember, taking profits is the true win.
4. Don't chase hot trends, always be half a beat slow.
When you see trending topics or KOLs shouting out trades, it's basically someone else’s opportunity to sell. The most profitable moves are always the ones made in advance.
Trading cryptocurrencies is not about who is more aggressive, but who can last longer!
To be honest, I have to pay tuition every time I forget one of these four rules.
