Iron Rules of Cryptocurrency Trading: Steady operation leads to the path of financial freedom.
Pursue full-time cryptocurrency trading and achieve dual elevation in family and wealth? Remember the following essentials to assist you in steady progress!
Emotional Management: Face market fluctuations calmly, anticipate multiple possibilities in advance, avoid emotional decision-making that could lead to missed opportunities or deep losses.
Small Amount Testing: When first entering the market, it's advisable to start with small trades, choosing stable cryptocurrencies, and gradually accumulate experience before expanding to higher-risk varieties.
Patience as a Companion: Abandon the desire for quick gains; trading decisions should be detached from personal emotions. Follow market trends to reduce risks from subjective speculation.
Embrace Failure: View failure as a stepping stone for growth; carefully summarize after each trade to continuously improve investment skills and pave the way for future success.
Timely Break: Avoid overtrading; observing the market at appropriate times allows for calmer judgment of market direction, reducing erroneous decisions and improving profitability.
Reasonable Stop Loss: Set clear stop-loss points to balance risk and reward, ensure losses are manageable, avoid small losses leading to larger missed profit opportunities.
Independence: Stick to your own judgment and do not blindly follow others' opinions. The market has its own logic; trust your analysis and flexibly adjust trading strategies.
Precise Market Entry: Seize opportunities at critical price breakout points; trade decisively, especially in short-term operations, as the timing of market entry is crucial.
Prudent Position Scaling: Be cautious when adding to positions during profitable times; gradually reduce the size of additional orders to control overall risk and ensure steady profit growth.
Quick Stop Loss: Once you find that the market trend is contrary to your expectations, immediately take measures to stop loss, avoid expanding losses, and preserve capital.
Let Profits Run: When market trends are clear, hold positions for potential gains and avoid selling for small profits, pursuing long-term benefits.
Don't Be Greedy for Windfall Profits: When you have made significant profits, first think about closing the position, then investigate the reasons to prevent market reversals that could lead to losses.
Flexible Short Selling: Seize opportunities to short at highs; commodity markets often decline faster than they rise. Operate flexibly to increase profit channels.
Flexible Market Entry: Don't be overly fixated on the best entry point; relax conditions appropriately to ensure trades are executed and capture more profit opportunities.
Control Position Size: Do not hold overly large positions; allocate funds reasonably to reduce psychological pressure and lessen the impact of market fluctuations on capital.
Follow the above iron rules for steady operation; your journey in cryptocurrency trading will be smoother, and financial freedom will no longer be a dream.
