In the early years of trading cryptocurrencies, like many others, I stayed up late every day, chasing highs and cutting losses, losing sleep over my losses. Later, I stubbornly stuck to one simple method, and surprisingly, I survived and slowly began to profit steadily.
Looking back now, although this method seems simple, it works: "If I don't see familiar signals, I will not act!"
I would rather miss out on opportunities than place random orders.
With this iron rule, I can now maintain an annual return rate of over 50%, and finally don't have to rely on luck to survive.
Here are some life-saving tips for beginners, all learned from my own experiences of losses in real trading:
1. Place trades after 9 PM.
Daytime news is too chaotic, with all sorts of false positives and negatives flying around, causing the market to jump around unpredictably, making it easy to be tricked into entering.
I usually wait until after 9 PM to operate; by then, the news is basically stable, the candlesticks are cleaner, and the direction is clearer.
2. Immediately secure profits.
Don't always think about doubling your money! For example, if you made 1000 U today, I suggest you withdraw 300 U to your bank account right away, and continue playing with the rest.
I've seen too many people who 'made three times their investment and wanted five times,' only to lose it all in one pullback.
3. Look at indicators, not feelings.
Don't trade based on feelings; that's just guesswork.
Install TradingView on your phone and check these indicators before trading: · MACD: Are there any golden or death crosses? · RSI: Is it overbought or oversold?
· Bollinger Bands: Is it narrowing or breaking out?
At least two of the three indicators must give consistent signals before considering entering the market.
4. Stop losses must be flexible.
When you have time to monitor the market, if you make a profit, manually raise the stop loss price. For example, if the purchase price is 1000 and it rises to 1100, move the stop loss to 1050 to secure the profit.
But if you need to go out and can't monitor the market, you must set a hard stop loss of 3% to prevent sudden crashes.
5. Withdraw funds every week.
Money that is not withdrawn is just a numbers game!
I transfer 30% of my profits to my bank account every Friday without fail, and continue to roll the rest. This way, over time, the account will keep growing.
6. 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 drops near the support level.
7. Never fall into these traps!
· Do not use leverage greater than 10 times; beginners should ideally keep it under 5 times. · Avoid coins like Dogecoin and Shitcoin, as they are easy to get wrecked. Only trade 3 times a day at most; too many can lead to losing control. · Absolutely do not borrow money to trade cryptocurrencies!
Trading cryptocurrencies is not gambling; treat it like a job. Go to work and clock out at set times, eat and sleep as needed. You will find that making money becomes more stable, and you will earn more, getting closer to 10 million.
