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In the cryptocurrency world, going from 50,000 to 3.58 million, just remember these few phrases!
1. Short-term trading
1.1. Focus only on the top 5 mainstream cryptocurrencies each day, based on current market hotspots, news, daily MACD golden cross, BOLL contraction and expansion, and overall market trends to select highly volatile assets for trading.
1.2. Manage your position well:
Divide 50,000 into 20%, which is 5 parts, and use one part to build a position each time.
1.3. Never go all in, at most 50%, always leave 50% as a reserve for opportunities.
1.4. Limit your trades to no more than 3 times a day, you need to be disciplined.
1.5. Never average down; if you are down 30% after entering, withdraw immediately, this indicates the entry point was wrong.
1.6. Set a stop loss at 30%; if it breaks, close the position unconditionally, do not hold onto the loss, holding onto losses leads to disaster.
1.7. Never fall in love with candlesticks, enter and exit quickly, remember!!!
1.8. Go with the trend, trend is king, only trade mainstream assets, not small tokens!
2. Cryptocurrency life-saving mantras (recommended to memorize)
2.1. Don’t rush to flee when there’s a big drop in the morning; usually, there will be a rebound in the afternoon!
2.2. When there’s a big rise in the afternoon, reduce your position, as there’s a high probability of a pullback in the evening!
2.3. If there’s a rise on low volume, it will continue to rise; if there’s a decline on low volume, it will continue to decline.
2.4. Major meetings or positive news usually precede a rise, but will drop once it materializes.
2.5. If there’s a continuous drop during the day in China, look to buy the dip; at 21:30, foreigners tend to pull the market up.
2.6. The key signal when buying and selling is the spike; the deeper the spike, the stronger the buy and sell signal.
2.7. When you are heavily positioned, you will definitely face liquidation; why? Because you are on the liquidation list that the exchange is focusing on.
2.8. After your short position's stop loss is hit, it will definitely drop; if it doesn’t trick you out or liquidate you, how could it drop? For instance, TRB.
2.9. When you are almost out of the position, just a bit more, and the rebound suddenly stops, how could it let you close your position and run away?
2.10. When you take profits, it will pull back; if you don’t exit, how could it pull the market up? The position is too heavy.
2.11. When you are excited, a crash will come as expected; your excitement is also a trap by the whales.
2.12. When you are broke, every project seems to be rising, making you FOMO, hurry to enter. So you understand that the market is manipulated over 80% of the time; besides controlling your position, you must also seize the opportunity, clearly refusing to enter the market before the whales operate. Once you enter, the exchange becomes the butcher and you become the fish. Trading is a game of patience, determination, and timing.