Several Practical Suggestions for Newcomers in the Crypto World
Don't trade during the day; it's more reliable at night. Daytime can be uncertain, making it easy to make mistakes, and the situation is harder to assess.
Don't be greedy after making money; take the profit when it's good. Avoid thinking about winning twice in a row, as it can lead to losing everything.
If you can go long, don't go short unless absolutely necessary. Shorting carries high risk, so be cautious.
Spend more time watching the market, and don't set stop-loss or take-profit orders just yet. This prevents small fluctuations from triggering them and affecting the overall situation.
However, if you don't have time to monitor the market, you need to set those orders to prevent being caught off guard and losing significantly.
The purpose of trading is to make money, and when you do, make sure to withdraw it regularly. Human greed can never be satisfied; after making some profit, the temptation to earn more can lead to losing everything (I have experienced this loss). If you keep losing, do not continue to invest more money; maintain a stable mindset.
For short-term trading, just look at the 1-hour candlestick chart. Go long if it rises and short if it falls. If it's sideways and you can't see a trend, check the 4-hour and daily candlestick charts before deciding what to do. Don't forget to set your take-profit and stop-loss orders.
7. Don't put all your money in one basket; diversify your funds. Use multiple positions and directions for trading; this is safer.
Recently, I plan to position for a potential coin that is about to skyrocket; doubling your investment is quite simple. At the same time, I'm looking for some potential coins to hold until the end of the year, expecting a tenfold increase is not a problem. If you want to join in, leave a message, follow, and like for free sharing.
