In the early years of trading cryptocurrencies, like many people, I stayed up late every night, watching the market, chasing highs and cutting losses, losing sleep over it. Later, I gritted my teeth and stuck to a simple method, and surprisingly, I survived and slowly started stabilizing my profits.
Looking back now, this method, though simple, is effective: 'If I don’t see the signals I’m familiar with, I won’t act!'
I would rather miss a market opportunity than randomly place an order.
With this ironclad rule, I can now maintain an annual return rate of over 50% and no longer rely on luck to survive.
Here are some safety suggestions for beginners, all based on my real trading losses:
1. Trade only after 9 PM.
During the day, the news is too chaotic, with all sorts of false positives and negatives flying around, making the market jump around like it's possessed, which can easily mislead you into entering trades.
I usually wait until after 9 PM to trade, by then the news is generally stable, and the candlestick charts are cleaner and the direction clearer.
2. Take profit immediately after making it.
Don't always think about doubling your money! For example, if you made 1000U today, I suggest you withdraw 300U to your bank card right away and continue playing with the rest.
I've seen too many people who 'made three times but wanted five times' end up losing it all in a single pullback.
3. Look at indicators, not feelings.
Don't trade based on feelings; that’s just blind guesswork.
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 a breakout?
At least two of the three indicators must give a consistent signal before considering entering the market.
4. Stop-loss must be flexible.
When you have time to monitor the market, if you make a profit, manually move your stop-loss price up. For example, if the buy price is 1000 and it rises to 1100, move the stop-loss to 1050 to secure profits.
But if you need to go out and can't monitor the market, set a hard stop-loss at 3% to prevent being caught off guard by a sudden drop.
5. You must withdraw profits every week.
Unwithdrawn profits are just a numbers game!
Every Friday, without fail, I transfer 30% of my profits to my bank card and continue to roll over the rest. This way, over time, my account will steadily grow.
6. There are tricks to reading candlestick charts.
• For short-term trading, look at the 1-hour chart: if the price has two consecutive bullish candles, consider going long.
• If the market is moving sideways, switch to the 4-hour chart to find support levels: consider entering when it approaches support.
7. Never step into these traps!
• Don’t use leverage greater than 10 times; beginners should ideally keep it under 5 times.
• Avoid coins like Dogecoin and Shitcoin; they are easy to get scammed.
• Limit yourself to a maximum of 3 trades a day; too many can lead to losing control.
• Absolutely do not borrow money to trade cryptocurrencies!
A final piece of advice for you:
Trading cryptocurrencies is not gambling; treat it like a job. Go to work at fixed hours, shut down when it's time, eat when it's time, and sleep when it's time. You'll find that you can actually make steadier profits.
I am Xiao O, a professional analyst and educator, a mentor and friend on your investment journey! As an analyst, the most basic thing is to help everyone make money. I will solve your confusion, help you with positions, and let my strength speak for itself. When you feel lost and don’t know what to do, follow Xiao O, and I will guide you.
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