When I first started trading cryptocurrencies, like many others, I was glued to the news during the day and stayed up late at night watching the market, chasing prices and selling low; I hardly ever had a good night's sleep.
At that time, my emotions were all over the place; I was afraid of giving back profits when I made money, and I was unwilling to accept losses, always thinking about 'the next trade' to make up for it. The result was that my account kept dwindling, and my emotions were increasingly unstable.
Eventually, I forced myself to change my mindset and treat trading cryptocurrencies as a 'job': opening the market on time, reviewing regularly, executing strategies, not relying on feelings, and not chasing trends. Gradually, I stabilized my rhythm. Although my profits are not as thrilling now, they are consistently stable, with an annual return rate controlled around 50%.
Here are some experiences I've整理ed from the pitfalls I've encountered in real trading, shared for newcomers—these are truly lessons learned from actual losses:
1. Start trading after 9 PM.
During the day, news can be chaotic, and the market is easily swayed by news, especially with the abundance of false information.
I prefer to look at the market after 9 PM; by that time, the news has settled, and the technical aspects are clearer. For me, this makes my actions more rational and increases my success rate.
2. Take some profit when you make money.
Don't fantasize about doubling every trade. For example, if I make 2000 U today, I will transfer 500 U to my bank account and continue compounding the rest.
The inability to control the desire to 'make a bit more' is the root cause of losses for many people.
3. Let indicators do the talking, not feelings.
Feelings are the least reliable basis for decision-making.
I use TradingView to look at three things:
MACD to check for golden cross/dead cross.
RSI to check for overbought/oversold conditions.
Bollinger Bands to check for squeeze/breakout signals.
Only consider entering when two or more signals align; otherwise, I prefer to wait.
4. Stop-loss and take-profit should go hand in hand.
If I'm watching the market and profits are rising, I will manually adjust the stop-loss price up to secure some gains.
But if I have to step out and can't watch the market, I will set a fixed stop-loss at 3% to avoid sudden market movements wiping me out.
5. Withdraw fixed amounts weekly.
Money that isn't withdrawn is just a number. Every week, I will transfer 30% of my profits to my bank account and let the rest continue to compound.
This habit is very important; otherwise, even if you make money, you might end up with nothing in the end.
6. Don't randomly switch K-line charts.
When trading short-term, I only look at the 1-hour chart: if two consecutive bullish candles appear, I pay attention to long opportunities.
If the market is directionless, I switch to the 4-hour chart to find key support/resistance levels before deciding whether to enter.
7. Avoid danger zones (definitely remember this).
Leverage should not exceed 10x; beginners should ideally keep it within 5x.
Stay away from altcoins and meme coins; they can lead to significant losses.
Limit trades to a maximum of 3 times a day; frequent trading can lead to loss of control.
Never borrow money to trade cryptocurrencies; never!
Last words:
Trading cryptocurrencies is not about impulse and luck.
If you treat it like a job—with discipline, planning, and setting take-profits and stop-losses—it becomes easier to make money in the long run.
Follow Brother Jie and enjoy nine meals a day! You can choose to earn more or less, but I only give you one chance. If you want to hop on board, act fast; don't wait until others have made their profits and then regret it!
The market doesn't wait for anyone; hesitation means missed opportunities!
