A very foolish method in the cryptocurrency world that can help you earn your first pot of gold!
Trading cryptocurrencies has a very foolish method, but this method can almost consume all profits, so take your time to learn. First of all, when trading cryptocurrencies, you should never do three things.
The first thing is to never buy when the price is rising; be greedy when others are fearful, and be fearful when others are greedy. You should develop the habit of buying when prices are falling.
The second is to never place large orders.
The third is to never go all in; being fully invested makes you very passive, and the market is filled with opportunities. The opportunity cost of being fully invested is very high.
Now let’s talk about the six tips for short-term trading.
The first is that after the price stabilizes at a high point, it usually will reach a new high. Conversely, after stabilizing at a low point, it usually will reach a new low again, so we should wait until the direction of the trend becomes clear before making a move.
The second is to avoid trading during sideways movement; most people lose money trading cryptocurrencies because they can't follow this most basic rule.
The third is when choosing candlesticks, we should buy during a bearish close on the daily chart. When there's a bullish close, we should sell.
The fourth is that the decline slows down and rebounds slowly, while a decline accelerates and then rebounds.
The fifth is to build positions using the pyramid buying method; this is the only unchanging principle of value investing.
The sixth is when a cryptocurrency has been continuously rising or falling, it will inevitably enter a state of consolidation. At this time, there is no need to sell everything at a high point or to buy everything at a low point. Because after consolidation, a trend change is inevitable. If the trend changes downward from a high point, then you need to clear your positions in a timely manner. In short, you need to act promptly.
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