Friends, are you exhausted from trading cryptocurrencies, with your wallet shrinking? Don't worry, I once experienced that unbearable feeling of being heavily in debt, but after reflecting deeply, I finally grasped the essence of trading cryptocurrencies!
Do you know? In the cryptocurrency world, the only type of person who can truly make a fortune is someone who has experienced liquidation and losses but can stand up again, summarize their experiences, and maintain a strong mindset. That's right, I am that person, and now I want to share my experiences with you!
First, you must understand that trading cryptocurrencies is like going to war; survival is the first principle. No matter how much you've earned in the past, if you lose 100% once, you must start over. Therefore, preserving your capital is the hard truth! Before each trade, ask yourself: how much do I plan to earn? What is the maximum loss I can accept? Once you hit your bottom line, exit immediately; don't hesitate!
Additionally, you need a clear operational system. Don’t blindly follow the crowd; just because you see others buying something doesn’t mean you should too. You must have your own judgment and trading strategies. When to enter and when to exit must be clear in your mind.
Furthermore, trends are your best friends. Don't let short-term fluctuations confuse you; be patient and wait for significant market movements. Once the trend is clear, follow it and don't go against it. Remember, bull markets don't end in a day, nor do bear markets. You need patience to reap the rewards!
Mental quality is also key in trading cryptocurrencies. You need to have strong mental resilience; don't be scared out of your wits by small fluctuations. You must have the perspective and mindset to withstand the chaos in this market.
Of course, you also need to continue learning and researching. Don't think that just because you know a little bit, you're invincible. You must constantly learn new knowledge and understand market dynamics and project backgrounds. Only then can you stand firm in this rapidly changing market.
Lastly, I want to share the simplest method of trading cryptocurrencies—diversify your investments to reduce risk. Don't put all your eggs in one basket; spread your funds across multiple promising projects and asset classes. This way, even if one project fails, you won't be severely impacted.
Also, you must choose a safe trading platform and wallet; don’t choose unreliable platforms just to save on some transaction fees. You should select well-known, secure platforms for trading to protect your funds.
First, wait a little longer at the highs and lows. When the market is in a sideways consolidation, it’s best to watch for a while because a change will come after consolidation. It's best to take action only after a clear market trend emerges.
Second, do not cling to hot positions, and frequently change your holdings. From start to finish, it can end up being empty. All popular short-term positions are speculative, and once the hype fades, the funds will quickly exit, leaving you behind in confusion.
Third, rising gaps and surges indicate hope during an uptrend. The candlestick slowly rises, showing a high open bullish candle, with increased volume, indicating that the market is entering an acceleration phase. At this time, we must stay calm, hold our positions, and await a significant profit.
Fourth, do not cling to large bullish candles; decisively exit at the end of the trading session, whether at high or low positions. After a large bullish candle appears, there will be a pullback, even if it's a limit-up. We must prevent profit drawdown.
Fifth, if you buy during online bearish candles, you should also buy during offline bullish candles, and sell even when it’s wrong. Here, 'lines' refer to moving averages or important support or resistance levels. Short-term traders usually only watch daily moving averages and daily attack lines. I don't like to dally; I generally only hold short-term positions for three days, at most one week, no matter how good things might get afterward.
Sixth, do not trade excessively, do not sell, do not jump into the water, and do not buy; remain still in a sideways market. This can be said to be a fundamental principle for survival in the cryptocurrency world. If you want to survive long-term in this field, you must remember this phrase well.
Seventh, when buying, prepare first; it’s better to enter less than to enter more. No matter how confident you are, you shouldn’t invest all your funds at once. Because in the cryptocurrency world, the only constant is change.
Eighth, learn to pay attention to news and interpret market information. When major news comes out, it's usually when cryptocurrency prices are most volatile, either surging or plummeting. Traders need to make judgments; for beginners, it’s recommended to mainly observe during significant news.
Ninth, learn to analyze the technical aspects and master technical indicators. The study of technical indicators requires long-term accumulation; set a learning plan for yourself to understand moving averages, KDJ, Bollinger Bands, candlesticks, volume-price analysis, capital flow, etc.
Tenth, create a trading plan; avoid frequent trading. Frequent trading not only incurs high fees but also affects your trading mentality, leading to a loss of rational judgment.
Eleventh, do proper risk control; set stop-loss and take-profit levels during trading, and control risks. Keep both profits and risks within an acceptable range. When the price reaches the stop-loss or take-profit point, the system will automatically assist me.
The next big market movement is about to start; are you ready?
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