From 100,000 to 30 million! A nine-year veteran in cryptocurrency trading summarizes 7 tips for beginners to avoid pitfalls!
I have been trading cryptocurrencies for a full nine years, starting with 100,000 yuan to now over 30 million in my account. This is not bragging, nor is it luck; it is experience gained through hard, real-life lessons. Today, I will share several cryptocurrency trading tips I have summarized, in plain language, to help you avoid pitfalls and get on the right track!
1. Invest spare money, keep a calm mindset
The first piece of advice you must heed: Play with spare money! Never use your living expenses, house money, or even borrow money to trade cryptocurrencies. The market fluctuates greatly, and only with money that does not affect your life can you hold on and sleep peacefully.
2. Don't chase highs; chasing highs will lead to losses
Many people can't help but rush in when they see a spike, only to become “mountain-top dwellers.” Remember, after a big rise, there is a high probability of a pullback. The market always provides opportunities; patiently wait for it to cool down before you enter for a safer bet.
3. Learn to read candlestick charts
You can't rely solely on intuition when trading cryptocurrencies! Support levels, resistance levels, trading volume... you need to understand these basic technical indicators. While it can't guarantee a 100% success rate, it can help you improve your win rate and find the right timing for buying and selling.
4. Buy in batches; don’t go all in
Even if you are optimistic, don’t go All in! Building your position in batches can help smooth out costs and control risks. If it drops, you still have chips to average down; if it rises, you won't miss out. Flexible operations are the key.
5. Stop-loss! Stop-loss! Stop-loss!
Important things need to be said three times! No matter how optimistic you are, you must set a stop-loss line. Losing 10% is not scary, but losing 50% while still fantasizing about breaking even is.
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