Ten years of trading cryptocurrencies: The top ten key points for getting rich from trading (worth collecting)

Is it reliable to become rich through cryptocurrency trading?

In the crypto world, achieving financial freedom and class leap must follow the iron laws of the market: The top ten key points for getting rich through trading cryptocurrencies

1. Keep a close eye on Bitcoin's trends

In the crypto world, Bitcoin often leads the rise and fall. Although Ethereum can sometimes perform strongly and create 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, beware of Bitcoin falling; when Bitcoin rises, it’s an opportunity to buy USDT.

3. Seize the trading opportunity in the early morning

From 0:00 to 1:00 every day, price spikes can easily occur. Domestic crypto enthusiasts can place low buy orders for their desired coins before sleeping and high sell orders, which may lead to pleasant surprises and easy profits.

4. Observe the morning rise and fall trends

From 6:00 to 8:00 every morning is a critical time to judge whether to buy or sell. If prices have been falling from 0:00 to 6:00, and continue to fall, it’s advisable to buy or add to positions, as prices are likely to rise that day; if prices have been rising and continue to rise, it’s advisable to sell, as prices are likely to drop that day.

5. Pay attention to afternoon volatility points

Particular attention should be paid at 17:00, due to time differences when American traders start operating, which may trigger price fluctuations. Many large rises and falls occur at this time.

6. Be cautious of “Black Friday”

There is a saying in the crypto world about “Black Friday.” Although there may be significant declines on Fridays, there can also be large rises or sideways movements, so keep an eye on news.

7. Be patient with declining coins

If a coin with a certain trading volume declines, do not worry; holding it patiently can lead to breakeven. It can take as short as 3 to 4 days or as long as a month. If you have extra money, you can gradually buy more to speed up breakeven, unless it’s a worthless coin.

8. Stick to long-term spot trading

In spot trading, holding the same coin for the long term and trading less often usually yields greater returns than frequent trading; it just depends on your patience.

9. Pay attention to external influencing factors

The crypto world is affected by many factors, such as the attitudes of various countries towards cryptocurrencies, which can lead to declines if negative; U.S. financial policies, like rumors of a wealthy tax; and influential figures’ opinions, such as Elon Musk’s remarks. Stay updated with financial news.

10. Maintain a good trading mindset

A good trading mindset is crucial; don't panic during significant declines, don't be arrogant during large rises, and it's safe to take profits.