8 Iron Rules for Standing in the Crypto World
As a veteran who has been in the crypto space for 8 years, I went from losing everything when I first started, to having ups and downs along the way, and now I rely on crypto full-time. On this journey, I've encountered countless pitfalls and gained a lot of insights.
1. Don't force a bottom in a limitless decline!
A declining coin is like free fall; don’t expect to pick up bargains. Bottom fishing isn't that simple—if you need to let go, then let go; following the trend is the right way. Buying coins is about timing, not just low prices!
2. No action for three days? Time to change gears!
If the coin you bought hasn't moved in three days, don’t wait foolishly; quickly switch to the next one! If you bought and it dropped, don’t linger if you're down 5%, cut your losses and protect your capital—this is most important!
3. The market is down, but your coin is holding strong?
If the market is in despair, but the coin you hold hasn't dropped much, congratulations, there’s likely a whale supporting it. Don’t let go of such coins; hold them steady, as there’s a high chance of surprises later on!
4. Follow the leaders; that's the hard truth!
When trading coins, you must focus on the leaders; they rise the fastest and are the most resilient. Don't hesitate to chase it just because the price is high, and don’t catch falling knives just because they’ve dropped a lot; chasing the leaders is what makes it thrilling!
5. Newbies, don’t fumble around!
Pay more attention to macro trends; for short-term, look at the 5-day line—hold if the price is above, and exit if it breaks below; for medium-term, focus on the 20-day line with the same logic. Keep it simple; act decisively and don’t play with complicated tricks!
6. Being in cash is not shameful; losing money is awkward!
If you’re not confident, it’s okay to stay in cash; itching to trade isn’t a skill. You’re here to preserve capital and make money, not to gamble. Trading is about success rates and profit-loss ratios, so don’t force it!
7. Halved + 9 consecutive down days? It's time to get in!
If a coin has halved from its peak and has dropped for 9 consecutive days, it’s basically at the bottom. Don’t be afraid; this is the time to boldly enter, as rebounds are often just around the corner!
8. Don't get cocky after making a profit; strategy is fundamental!
Don’t get complacent after making some money; making money once isn’t impressive; what’s impressive is consistent profitability. After each profit, review whether it was skill or luck? Establish your own trading rules for long-term success!
Lastly, let me say:
After 8 years of ups and downs in the crypto space, these experiences were bought with my hard-earned money. I hope this serves as a reference and provides you with some inspiration. If you find it useful, give a follow, and let’s make a name for ourselves in the crypto world together!