Now relying on cryptocurrency trading to support my family, I have realized 6 invaluable experiences. The content may not be extensive, but every word is like gold!!!
1. Trade strong cryptocurrencies. If you don't know how to judge the strength of a cryptocurrency, use the 60-day moving average as a boundary. When the price stands above the 60-day moving average and stabilizes, you can enter the market or increase your position. If it falls below the 60-day moving average, exit. Strictly follow this rule; it applies to most assets!
2. Avoid touching those that have increased more than 50% consecutively; if it rises a bit, you won't be able to hold on, and instead, you'll be worried. In comparison, having a low position has greater advantages and higher cost-effectiveness. First, risks can be controlled, the upward momentum is stronger, and the chances of success increase.
3. Before a main upward trend forms, there will be obvious characteristics; usually, there will be a small fluctuation with a rise and fall of -10%~20%. When the price is at a relatively low level, you can actively participate in batches; there is an 80-90% chance of a market trend.
4. When a new concept or opportunity emerges in the market, there is a high probability of a 3-5 day upward space. Grasping this rule can easily allow you to ride on the coattails of the main players!
5. When a bear market arrives, at least stay out of the market for more than six months. When the market is not good, operate less. Knowing how to buy is a student, knowing how to sell is a master; knowing when to stay out and rest is the true master!
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