Written in the pinned post, here are 10 suggestions for all traders and myself:
1. If you can profit, please withdraw your funds.
If you are a beginner and have made profits due to good luck, please withdraw your funds, do not deposit more. If you are even luckier and have doubled your investment, please withdraw your principal, do not add more money, because if you can achieve stable profits, the power of compounding does not depend on whether you have 10u, 100u, or 1000u.
2. Treat the plaza teachers as nonsense, do your own research.
If the plaza teachers could really trade profitably, why would they become teachers? It only shows that their profits come from fans. Anyone who does not show real trading results should be seen as just talking; if they want you to spend money, tell them to go away. Of course, some are pursuing spiritual pleasure, and this can also be the case. These teachers are indeed capable; their common trait is that they do not care about collecting money from fans. Of course, it would be better if they did.
Do your own research, keep learning, regardless of the direction, find your own path.
3. Direction determines right or wrong, position determines life or death.
For those who want to take big risks, please go to Macau or Las Vegas to gamble a bit. Position management is the most important. Only by staying alive can you continue, and there are more opportunities in the crypto world than bullets in a man's pocket. I will write about a position management method later.
4. Do not be blinded by small timeframes
When looking at candlestick charts, first look at the weekly and daily charts, then the 4-hour, 8-hour, and finally the 1-hour charts. Do not go against this order! Do not go against this order! Even avoid looking at higher timeframes; this is the most dangerous behavior! Stand at a higher perspective, and your vision will be like an eagle flying in the sky rather than an ant staring at the cheese from a minute ago. It is advised that low-level traders do not open charts below the 1-hour level.
5. Your time in and out levels should be consistent
Still about timeframes, if you want to enter positions on the 1-hour level, you must exit according to the 1-hour level. If you want to trade on the 1-hour level but are tempted to gamble on higher levels, that often will not yield good results. At this point, you need to take profits in batches and protect yourself (move your stop-loss). Those who want to seize every penny in the market often end up with liquidation.
6. Be patient, this is the most important quality.
Buy, sell, wait. These are the only three things you need to do. Buy at key positions, sell at key positions, and holding positions also requires long waiting, just like sowing and harvesting. Why can't you wait and must you sow in winter?
7. Control your trading, do not let trading control you.
More trading ≠ more profit. Most people make money when the market is good, but lose all profits and principal when the market is bad. Control your trading, do not let trading control you. There are many things to do in life. If you really feel the urge to trade, please control your position, or always hold some positions. This is a good method.
8. Control your emotions and mindset, stay calm.
Most people's losses are caused by their emotions. The more they lose, the more they think about making a big bet to recoup their losses, often leading to a deeper abyss. Seeing huge market movements often triggers FOMO, the fear of missing out, while during downturns, extreme FUD and panic arise. The market is not entirely rational, but one should try to remain rational. If you feel your emotions are off, set a red line for yourself, do not trade! Do not trade! Do not trade!
9. Strict stop-loss, no holding positions.
Holding positions means gambling that others will let you off easy. You can be wrong countless times with stop-losses, but being wrong once while holding a position means death. Staying alive is always the most important thing. Once you are dead, it doesn't matter if Bitcoin reaches 1000u; just like life, you need to be alive to continue playing. Remove the bad seeds and replace them with better ones; this is a simple truth.
10. Among the vast waters, only take one ladle.
The market has many characteristics. Some coins surge, some plummet, some have no volatility, some prefer to consolidate, some like triangular convergence, some love fake breakouts, some will have huge movements, there are European exchanges, American exchanges, local exchanges, some prefer to wash out positions, some don't retrace, each has its own characteristics.
But among the vast waters, only take one ladle. A person's energy is limited; often looking at more does not mean you will do better. Instead, you often regret 'I clearly had a good setup but forgot.' A few major cryptocurrencies plus some of your favorite altcoins can make up your entire selection. When bored, chase some trends, the plaza teachers' posts can be glanced at, but leave your energy for those you like.
If you are always struggling, you often end up accomplishing nothing. In fact, those teachers who appear to have many coins are the same. Looking at small timeframes means you can't see many coins to satisfy diverse fans, while looking at large timeframes means you can't provide frequent trades to satisfy fans wanting to make quick money. Doing your own research is still the most suitable method.
In conclusion, a method of position management is what Bitlang has adopted:
Divide your capital into three parts. For example, with 300u, one part is 100u, and with 3000u, one part is 1000u. Each time use one part to open positions. Using 300u as an example, altcoins can at most be three times, meaning open 300u, while major coins can be at most ten times, meaning open 1000u. Continue like this; if you lose, make it back to 300u. If you earn, withdraw that portion. When you have 600u, you can turn one part into 200u and officially begin the first step of compounding.
I would like to add at this point that you can withdraw your principal first and play with the profits, your mindset will be completely different.