New to trading cryptocurrencies and want to avoid pitfalls and earn more? Come here, I’ll share a few tips that are guaranteed to be practical.
There’s actually a rather “foolish” method for trading cryptocurrencies, but it’s really effective. Once you learn it, your wallet will definitely get thicker. First, you need to remember three hard truths; don’t fall into traps!
First, never chase prices! You have to learn to go against the flow; when others are scared and trembling, you need to be bold; when others are scrambling, you need to take it easy. Dare to buy when prices are falling; if you develop this habit, you’ve already won half the battle.
Second, don’t put all your money in one place; the risk is too high. You need to diversify your investments and seek victory steadily.
Third, never go all in! If you go all in, you become passive. There are plenty of opportunities; if you go all in, you’ll just watch opportunities slip away and miss out.
Now let’s talk about a few tips for short-term trading:
First, when the price of a coin has risen to the top and is consolidating, it might push up again; when it has dropped to the bottom and is consolidating, it might drop again. You need to wait until the direction is clear before taking action; don’t rush to enter the market.
Second, don’t rush to buy or sell during sideways movements. Many people lose money trading cryptocurrencies because they can’t help themselves, always wanting to make a move, and end up losing when they do.
Third, look at the candlestick chart; consider buying during bearish candles and selling during bullish candles. Simple and practical.
Fourth, when prices are falling, take it slow; when rebounding, take it slow too; if the decline is sharp, the rebound will be quick—remember that.
Fifth, when building a position, do it layer by layer like building a pyramid, steady and solid. This is the correct way to trade cryptocurrencies.
Sixth, after a coin has risen or fallen continuously, it will definitely consolidate. At this time, don’t rush; don’t sell everything at a high point or buy everything at a low point. After consolidation, there will definitely be a change; the direction of the change determines your next move. If it changes downwards from a high point, quickly clear your position and leave; if it changes upwards from a low point, then increase your position and follow up—don’t miss the opportunity!
The path of trading cryptocurrencies is neither too difficult nor too easy; the key is to have methods and strategies. I hope these insights can help you, allowing you to walk steadier on the path of trading cryptocurrencies and earn more!
Follow and leave a message