After eight years of cryptocurrency trading, I have made half profit and half loss. After reflection, I have summarized 8 iron rules for my friends who are just starting out.
1. Don’t rush in: When you hear that others have made money, you may feel itchy, but don’t rush in. You must first know some basic things and understand what cryptocurrency trading is all about before considering investing.
2. Be careful not to chase ups and downs: Don’t follow others’ lead and don’t blindly follow others to buy. Maybe by the time you know that others have bought, it’s too late. It’s better to wait patiently for a good opportunity before taking action.
3. Don’t bet all your money on one thing: Don’t put all your eggs in one basket. You should invest in a diversified way and buy a few different ones so that the risks are dispersed.
4. You have to set a bottom line for yourself: Think about how much loss you can bear, and don’t throw all your money in just for a gamble. Set a stop loss point, stop when the loss reaches a certain level, and protect your capital.
5. Learn more, don't mess around: Learn more about the currency circle, such as looking at the basic situation of a certain currency and listening to what professional players say. Don't just listen to those unreliable rumors and gossip.
6. Don't be too greedy: When you see that you have made some money, you want to make more, but in the end you may lose everything and not even a penny left. Take out part of the profit in time, don't always think about making more.
7. Don't be led by emotions: The market fluctuates a lot, don't sell in a hurry just because others are anxious like ants on a hot pot, and don't blindly follow the rise just because others are buying.
8. Time is your friend: Don't be anxious, time will help you. Don't think about getting rich all of a sudden, be patient, take your time, be steady, and make money slowly.
