If you have been losing money while trading cryptocurrencies, then this is worth a look!
1. A sharp decline is a litmus test for quality coins. If the market crashes and your coin only slightly declines, it is clear that the big players are protecting it and refuse to let it drop, so you can hold this kind of coin with confidence; it will yield rewards.
2. If a beginner doesn't know how to buy and sell, the simplest and most direct method is to hold above the 5-day line for short-term trading. If it breaks the 5-day line, sell. For medium-term, hold above the 20-day line, and sell if it breaks the 20-day line. There are many methods, but the best one is the one that suits you. The difficulty in trading is not the lack of methods, but the execution. Mindlessly sticking to one method works for over 90% of people. The simplest path is the best.
3. Once a main upward wave is formed and there is no obvious increase in volume, decisively enter. Hold if the volume rises; hold if the volume decreases but the trend is not broken. If the volume decreases and breaks the trend, quickly reduce your position.
5. If there is no fluctuation three days after a short-term buy, sell if you can. If the price drops instead of rising after buying, cut losses unconditionally at 5%.
6. If a coin has dropped 50% from its high and has continued to fall for 8 days, it has entered an oversold channel, and a rebound is imminent; you can follow up.
7. When trading cryptocurrencies, focus on the leaders; only trade the leaders, not the minor ones. This is because when the market rises, leading coins rise the most, and when it falls, they are the most resilient. Don't hesitate to jump in; trading cryptocurrencies is often counterintuitive. Don't buy just because there has been a lot of decline, or refrain from buying because there has been a lot of increase. The more you hesitate to buy, the more it rises; the more you dare to buy, the more it falls. The strong will remain strong. When trading leaders, the most important thing in the short term is to buy at a high position and sell at an even higher position!
8. Embrace the trend and act accordingly. The price at which you buy is not necessarily the lower the better, but rather the more suitable the better. You won't gain an advantage just because you bought at a low price, as declines do not signal a bottom. Abandon junk coins; the trend is king.
9. Don't let the thrill of profits cloud your judgment. Understand that the hardest thing in the world is to sustain profits. You must carefully review whether it was luck or skill. A stable trading system that suits you is the key to sustained profits.
10. Don't trade just for the sake of trading. What does that mean? It means that when you don't have enough confidence that this trade will be profitable, don't force yourself to open a position. Holding cash is an art. Those who can buy are novices, those who can sell are masters, and those who can hold cash are the grandmasters. The first consideration in trading should not be profit but capital preservation. The focus in trading is not on frequency but on success rate!
11. In the speculative market, being adaptable is the most incorrect approach. Use your fixed trading system; adapt to changes without changing your core system. It doesn't matter how many methods you have; what matters is that you consistently use one method. Inactivity is the best defense. Often, when you are most reluctant to let go, it's when you make the most mistakes. Understand this!
12. I believe that those who can persist in trading for more than 4 years do so because of the word 'passion.' Passion is important; to excel in something, passion is essential. However, do not become overly obsessed, to the point of sinking into it and being unable to extricate yourself. Family is our greatest responsibility.
13. External factors are uncontrollable; seek internally. You must never blame your failures on others; this is extremely important. No matter how low you fall, you must take full responsibility for your decisions. Only by taking responsibility can you face your mistakes and avoid repeating them. True cryptocurrency traders are warriors who dare to confront their mistakes!
14. Listen less to external rumors, as opinions have no right or wrong. Many times, what you can see is only what they want you to see, or these are the words you want to hear. When you lose interest in the methods of the media or any experts, congratulations, you are not far from entering and succeeding, because you may have gained a little bit of your own belief!
15. You think you are trading the market, but in fact, you are trading yourself. The external appearance of success we see is just a result and performance; behind success is immense perseverance and patience. Greatness is often born from suffering. Time is the most valuable asset; endurance surpasses intelligence. Talent is not important; mindset is crucial!
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