Blood loss of a million for six cryptocurrency trading survival tips! A must-read for beginners, recommended to save!
Choose the right trading time, avoid daytime "minefields"
The cryptocurrency market during the day is like a "information melee"! False good and bad news flood in, market prices fluctuate wildly, and if you're not careful, you can get lured into a long or short position.
Suggestion: Avoid the "chaos" during the day, and start trading after 9 PM. By then, the market news has mostly settled, the K-line patterns are clearer, and directional judgment is more accurate, effectively adding a "safety lock" for yourself.
2. Take profits, don’t let them “fly” away
"Wanting to earn more after making a profit" is the root cause of many people's losses! Don’t always fantasize about doubling your money; locking in profits in a timely manner is the key.
Method of operation: For example, if you earn 1000U in a day, immediately withdraw 300U to your bank card, and continue trading with the remaining amount. I've seen too many people who made 3 times their investment but wanted to make 5 times, only to lose everything in a single pullback. Money in your wallet is real money!
3. Let indicators do the talking; refuse "knee-jerk" decisions
Making trades based on feelings? That's no different from gambling!
4. Stop-loss should be “flexible”; protecting your principal is the bottom line
When watching the market: adjust your stop-loss price flexibly. For example, if you buy at 1000U and it rises to 1100U, immediately raise your stop-loss to 1050U to lock in a profit of 50U; if you can't watch the market: set a hard stop-loss at 3%! This prevents being wiped out by a sudden crash. Keeping your principal means you have a chance to recover.
5. Withdraw profits weekly; refuse digital games
Money in your account that isn’t withdrawn is just a string of numbers!
My habit: every Friday, I transfer out 30% of profits to my bank card, and continue rolling over the rest. By persisting long-term, both my wallet and account can grow steadily, and the psychological pressure will be much less.
6. Avoid these pitfalls!
Leverage: Don’t exceed 50 times; the higher the leverage, the greater the risk;
Frequency: At most 3 trades per day; frequent trading can lead to impulsiveness;
Capital: Absolutely do not borrow money to trade cryptocurrencies; don’t touch money you can’t afford to lose!
Finally, let me leave you with a piece of advice: Trading cryptocurrencies is not gambling; treat it as a "serious job"-- clock in and out on time, shut down when it’s time, and take breaks when needed. Stay rational, and you’ll actually earn money more steadily!
