I have been trading cryptocurrencies for eight years, enduring three years of hardship and enjoying five years of sweetness.
This investment not only allowed me to achieve financial freedom but also became my way of supporting my family.
Here are six super practical steps for trading cryptocurrencies, especially suitable for beginners. Once you learn them, you can easily get started.
Focus on strong cryptocurrencies.
Don't pay attention to those cryptocurrencies with little fluctuation; instead, look at those with good upward momentum.
If you're hesitant, check the 60-day moving average. If it's above, go ahead and enter; if it's below, quickly withdraw. This method is quite effective and can help you avoid a lot of risks.
Don’t chase highs.
Did the cryptocurrency rise by 50%? Don’t rush in! Chasing at this moment can easily lead to being trapped.
Buying at a low price is safer, with a smaller pullback and much greater potential future gains.
Learn to identify bullish signals.
Before a cryptocurrency rises, there is usually a small fluctuation, with price movements between 10% and 20% and not much trading volume.
When the price stabilizes, you can gradually enter the market; this gives you a better chance of riding the upward wave.
Stay close to new hotspots.
When market hotspots appear, they are often the hottest for a few days. Following the big funds during this time usually guarantees a profit.
Once the hotspot passes, exit decisively; don’t be the last one holding the bag.
Stay steady when a bear market arrives.
Don’t panic when a bear market comes; avoid rushing into trades.
Stay calm; it’s best to take a break and wait for the market to adjust before taking action.
Remember, patience is the secret to making big money.
Regularly review and adjust your strategy.
Review your trades weekly, not just looking at how much money you made, but importantly assessing your strategy.
Stick to the right strategies and quickly change the wrong ones.
Over time, you will become more stable, and your trading skills will continue to improve.
Finally, trading cryptocurrencies is not a quick success; it belongs to those who are always prepared.
As long as you are willing to learn, observe, and adjust, you too can walk the path of steady profit.