1. Never engage in revenge trading. Once I complete a trade, whether it's a profit or a loss, I steadfastly adhere to my decision. I close the market charts and do not reopen them within 24 hours. This prevents me from engaging in revenge trading. There is a reason we close trades, which means there is no reason to immediately re-enter. Revenge trading is a major cause of losses for emotional traders. This is especially critical when leveraging Bitcoin trading. Cryptocurrency traders often spend many hours each day watching Bitcoin market trends, making it difficult to walk away and not re-enter after a loss.
2, avoid trading cryptocurrencies on weekends. The cryptocurrency market usually experiences high volatility and low trading volume on weekends. This makes it difficult to predict price movements. Cryptocurrency whales find it easier to manipulate prices in low liquidity conditions. This puts individual traders at a clear disadvantage. Additionally, weekends are a time to unwind and have fun, and one should stay away from market charts and rest well.
3, trade only during specific periods. I can only trade when I am focused and sitting at my desk. The cryptocurrency market never closes, so we can't keep a constant watch. I set trading periods for myself, and only during these times do I check the market. This avoids the impulse to constantly connect with the market and my phone, allowing me to spend time with my family and do other meaningful things.
4, never get emotionally attached to assets. If you fall in love with the asset or investment you are trading, it can lead to poor decision-making. Emotionless trading means that trades are not influenced by subjective factors. People tend to have emotional preferences for certain altcoins, teams, or projects. This is good for investors but can be a potential disaster for traders.
5, keep it simple and foolish. This is one of my firm rules. When I was a beginner, I would check multiple indicators, news sources, and patterns to try to find the optimal trading method. This often leads to over-analysis. When I see trading opportunities on the charts, understanding stop losses and position sizing is far more important than timing entries and exits.
6, trade only when in a calm mindset. This is key. When I feel angry, tired, or stressed, I do not trade. I must focus my best judgment on trading when I am calm. Life outside of trading is key to maintaining the right mindset. Spending time with family and friends, reading, and participating in sports are all key to my trading success.
7, keeping a diary is very boring and tedious. It is also very important because it helps us avoid making the same mistakes twice. I must remind myself to slow down, stop looking at charts, and take the time to record as much information about my trades as possible.
8, practice simulated trading every day. I still regularly do simulated trading. I simulate trading Bitcoin and some altcoins every day, which can mitigate risks and test new ideas and indicators.
9, do not blindly chase dips. Trying to perfectly time the bottom is unwise; you should wait for safer trend change confirmation signals. Trading with the trend is much less risky than trying to buy low and sell high.
10, do not overtrade. I find that the fewer times I trade, the more money I make. Even if there are many opportunities in the market, I try to keep the open trades to less than 3. Managing multiple trade risks is much more difficult, because if every trade goes against you at the same time, you could suffer significant losses.
The above is the trading experience I shared with you today. Many times, you lose a lot of opportunities to make money because of your doubts. If you don't dare to try boldly, to get in touch, to understand, how can you know the pros and cons? You only know how to proceed after taking the first step. A cup of warm tea, a piece of advice, I am both a teacher and a talkative friend.
Meeting is fate, getting to know each other is destiny. Brother Wen firmly believes that those who are destined will eventually meet, while those who are not will miss by fate. The journey of investment is very long, and a moment's gain or loss is just the tip of the iceberg on the way. It is important to know that even the wisest will make mistakes, and even the foolish will have their gains. Regardless of emotions, time will not stop for you. Pick up the frustrations in your heart and stand up again to move forward.
Playing in the cryptocurrency world is essentially a battle between retail investors and institutions. If you don't have insider information or firsthand data, focusing on sharing useful and diverse professional knowledge in the cryptocurrency space for many years, who will help you if you can't help yourself? Let me help you unlock those things in the circle, clear the fog of the cryptocurrency market. I do not advocate touching contracts, do not involve in capital pools, do not dabble in pyramid schemes, I just hope our meeting is full of kindness.
The martial arts secrets have been given to you all; whether you can become famous in the martial world depends on yourself.
Still the same saying, if you don't know what to do in a bull market, click on Aze's avatar, follow, bull market spot planning, latest news in the cryptocurrency world, contract password, free sharing.
