Important‼️ Three basic rules for short-term trading in cryptocurrency

They can help you control risks and lock in profits in a volatile market:

1. Lock in profits promptly:

If you buy a certain coin at a low price and its price rises by more than 10%, once it pulls back to your buying price, you should sell decisively. If you have made even more profit, such as 20% or 30%, make sure to retain at least a portion of the profit before withdrawing, to avoid profit erosion caused by market fluctuations. By doing this, even if you do not accurately identify the market peak, you can still ensure profits as much as possible during the rise.

2. Cut losses promptly:

If your loss reaches a certain set value (such as 15%), you should sell decisively to stop the loss and avoid greater losses. This is to prevent further expansion of losses. It’s best to set a stop-loss point before investing and strictly adhere to it. If the price of the losing coin recovers, it also means that this trade has failed, and you must accept the loss and pay the price.

3. If the sold coin drops, buy it back at the original price:

If the price of the coin drops after you sell it, and you still have confidence in it, you should quickly buy back the same amount of coins at a low price to ensure that the number of coins you hold does not decrease but rather increases your funds. Even if the price does not drop immediately after selling, when the coin price returns to its original price, you should buy it back without hesitation. Although this operation may incur transaction fees, it can help avoid missing out on subsequent significant price surges.

Summary: Short-term cryptocurrency trading requires quick decision-making, adherence to rules, and flexible adjustments based on market dynamics. Don’t get hung up on the lowest or highest prices; just seize opportunities within a reasonable range and manage risks well.

Bonus: Potential Meme Coin Focus

As the dog that Musk mentions the most, Marvin has become a potential candidate for a Meme coin. If market sentiment rises further, small funds testing the waters in such projects may also yield unexpected surprises!