Elon Musk 65908
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Ten years ago, I entered the cryptocurrency space with just 50,000 and started my career in trading. Now my assets exceed 50 million. There is a very simple method for trading, but this method can almost eat away all profits, so I learned slowly. First, there are three things we should never do when trading.
The first is to never buy in when the price is rising; we should be greedy when others are fearful, and fearful when others are greedy. We should train ourselves to buy when prices are falling and make this a habit.
The second is to never use leverage.
The third is to never go all in; being fully invested makes you very passive, and the market is never short of opportunities. The opportunity cost of being all in is extremely high.
Now let’s talk about six key rules for short-term trading.
The first is that after the price stabilizes at a high level, there is usually a new high. After stabilizing at a low level, there is typically another new low, so we need to wait until the direction of the trend becomes clear before we take action.
The second is to not trade during sideways movement; most people lose money trading because they can't adhere to this simplest principle.
The third is that when choosing candlesticks, we should buy when there is a bearish candle and sell when there is a bullish candle.
The fourth is that when the decline slows down, the rebound also slows down; a rapid decline leads to a rapid rebound.
The fifth is to build positions using the pyramid buying method; this is the only unchanging principle of value investing.
The sixth is that when a cryptocurrency continues to rise after a prolonged decline, it will inevitably enter a sideways state. At this point, there is no need to sell out completely at the high or to buy in fully at the low. After a period of consolidation, there will inevitably be a trend change. If the price changes direction downward from a high, we need to clear our positions in time; in short, we need to act promptly.
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The first is to never buy in when the price is rising; we should be greedy when others are fearful, and fearful when others are greedy. We should train ourselves to buy when prices are falling and make this a habit.
The second is to never use leverage.
The third is to never go all in; being fully invested makes you very passive, and the market is never short of opportunities. The opportunity cost of being all in is extremely high.
Now let’s talk about six key rules for short-term trading.
The first is that after the price stabilizes at a high level, there is usually a new high. After stabilizing at a low level, there is typically another new low, so we need to wait until the direction of the trend becomes clear before we take action.
The second is to not trade during sideways movement; most people lose money trading because they can't adhere to this simplest principle.
The third is that when choosing candlesticks, we should buy when there is a bearish candle and sell when there is a bullish candle.
The fourth is that when the decline slows down, the rebound also slows down; a rapid decline leads to a rapid rebound.
The fifth is to build positions using the pyramid buying method; this is the only unchanging principle of value investing.
The sixth is that when a cryptocurrency continues to rise after a prolonged decline, it will inevitably enter a sideways state. At this point, there is no need to sell out completely at the high or to buy in fully at the low. After a period of consolidation, there will inevitably be a trend change. If the price changes direction downward from a high, we need to clear our positions in time; in short, we need to act promptly.
#ElonMusk65908
Follow For More!
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