Some advice for newcomers in the cryptocurrency world
1. Do not trade during the day; it's best to trade at night. Firstly, being restless during the day affects trading; secondly, it's hard to see the situation clearly.
2. After making a profit, do not chase trades; take profit. Never think that after making a profit on one trade, you can make a profit on a second trade; otherwise, you may easily lose everything.
3. Going long is beneficial compared to going short; unless absolutely necessary, never go short.
4. If you have time to monitor the market, do not set stop-loss and take-profit levels. This is to prevent minor fluctuations from triggering stop-loss prices, which could lead to forced liquidation and affect larger profits. If you don’t have time to watch, you must set these levels to avoid significant losses from sudden spikes, even to the point of losing everything.
5. The purpose of trading is to withdraw funds. Once you make a profit, periodically transfer a portion to your main account or withdraw it. Human desire is endless; once you make a profit, you want to make more, resulting in putting everything back into the market and losing it all (based on my personal experience). Additionally, if you experience continuous losses, do not keep adding funds; maintain a good mindset.
6. For short-term trading, look at the 1-hour candlestick chart. Go long on a second-level rise and go short on a second-level drop. When encountering sideways movement, if the future trend is unclear, check the 4-hour and daily candlestick charts to decide whether to go long or short. At the same time, set stop-loss and take-profit levels appropriately.
7. Do not put all your eggs in one basket; try to keep funds separate and trade in multiple positions and directions.