They are concise yet profound, directly addressing the core. If you aim to survive and achieve in the cryptocurrency space for the long term, this piece of hard work will surely enlighten you and benefit you greatly!
1. Trend is King; the Strong Stay Strong
The core of trading cryptocurrencies lies in selecting strong coins and sticking to the upward trend. For coins in a downward channel, decisively ignore them—time is precious, do not get entangled with the major players. If a coin firmly stays above the trend line (e.g., the AI boom at the beginning of the year), the best strategy is to hold patiently. Key discipline: firmly adhere to the 30-day moving average (or your established key trend line), if it doesn’t break, stay safe; if it breaks, exit immediately, never cling to the battle!
2. The Main Line Determines Everything
When the market is good, there must be a clear main line leading it. If the main line is weak or missing, the risks far outweigh the opportunities. At this moment, you must keep your hands steady, observe the changes quietly, and patiently wait for the new main line to become clear; do not act impulsively!
3. Diversify to Avoid Risks
Trading cryptocurrencies is also an investment, and diversification is crucial. Even if you are extremely optimistic about a certain coin, avoid going All-in with a big bet. Learn to operate with multiple positions, and do not hold too many different coins (suggested no more than 3-4), effectively spreading out the risk.
4. Avoid Frequent Trading, Cultivate Your Mindset
Frequent trading is a big taboo; it is not only unhelpful but also detrimental to your finances and mental energy! Avoid the urge to trade; feeling uneasy without a trade for a day is common. The fleeting pleasure from frequent trades comes at a heavy cost, and only the exchanges benefit from the commissions. If you lack the ability to expertly buy high and sell low, do not fantasize about being a market maker.
5. Remain Calm After Gains or Losses
After a significant loss, be sure to take a break! Losses can easily trigger a 'recoup' gambling mentality, leading to retaliatory actions that dig you deeper. After a big gain, be even more cautious! Overexcitement can lead to complacency; the overconfident will ultimately fail—it's not uncommon for a big gain to be followed by a large loss, so always keep the alarm bells ringing!
6. Build Positions Gradually, Steadfastly for the Long Haul
Even if you have complete confidence in a certain coin, do not put all your capital in at once. Even if later it proves to be the right judgment, this approach is still not advisable. The market changes rapidly, and no one can accurately predict the next second. Build positions in batches and leave some room.
7. Stay Away from Intraday 'Noise'
Retail investors should avoid being obsessed all day with small fluctuations in intraday charts. This only increases anxiety, easily disturbs the mind, and leads to irrational actions. Trading cryptocurrencies requires a balance of work and rest; focusing on reviewing trades for just one hour each day is sufficient to make clearer decisions.
8. Plan Ahead, Eliminate Impulsiveness
In-depth pre-market analysis far surpasses impromptu decisions during trading! In cryptocurrency trading, the principle is 'Bold Hypothesis, Cautious Verification.' Through post-trade reviews and thorough pre-market planning, clarify market hotspots and potential directions, and anticipate trading strategies. Remember: anticipation is based on analysis and preparation, not subjective speculation about the future— the latter is a major trading taboo!
9. Better to Miss Out Than to Make Mistakes
In trading, missing an opportunity is far worse than suffering a loss. Real opportunities will always reappear. Stay rational, and treat the problems objectively and neutrally. Focus on enhancing the effectiveness of successful trades rather than forcing yourself to act under pressure.
10. The Path of Diligence: Make Good Use of Trading Logs
Improving trading skills and maintaining detailed trading logs is key. Record all trade-related data, logic, emotions, and reflections. Without logs, valuable experiences will be lost, and repeating mistakes is inevitable. Trading logs are the ultimate weapon for controlling funds and risks. Only with a clear understanding of the issues can effective solutions be found. Therefore, consider establishing and perfecting a trading log as one of your core goals.
These ten rules may seem simple but are actually the essence distilled from countless practical battles. In the cryptocurrency space, short-term profits may rely on luck, but long-term survival and advancement must depend on adherence to and practice of these rules. Behind each rule is a lesson learned through real money, and if integrated into your operational framework, you will surely navigate the turbulent cryptocurrency market more steadily and far.
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