Having been in the cryptocurrency space for many years, I have fought my way from a principal of 50,000 to 6.74 million. I did not rely on insider information or believe in luck; I solely depended on two sets of practical rules.
Mastering them can help you avoid 90% of the detours!
First, let's talk about the 8 iron rules of short-term trading, which you can use directly: Don't be greedy when selecting cryptocurrencies; focus on the top ten mainstream coins, combine with hot topics and news, and then refer to the daily MACD golden cross or BOLL signals, specifically targeting highly volatile varieties;
Split your positions; divide 50,000 into 5 parts, each part being 20%, and only use 1 part to establish a position at a time, never arbitrarily increase your position;
Stick to the position red line; never go all in; use at most 50% of your position, leaving half to deal with unexpected situations; control the number of trades; do not exceed 3 trades in one day; controlling your hands can minimize mistakes;
Do not engage in averaging down; if you enter a losing position, never average down; if losses reach 30%, withdraw immediately; if the timing is wrong, cut losses in time;
Stop losses must be executed; set a 30% stop-loss line; if it breaches, close your position unconditionally; holding on will only lead to greater losses; enter and exit quickly; do not be greedy or cling to battles; in short-term trading, take profits when you see fluctuations;
Follow the trend; only take trend-following positions and mainstream coins; avoid small altcoins and steer clear of risks.
Next, let's discuss the 12 mantras that can save you in the cryptocurrency space, memorize them to avoid pitfalls: Don't panic and cut losses during a morning drop; in the afternoon, there is a high chance of a rebound; if there is a significant rise in the afternoon, reduce your positions; there is a high chance of a pullback at night;
An increase with shrinking volume can still rise; a decrease with shrinking volume will still fall;
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