New to cryptocurrency trading and want to avoid pitfalls? Look here!
In trading cryptocurrencies, I have my own set of skills. These rules, I have read over and over again, and am already very familiar with them. I have been trading cryptocurrencies for nine years; I initially entered the market with 1 million capital, and after three years, I ended up with only 100,000 left. At that time, relatives and friends advised me to stop trading, saying this stuff is too risky.
But I just couldn't accept it, thinking I would take one last shot with this 100,000. In the end, I used this last 120,000 and surprisingly made 20 million in three years! So, as long as you find a method that suits you and stick to it unwaveringly, you can definitely turn things around!
Now, let me share my cryptocurrency trading tips. You need to first observe market sentiment; if the trading volume is high but the price hasn't dropped, it might indicate a rebound is coming; if the trading volume is high but the price can't rise, it might mean the short-term has peaked. The requirements for trading volume during price increases and decreases are different. During an increase, the trading volume must steadily rise; if it suddenly decreases or there is an especially large volume, the increase might be near its end. During a decrease, as long as there is increased volume at key positions being broken, the decrease will likely continue.
You also need to pay attention to some important positions, such as resistance levels, support levels, and trend lines. When reaching these positions, you must act quickly. Personally, I especially like using the Fibonacci retracement to predict these positions. When observing the market, you need to have several time windows: the 1-minute chart to find entry and exit timings, the 3-minute chart to watch the fluctuations after entry, and the half-hour or hourly chart to observe the trend changes over a day.
If you hit a stop-loss, don't rush to recover. A stop-loss means that this trade is finished; the next trade is a new beginning, and you shouldn't be influenced by previous actions.
Finally, I’ll teach you a trick that is particularly simple and practical, even beginners can easily make money. This trick is: once you buy, the buying and selling rules are set, and you must strictly adhere to the rules; this way, you can steadily make money. Remember, the key is to be able to persist!
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