If you want to make money in the cryptocurrency world, you need to know these six iron rules for making money in the crypto space:
1. You need to divide your money into five parts and only use one-fifth for trading at a time. If you lose 10%, walk away immediately. This way, even if you lose five times in a row, you will only lose one-tenth of your total funds, which won't be too damaging.
2. You must follow the market and not go against the trend. When the market is down, a rebound may be a trap; when the market is up, a pullback could be a good opportunity to make money.
3. Never chase after coins that have already surged; they have risen too high and may fall at any moment.
4. You need to learn to read the MACD indicator, which can help you find the best time to enter the market. When the DIF and DEA lines cross below the zero axis and then break above it, that's a good buying opportunity; if they cross above the zero axis and then head downward, that's a signal to sell.
5. Remember, never average down when you're losing money; you should add to your position when you're making money. You need to look at the volume-price relationship: if the coin price breaks out with volume when it's low, it may go up; if it has high volume but does not rise when it's high, then it's time to run. When choosing coins, select those with good trends and value.
6. Review your trades weekly to see what you did well and what you did poorly, and adjust your strategy in a timely manner.
These six iron rules are lessons learned from my painful experiences; if you follow them, you will definitely thrive in the crypto world!
