Once you gain insight into trading cryptocurrencies, it feels like you have superpowers. In the crypto world, a true expert is not necessarily someone with advanced technical skills, but someone who strictly adheres to the iron rules of the market:
1. Do not call a top in an uptrend, and do not call a bottom in a downtrend. Many people do not believe that Bitcoin can reach $150,000 because the crazy bull market has not arrived yet. Just when you think $68,000 is the bottom, would you believe it if it drops to $62,000? In the end, it spikes down to $56,000.
2. Ideally, each trade should not exceed 5%. Why is it harder with smaller amounts? Real experts build their positions in increments of 5%, think about how many trial-and-error opportunities they have! And how low their costs are!
3. Being afraid of heights means you are doomed. You need to understand that the cost for the main players in a cryptocurrency is very high, including promotion costs, chip costs, development costs, etc. This is not something that can be achieved by just 20%-50%, but rather several times, or even dozens of times.
4. A bull market is the only opportunity for a turnaround. Even if Buffett encounters a bear market, he has to recognize his losses, which is why he can only stay in the U.S. stock market and remain in Omaha!
5. The lagging nature of technical indicators. This means that technical indicators can only serve as references and cannot be the main basis for buying and selling. During a strong uptrend, technical indicators also perform well, but the price has already risen significantly; would you chase it? Take the MACD indicator, for instance, where a golden cross on one day may lead to a death cross the next day—this happens all the time.
6. Firmly believe that you will eventually conquer the market. Which big player is not full of confidence? Everyone has incurred losses, but no one has ever been defeated! If you do not even believe that you can make money, do you think you will be able to earn money?
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