Want to become a cryptocurrency trading expert? These eight maxims are not to be missed
1. Averaging down to protect your principal; seeking profits is greed. In cryptocurrency trading, there will always be a few coins that get stuck. At this time, remember not to fantasize about turning losses into gains; seeking quick profits will only lead you deeper into trouble. Honestly average down to protect your principal, so you can sustain your investment over time.
2. A calm surface may hide a big wave ahead. The cryptocurrency market may seem calm on the surface, but there are undercurrents. Do not be fooled by the small increase in front of you; stay vigilant and guard against the upcoming big fluctuations.
3. After a big rise, there must be a correction; the K-line will form a triangle over several days. When the price of a coin surges, do not become overly excited. After this, there will inevitably be a correction. Look at that K-line; isn’t it a symmetrical triangle formed over several days?
4. Buy on the way down, sell on the way up; going against the market makes you a hero. When buying coins, choose to do so during a downward trend; when selling coins, do so during an upward trend. Acting contrary to the trend can lead to unexpected victories.
5. Do not sell when prices are high, do not buy when prices are crashing, do not trade during sideways markets. When prices surge, do not rush to sell; when they crash, do not rush to buy the dip. During sideways trading, you need to hold back and observe the changes.
6. In an upward trend, look for support levels; in a downward trend, look for resistance levels. When prices are rising, pay attention to support levels to prevent pullbacks. When prices are falling, pay attention to resistance levels in order to buy the dip.
7. Full position trading is a big taboo; following one's own path is not advisable. One must know when to stop amidst constant changes; entry and exit should be based on observation. Do not trade on a full position; avoid putting all your bets in one place. The crypto market is unpredictable; understand when to take profits and exit freely. Observe the changes to seize the best opportunities.
8. Trading cryptocurrency is about mindset; greed and fear are major pitfalls. Be cautious with chasing price movements; maintain a calm and comfortable mindset. In cryptocurrency trading, mindset is crucial. Greed and fear are our greatest enemies; avoid chasing highs and cutting losses. Maintain a peaceful mindset.
Finally, let us remember these eight maxims, triumph over bear markets, and become true cryptocurrency trading heroes!
