For those who have been trading cryptocurrencies for over a year and haven't made 1 million, if you still can't make money after reading these 10 practical tips, come find me.
After 10 years of trading, I made 60 million; remember these 10 practical tips.
After more than 10 years of trading, I have summarized the following ten practical tips for trading cryptocurrencies.
1. If your capital is not very large, for example, under 200,000, catching one major upward trend each year is enough; never be fully invested all the time.
2. A person can never earn wealth beyond their understanding. First, practice on a simulated account to develop your real mindset and courage. You can fail an unlimited number of times on a simulated account, but a single failure in real trading might cost you everything and could even lead you to avoid the market altogether.
3. When encountering significant positive news, if you don't sell on the same day, remember to sell on the next day when it opens high. Cashing in on good news often leads to bad news.
4. When faced with major holidays, reduce your holdings or even go to cash a week in advance; historically, markets tend to drop during holidays.
5. The strategy for medium to long-term trading is to keep enough cash on hand, sell high, and buy back when prices drop again; rolling operations are the best strategy.
6. Short-term trading mainly looks at trading volume and chart patterns; trade actively fluctuating patterns and avoid inactive ones.
7. When the decline slows, the rebound will also be slow; when the decline accelerates, the rebound will be quick.
8. Recognize when you make a wrong purchase, cut losses promptly, and protect your capital; this is the foundation for survival in the market.
9. For short-term trading, always look at the 15-minute candlestick chart; the KDJ indicator can help find relatively good buy and sell points.
10. There are countless techniques and methods for trading cryptocurrencies; mastering just a few proficiently is sufficient; do not be greedy.