I am 37 years old this year, started trading cryptocurrencies at 28, and by 2025 my cryptocurrency trading will reach 8 figures. My current lifestyle involves staying at high-end hotels costing around 3000 yuan, and my suitcase and hat may have cryptocurrency symbols! I have hardly ever experienced troublesome business dealings.
I have the patience to summarize my insights; the most important aspect of trading cryptocurrencies is maintaining a good mindset, while technical skills come second.
1. In most cases, Bitcoin is the leader of the ups and downs in the cryptocurrency market. Strong-quality Ethereum can sometimes move independently of Bitcoin and create a unilateral market trend, while altcoins generally cannot escape its influence;
2. Bitcoin and USDT move in opposite directions. If you notice that USDT is rising, be cautious as Bitcoin may drop; when Bitcoin is rising, it is a good opportunity to buy USDT;
3. Between 0:00 and 1:00 AM, there is a tendency for price spikes, so domestic cryptocurrency friends can place a buy order at a low price for their desired coin and a sell order at a high price before going to bed. You might just get a deal while you sleep;
4. Every morning between 6:00 and 8:00 AM is a good time to decide whether to buy or sell, as well as to assess the day's potential gains or losses. If the price has been dropping from 0:00 to 6:00, and continues to drop during this period, it’s a good time to buy or average down, and it is likely to rise that day. Conversely, if the price has been rising from 0:00 to 6:00, and continues to rise, it’s a good selling opportunity, and the price is likely to drop that day;
5. 5:00 PM is an important time to pay attention to rumors in the market. Due to time zone differences, American cryptocurrency friends are waking up and starting their activities, which may cause fluctuations in coin prices. Significant rises or falls have indeed occurred at this time, so be especially cautious;
6. There is a saying in the cryptocurrency community about 'Black Friday,' as there have been instances of significant drops occurring on Fridays, but there have also been instances of major rises or sideways movements, so it’s not particularly reliable; just pay a bit of attention to the news;
7. If a coin with a certain trading volume drops, don’t worry; holding patiently will definitely get you back to breakeven. It could take as short as 3 or 4 days, or as long as a month. If you have extra USDT, average down in batches to pull the price down, and you’ll break even faster. If you don’t have extra cash, just wait; it won’t let you down. Unless you really bought I coin;
8. For spot trading, holding the same coin long-term with less trading activity yields greater returns than frequent trading; it just depends on whether you have the patience to hold. I bought Dogecoin at 0.1 and it has increased more than 20 times since then.
