Several valuable suggestions from senior cryptocurrency veterans for new and old investors:
1. Optimize trading hours: It is recommended to avoid the peak of daytime trading as much as possible and operate at night instead. The daytime market is often emotional, which is easy to interfere with judgment, and the information is complicated and it is difficult to see the overall situation. The night is relatively quiet, which helps to analyze calmly and make more accurate decisions.
2. Treat profits rationally: Once you make a profit, don't be greedy and chase the rise. You should lock in the profit in time to avoid the mentality of "wanting to win after winning" that leads to profit-taking or even turning profit into loss.
3. Carefully choose the trading direction: In most cases, long strategies are safer than shorting. Unless there is a solid reason to short, long should be given priority to avoid unnecessary risk exposure.
4. Flexibly set stop loss and stop profit: Flexibly adjust the stop loss and stop profit settings according to personal monitoring conditions. If you can pay attention to market dynamics in real time, you can appropriately relax the stop loss and stop profit to capture greater fluctuations. If you cannot continue to pay attention, you must set it strictly to prevent major losses caused by emergencies.
5. Clarify the fund management goal: The fundamental purpose of trading is to realize fund appreciation and withdraw funds safely. It is recommended to transfer part of the profitable funds to a safe account or withdraw them regularly to avoid being swallowed up by market fluctuations. At the same time, when facing continuous losses, you should control your emotions and avoid additional investment to avoid falling into a vicious circle.
6. Use K-line analysis to guide trading: In short-term trading, you can focus on the one-hour K-line chart and use the two-step pattern to determine the trend direction for buying and selling. For sideways or unclear trends, you can combine the 4-hour and daily K-line charts for comprehensive analysis to improve decision-making accuracy, and be sure to set stop loss and stop profit to control risks.
7. Implement a diversified investment strategy: In order to reduce the risks brought by a single asset or direction, it is recommended to diversify funds into multiple projects or different directions, and adopt a multi-position strategy to achieve a balance between risk and return.
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