Newbies in the crypto space want to quickly turn a few thousand into one million. Just remember these few phrases I said, and you are already halfway to success!
1. Short-term trading
1. Focus only on the top ten mainstream cryptocurrencies every day, based on current market hotspots, news, daily MACD golden crosses, BOLL contractions and expansions, combined with market trends, comprehensively consider and select volatile varieties to trade.
2. Manage your position size:
50,000 divided by 20% means 5 parts, and each time take one part to build a position.
3. Never go all in; at most 50%, always leave 50% in reserve waiting for opportunities.
4. Do not execute trades more than 3 times in a day; you must have control.
5. Never average down; if you enter a position and it loses 30%, withdraw in time. This indicates that the entry timing was incorrect.
6. Set a stop loss at 30%; if it breaks, close the position unconditionally. Don't hold the position, holding will lead to death.
7. Never fall in love with candlesticks; enter and exit quickly, remember!!!
8. Go with the trend; trend is king. Only trade mainstream coins, avoid altcoins!
2. Crypto lifesaving mantra (recommended to memorize)
1. Don't rush to escape after a big drop in the morning; generally, there will be a rebound in the afternoon!
2. If there is a big rise in the afternoon, reduce your position; the probability of a pullback at night is high!
3. If the volume decreases while rising, it will continue to rise; if the volume decreases while falling, it will continue to fall.
4. Major meetings or positive news will always lead to a rise, but will drop once it lands.
5. When there is a continuous drop during the day in China, it is time to buy the dip; foreigners will pump the market at 21:30 at night.
6. The key signal factors for buying and selling are spikes; the deeper the spike, the stronger the buy and sell signals.
7. When you hold a heavy position, you will definitely get liquidated. Why? You are on the exchange's liquidation watchlist.
8. Once your short position stop loss is hit, it will definitely drop. If it doesn't trick you into getting off the bus or explode, how could it drop? For example, TRB.
9. When you are about to break even, just a little more, the rebound suddenly stops, how can you close the position and run away?
10. When you take profit, it's a bull market; if you don't get off the bus, how can you drive the market? The bus is too heavy.
11. When you are excited, the waterfall will arrive as expected; your excitement is also a trap set by the big players.
12. When you are broke, every project is rising, making you FOMO and rush to enter. So you understand that the market is manipulated over 80% of the time. Besides controlling your position, you must also be proactive. Clearly, do not enter before confirming the big players' actions. Once you enter, you become the fish on the butcher's block at the exchange. Trading is about patience, determination, and timing. If anyone has different opinions, feel free to comment below for mutual discussion. Thank you! $BTC