Give beginners a few risk management suggestions, all based on experiences I've learned from real trading losses:
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1. Trade after 9 PM
During the day, the news is too chaotic, with all sorts of false positives and negatives flying around, and the market fluctuates wildly, making it easy to get tricked into trades.
I usually wait until after 9 PM to make trades; by that time, the news is relatively stable, and the candlestick chart is cleaner, making the direction clearer.
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2. Take profit immediately
Don't always think about doubling your money! For example, if you earned 1000 USDT today, I suggest you withdraw 300 USDT to your bank card immediately, and continue to play with the rest.
I've seen too many people who made three times their money but still wanted five times, only to lose it all in a single pullback.
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3. Look at indicators, not feelings
Don't trade based on your feelings; that’s just blind luck.
Install TradingView on your phone and check these indicators before trading:
• MACD: Is there a golden cross or death cross?
• RSI: Is it overbought or oversold?
• Bollinger Bands: Is there a squeeze or breakout?
Only consider entering the market if at least two of the three indicators give consistent signals.
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4. Be flexible with stop-loss
When you have time to monitor the market, if you're in profit, manually adjust your stop-loss price upwards. For example, if your buy price is 1000 and it rises to 1100, move your stop-loss up to 1050 to lock in profit.
But if you have to go out and can't monitor the market, be sure to set a hard stop-loss of 3% to prevent sudden drops from wiping you out.
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5. Must withdraw profits weekly
Profits that aren't withdrawn are just a numbers game!
Every Friday without fail, I transfer 30% of my profits to my bank card and continue to roll the rest. Over time, this will make your account grow 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 candlesticks, consider going long.
• If the market is sideways, switch to the 4-hour chart to find support lines: Only consider entering the market when the price approaches the support level.
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7. Avoid these pitfalls!
• Don't use leverage over 10x; beginners should ideally keep it under 5x.
• Avoid meme coins and shitcoins, as they are easy to get scammed.
• Only trade a maximum of three times a day; too many trades can lead to losing control.
• Absolutely do not borrow money to trade cryptocurrencies!!
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One last piece of advice for you:
Trading cryptocurrencies is not gambling; treat it like a job. Clock in and out at the same times every day, and turn off your devices when it's time to eat or sleep. You'll find that your returns become more stable.