1. Keep a close eye on Bitcoin trends
Within the crypto space, Bitcoin often leads the trend in rises and falls. While Ethereum can sometimes perform independently, altcoins are mostly influenced by Bitcoin.
2. Pay attention to the relationship between Bitcoin and USDT
Bitcoin and USDT often move inversely. Be cautious of Bitcoin dropping when USDT rises, and when Bitcoin rises, it is an opportunity to buy USDT.
3. Seize trading opportunities in the early morning
From midnight to 1 AM, price spikes are common. Domestic traders can place limit buy orders at low prices and limit sell orders at high prices before going to bed, potentially leading to pleasant surprises and easy profits.
4. Observe the morning trends of rises and falls
From 6 to 8 AM every day is a critical period for determining buy or sell. If there is a continuous drop from midnight to 6 AM and it continues to drop, it is advisable to buy or add to your position; it is likely to rise that day. Conversely, if it has been rising, it is advisable to sell, as it is likely to drop that day.
5. Pay attention to afternoon volatility points
Pay special attention at 5 PM, as due to time zone differences, American traders begin to act, which can trigger price fluctuations. Many significant rises and falls occur at this time.
6. Be careful of 'Black Friday'
In the crypto world, there is a saying about 'Black Friday.' Although there are significant drops on Fridays, there can also be substantial rises or sideways movements. Just pay attention to the news.
7. Be patient with falling coins
If a coin with a certain trading volume drops, don't worry; hold on patiently and you can recover your costs. It could take as short as 3 or 4 days, or as long as a month. If you have extra money, you can add to your position in batches to speed up recovery, unless it is a worthless coin.
8. Stick to long-term spot trading
For spot trading, holding the same coin long-term with fewer trades often yields greater returns than frequent trading; it all depends on your patience.
9. Pay attention to external influencing factors
The volatility in the crypto space is influenced by many factors, such as countries' attitudes toward cryptocurrencies, negative sentiments leading to drops; U.S. financial policies, like rumors of a wealthy tax; and influential figures' opinions on cryptocurrencies, such as statements from Musk. Stay updated with financial news.
10. Maintain a good mindset for trading
The mindset in trading is crucial; do not panic during significant drops or become arrogant during major rises. Lock in profits.