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Interpretation and Supplement of the Iron Law of Trading
Never trade in revenge: Importance: Avoid trading in an emotional state, which is one of the main reasons for trading failure. Practice: Close the chart after trading and give yourself a cooling-off period to avoid making impulsive decisions influenced by immediate gains and losses. Avoid weekend trading: Reason: Weekends are relatively quiet times in the market, with fewer trading opportunities and are easily affected by market sentiment and news events. Suggestion: Use the weekend time to rest and study, and prepare for the next week's trading. Set trading sessions: Purpose: Maintain trading discipline and avoid over-trading and distraction. Practice: Set fixed trading sessions according to your own schedule and market conditions, and strictly adhere to them. Don't get emotional about assets: Key: Maintain an objective and calm trading attitude, not affected by personal preferences or biases. Strategy: Treat trading as a business behavior, not an expression of personal emotions. Keep it simple: Principle: Simplify trading strategies and avoid over-analysis and complexity. Practice: Focus on a few effective trading indicators and patterns, and don't try to cover everything. Trade when you are calm: Importance: A good mentality is the key to successful trading. Suggestion: Make sure you are relaxed and focused before trading, and avoid trading when you are tired or emotional. Keep a diary: Purpose: Record the trading process and lessons learned to help yourself grow and improve. Practice: Record trading decisions, profit and loss, market trends and other information every day, and analyze and summarize them. Don't blindly chase the decline: Risk: Trying to buy at the bottom is often accompanied by high risks because the market bottom is difficult to accurately predict. Strategy: Wait until the market trend is clear before trading to reduce risks and increase the success rate. Don't over-trade: Principle: The number of transactions does not equal profit opportunities, and excessive trading often leads to losses. Practice: Select trading opportunities, stay patient and calm, and don't trade frequently.
Additional Suggestions
Continuous Learning: The cryptocurrency market is constantly changing, with new trading strategies and technologies emerging. Keeping your knowledge updated is key to long-term success. Risk Management: Set reasonable stop-loss and take-profit points to control the risk exposure of each trade. Don't neglect risk management in pursuit of high returns. Diversified Investment: Do not put all your capital into one project or asset. Reduce risk and enhance the overall stability of your investment portfolio through diversification. Stay Calm and Patient: Successful trading takes time and effort. Don’t rush for quick gains or pursue short-term profits. Stay calm and patient, gradually accumulating experience and wealth.
In summary, following these trading rules and continuously learning and practicing is key to avoiding being harvested in the crypto space and making money. Wishing you success in the cryptocurrency market!
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