Give some tips to newcomers and veterans in the crypto world.
Newcomers to digital currency should not blindly enter the market; first, they need to understand the basic knowledge of digital currencies.
1. Trading time is unlimited, meaning it is truly a 24/7 trading time without market closure, allowing investors to trade at their convenience; however, this also has a downside, as professional investors need to spend a lot of time monitoring price trends and interpreting market news.
2. Trading rules allow for spot trading, buying high and selling low to profit from price differences, or leveraging contracts, both of which are quite flexible; however, to make money, higher technical support is required.
3. Trading fees are incurred in any investment transaction, which are charged by the platform. Digital currency trading also incurs fees, and due to leverage, the fees can be quite high; different platforms have different trading contract specifications.
4. The T+0 trading model allows for buying and selling at any time without strict restrictions on trading hours.
5. There are no limits on price fluctuations; while this can lead to high returns, it also carries significant risks that are uncontrollable. When market news is stimulating, there may be sharp rises or falls, and whether one can profit at that time depends on their skills.
6. The coins in your wallet can be withdrawn to your own wallet at any time without time restrictions and with no fees.
Before officially trading, it is best to grasp the following four points:
1. Learn to read news and interpret market information. When significant market news is released, it usually coincides with the largest price fluctuations in digital currencies, which can result in significant rises or falls. Traders need to make judgments, and for beginners, it is advisable to observe during major news events.
2. Learn to analyze technicals and master indicator knowledge. Learning technical indicators requires long-term accumulation; set up a study plan to learn about moving averages, KDJ, Bollinger Bands, candlesticks, volume-price relationships, capital flow, etc.
3. Develop a trading plan; don’t trade frequently. Frequent trading not only incurs high fees but also affects trading mentality, leading to irrational judgments.
4. Implement risk control; set stop-loss and take-profit levels when trading. Control risks and keep profits and risks within acceptable limits. When the price reaches the stop-loss or take-profit point, the system will automatically close the position, i.e., sell. Additionally, managing position sizes effectively is a skill of the masters.
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