In the cryptocurrency world, to achieve financial freedom and a leap in class, one must adhere to the iron laws of the market:
1. Keep a close eye on Bitcoin trends
Within the cryptocurrency market, Bitcoin often leads the price trends. Although Ethereum can sometimes perform strongly and show independent trends, most altcoins are influenced by it.
2. Pay attention to the relationship between Bitcoin and USDT
Bitcoin and USDT often move in opposite directions. When USDT rises, be wary of Bitcoin dropping, and when Bitcoin rises, it is an opportunity to buy USDT.
3. Seize trading opportunities in the early morning
From 0:00 to 1:00 every day, pinning phenomenon is likely to occur. Domestic cryptocurrency enthusiasts can place low buy orders and high sell orders for their desired coins before going to sleep, which may lead to unexpected transactions and easy profits.
4. Observe the morning price fluctuations
From 6 to 8 in the morning is a critical time to determine whether to buy or sell. If there is a continuous drop from 0:00 to 6:00 and it continues to drop, it is advisable to buy or add to positions, as it is likely to rise later in the day; if it continues to rise, it is advisable to sell, as it is likely to drop later in the day.
5. Pay attention to afternoon volatility points
Pay special attention at 5 PM, as due to time differences, U.S. cryptocurrency enthusiasts start trading, which may trigger price fluctuations; many significant rises and drops occur at this time.
6. Be cautious of 'Black Friday'
There is a saying in the cryptocurrency world about 'Black Friday,' where there can be significant drops on Fridays, but also significant rises or sideways movements; just pay attention to the news.
7. Treat declining coins with patience
If a coin with a certain trading volume drops, do not worry; holding patiently can lead to breaking even. This could take as short as 3 or 4 days or as long as a month. If you have extra money, consider adding to your position in batches to speed up breaking even, unless it is a worthless coin.
8. Stick to long-term spot trading
Engage in spot trading, holding coins long-term with fewer transactions; profits often exceed those from frequent trading, it just depends on patience.
9. Pay attention to external influencing factors
The cryptocurrency market is influenced by many factors, such as countries' attitudes towards cryptocurrencies, negative views leading to drops; U.S. financial policies, such as rumors of a wealth tax; and influential figures' opinions on cryptocurrencies, like statements from Musk. Stay aware of financial news.
10. Maintain a good mindset in trading cryptocurrencies
The mindset in trading cryptocurrencies is crucial; remain calm during major drops, humble during major rises, and secure profits.