Today, I am sharing a few key takeaways. These experiences are worth 60 million, and I hope they can help you.
1. Trade after 9 PM
During the day, the news is too chaotic, with all sorts of false positives and negatives flying around, and the market fluctuates like a roller coaster, making it easy to get tricked into a position.
I generally wait until after 9 PM to trade, when the news is basically stable, and the candlesticks are cleaner, with clearer direction.
2. Follow indicators, not feelings
Don't trade based on your feelings; that's just random guessing.
Install TradingView on your phone and check these indicators before trading:
• MACD: Is there a golden cross or death cross?
• RSI: Is it overbought or oversold?
• Bollinger Bands: Is there a squeeze or breakout?
At least two of the three indicators must give consistent signals before considering entering a position.
3. There are tricks to reading candlesticks
• For short-term trading, look at the 1-hour chart: If there are two consecutive bullish candles, consider going long.
• If the market is stagnant, switch to the 4-hour chart to find support lines: Consider entering when it approaches the support level.
4. Stop-losses must be flexible
When you have time to monitor the market, if you're in profit, manually adjust your stop-loss price upwards. For example, if the entry price is 1000, and it rises to 1100, raise the stop-loss to 1050 to secure profit.
However, if you need to step out and can't monitor the market, be sure to set a hard stop-loss at 3% to prevent unexpected crashes from wiping you out.
5. Avoid these pitfalls!
• Don't use leverage greater than 10x; beginners should ideally keep it under 5x.
• Avoid meme coins like Dogecoin and Shitcoin, as they are easy to get wrecked.
• Only make a maximum of 3 trades a day; too many can lead to losing control.
• Absolutely do not borrow money to trade cryptocurrencies!! #BTC
