Some advice for newcomers in the cryptocurrency world
1. Do not trade during the day; it's better to trade at night. First, being anxious during the day can affect your trades, and second, it's difficult to see the situation clearly.
2. Do not chase trades after making a profit; take your profits. Never think that after making a profit on one trade, you can make a profit on another trade, or you may easily lose everything.
3. Long positions are advantageous compared to short positions; do not short unless absolutely necessary.
4. If you have the time to monitor the market, do not set stop-loss or take-profit orders. This is to prevent minor fluctuations from triggering stop-loss prices and causing forced liquidation, which affects greater profits. If you do not have time to watch, you must set them to avoid significant losses, even to the point of losing everything.
5. The purpose of trading is to withdraw funds. After making a profit, regularly transfer a portion to your capital account or withdraw it. Human desire is endless; after making a profit, you want to make more, and as a result, you invest everything back into the market, ultimately losing it all (based on my personal experience). Additionally, if you experience continuous losses, do not recharge your account; maintain a good mindset.
6. Do not put all your eggs in one basket; try to separate your funds and trade in multiple positions and directions.
7. When trading short-term, look at the one-hour candlestick chart. If it rises in two steps, go long; if it falls in two steps, go short. If you encounter a sideways market and cannot clearly judge the future trend, refer to the four-hour and daily candlestick charts to decide whether to go long or short. Also, set take-profit and stop-loss orders appropriately.
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