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My own experience: There is a very foolish way to trade cryptocurrencies, but this method can almost eat up all the profits, so learn slowly. First of all, we should never do three things when trading cryptocurrencies.
The first thing is to never buy when the price is rising; be greedy when others are fearful and fearful when others are greedy. You should be able to buy when the price is falling and make this a habit.
The second is to never place large orders.
The third is to never go all in; being all in makes you very passive, and what this market lacks the least is opportunities. The opportunity cost of being all in is very high.
Now let's talk about six rules for short-term trading.
The first rule is that after the price of a coin consolidates at a high level, it will often reach a new high. Conversely, after consolidating at a low level, it will often reach a new low, so we should wait until the direction of the price change is clear before making a move.
The second rule is to avoid trading during sideways movement; most people lose money trading cryptocurrencies because they can't stick to this simplest principle.
The third rule is to buy on the daily chart when the candlestick closes with a bearish candle, and sell when it closes with a bullish candle.
The fourth is that the decline slows down, and the rebound is also slow; a rapid decline leads to a quick rebound.
The fifth is to build positions using the pyramid buying method, which is the only constant in value investing.
The sixth is that when a cryptocurrency continues to rise or fall, it will inevitably enter a sideways state. At this time, there is no need to sell everything at a high price, nor is there a need to buy everything at a low price. Because after consolidation, a price change will inevitably occur. If the price changes downwards from a high point, we need to clear our positions in time; in short, we need to act promptly!