After years of working in the cryptocurrency industry, I have seen too many people get rich overnight, and I have also witnessed countless people lose everything. I have summarized 9 golden rules to help you avoid 99% of the loss traps!
1. Refuse to be a follower of the market - 99% of liquidations are caused by chasing ups and downs. The market is always full of hot spots, and FOMO is the biggest killer. When the price of the currency rises sharply, it is the perfect time for the main force to sell. Remember: 90% of the coins that soar in the short term will fall back to the original point, and taking over at a high position will only become a meal for the "leek harvester".
2. Only pull the trigger at the weekly buy point - the monthly passivation is the real gold. Put aside short-term fluctuations and focus on the large-scale trend. The weekly bottom divergence and the monthly MACD golden cross are the real entry signals. For coins that are not at the buying point, even if they rise to the sky, they are just passing clouds. Be patient and wait for your opportunity.
3. Overcoming the urge to trade is more important than stopping loss - stay put before the buying point is reached. The urge to trade is the root cause of loss! If you see others making money, you will impulsively enter the market, and the result is often chasing at the top of the mountain. Establish your own trading plan, and before the buying point is reached, even if the market rises to the sky, you should lurk like a hunter and wait for the best time.
4. Trading only recognizes signals, not "feelings" - obsession with currencies is a poison for losses. Don't develop feelings for any currency, the market is always cruel. If the stop loss is broken, even if it is your most optimistic "hundred-fold coin", you must leave the market decisively. Trading is not a love affair, only recognize signals, not right or wrong.
5. Every loss is a valuable experience - reviewing the market immediately is more useful than complaining about the market. Operational mistakes are not terrible, but not repenting. After each loss, review the market immediately: Is it the wrong buying point? Or is it a loss of control? Turn losses into experience, and you will find that the market is actually the best teacher.
6. Technical analysis is an essential weapon for survival - relying purely on luck will sooner or later lose all the capital. Don't believe in the so-called "Buddhist currency trading". Trading without technical support is just running naked. Learn MACD, RSI, Bollinger Bands and other indicators, and establish your own trading system to gain a firm foothold in the market.
7. Wait patiently like a wolf for prey - even small funds can hunt accurately. Trading is not about the amount of funds, but about patience and skills. Wait for the weekly buying point, and once it appears, strike decisively. Even small funds can seize big opportunities. The key is to learn to wait with empty positions.
8. Stay calm to seize opportunities - There is never a shortage of opportunities to make money in the market. Don't chase when the price goes up, and don't panic when it goes down. There are opportunities in the market every day, so there is no need to rush. Keep a calm mind and make a reasonable trading plan. When the opportunity comes, you will naturally seize it.
9. The gambler mentality is doomed to die - only by changing your mindset can you survive for a long time. The cryptocurrency world is not a casino. If you make money by gambling on luck, you will have to pay it back sooner or later. Abandon the mentality of luck and establish the correct trading mindset: follow the trend, strictly stop loss, and wait patiently. Risks and opportunities coexist in the cryptocurrency world. These 9 iron laws can help you avoid 90% of loss traps. Remember: only a few people can make money. Only by strictly abiding by discipline and staying rational can you survive in this cruel market and achieve stable profits!
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