Summary of the following ten tips for trading cryptocurrencies
1. If your capital is not very large, for example, under 200,000, catching a major bullish trend once a year is enough; never be fully invested at all times.
2. A person can never earn wealth beyond their understanding; first practice on a simulated account to develop your true mindset and courage. You can fail an unlimited number of times on a simulated account, but in real trading, failing once may cost you everything and could even lead you to stay away from the market forever.
3. When encountering significant good news, if you don't sell on the same day, remember to sell if the next day opens high; good news often turns into bad news when realized.
4. When a major holiday is approaching, reduce your holdings or even go to cash a week in advance; historically, the market tends to decline during holidays.
5. The mid to long-term strategy is to keep enough cash on hand, sell at higher prices, and buy back during dips; this rolling operation is the best approach.
6. Short-term trading primarily focuses on trading volume and chart patterns; trade actively moving patterns and avoid inactive ones.
7. A slow decline will lead to a slow rebound; a rapid decline will lead to a quick rebound.
8. Acknowledge when you've made a wrong buy; cut losses promptly to preserve your principal, which is fundamental for survival in the market.
9. For short-term trading, always look at the 15-minute candlestick chart, as the KDJ indicator can help identify good buy and sell points.
10. There are countless techniques and methods for trading cryptocurrencies; mastering a few well is sufficient; do not be greedy.
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