In the first few years of trading cryptocurrencies, I was just like many others, staying up late to watch the market, chasing pumps and dumps, losing sleep over the losses. Later, I gritted my teeth and persisted with a simple method, and surprisingly, I survived and gradually began to stabilize my profits.
Looking back now, this method, although simple, is effective: "If I don't see a familiar signal, I absolutely won't act!"
It's better to miss a trade than to place random orders.
With this iron rule, I can now stabilize my annual return rate at over 50%, and I no longer have to rely on luck to survive.
Give new traders some survival advice, all based on the experience I've gained from real trading losses:
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1. Trade only after 9 PM.
During the day, the news is too chaotic, with all kinds of fake good and bad news flying around, the market is jumping around like it's having a fit, making it easy to be tricked into entering the market.
I generally wait until after 9 PM to trade; by then, the news has stabilized, and the candlestick chart is cleaner, making the direction clearer.
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2. Take profits immediately once you make money.
Don't always think about doubling your money! For example, if you made 1000U today, I suggest you immediately withdraw 300U to your bank account and keep playing with the rest.
I've seen too many people who think "I made three times my money, now I want five times," only to lose it all on a single pullback.
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3. Look at indicators, not feelings.
Don't trade based on feelings; that's just blind gambling.
Install TradingView on your phone and check these indicators before placing orders:
• MACD: Is there a golden cross or a death cross?
• RSI: Is it overbought or oversold?
• Bollinger Bands: Is there a squeeze or a breakout?
Consider entering the market only if at least two of the three indicators give consistent signals.
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4. Be flexible with stop losses.
When you have time to watch the market, if you've made money, manually move your stop loss up. For example, if your buy price is 1000, and it rises to 1100, raise your stop loss to 1050 to secure your profits.
But if you have to go out and can't watch the market, be sure to set a hard stop loss at 3% to prevent a sudden crash from wiping you out.
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5. Must withdraw profits weekly.
Unwithdrawn money is just a numbers game!
Every Friday without fail, I transfer 30% of my profits to my bank account, and the rest I keep rolling over. Over time, this way, my account will keep growing thicker.
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6. There are tricks to reading candlesticks.
• For short-term trading, look at the 1-hour chart: if the price has two consecutive bullish candles, consider going long.
• If the market is moving sideways, switch to the 4-hour chart to find support lines: consider entering the market near the support level.
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7. Be sure not to step into these traps!
• Don't use leverage over 10 times; beginners should keep it within 5 times.
• Don't touch Dogecoin, shitcoins, and other copies; they're easy to get wrecked by.
• Do a maximum of 3 trades a day; too many can lead to losing control.
• Absolutely do not borrow money to trade cryptocurrencies!!
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A final piece of advice for you:
Trading cryptocurrencies is not gambling; treat it as a job. Clock in and out every day, turn off the computer at the end of the day, eat and sleep on time, and you will find that—money is actually earned more steadily.