I lost a lot of money in cryptocurrencies đ°,
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but after much struggle and learning, I managed to launch a coin and make incredible profits. Here are 8 golden rules that helped me build wealth with cryptocurrencies:
1. **Divide and Conquer**: Split your capital into five parts and invest only one-fifth each time. Use a strict 10-pip stop loss to limit risks. Mistakes happen, but this strategy limits your risk to 2% of your total capital per trade. Aim for a profit stop greater than 10 pips to avoid bear traps.
2. **Follow the Trend**: Enhance your win rate by following market trends. While it might be tempting to buy during a downtrend, itâs often better to wait for pullbacks in an uptrend.
3. **Avoid Short-Term Noise**: Stay away from coins that have seen significant short-term gains. Both traditional and imitation coins rarely sustain multiple waves of uptrends. Donât gamble on these volatile movements.
4. **MACD Indicators**: Utilize MACD to determine entry and exit points. A golden cross below the 0 axis signals a good entry point, while a dead cross above the 0 axis indicates it's time to reduce positions.
5. **Avoid Pullbacks**: Avoid "covering positions" as it can lead to substantial losses. Instead of doubling down on losses, increase positions when profitable. Donât dig a deeper hole.
6. **Watch the Volume**: Volume and price indicators are essential. Look for high-volume breakouts at low consolidation levels and be decisive in exiting when highs stagnate.