The biggest challenge in handling altcoins like #UXLINK that double in hours is trading psychology.
1. When the price rises rapidly, the originally clear profit-taking plan is easily disrupted, and the profit target turns into 'let's wait a bit longer, maybe it will rise further.'
2. When the price turns downward, the mindset shifts to 'wait until it returns to the previous high before selling,' resulting in a sharp decline in price.
The method to cope with such market conditions is actually quite simple:
Left-side profit-taking: Actively reduce positions in batches, keeping the position size at 1-3%.
Right-side profit-taking: Use the EMA20 moving average as support, exit when the price falls below it.
In the long run, the execution of a trading plan proves to be more reliable than emotions.