I was born in 1990 and have been trading cryptocurrencies for 10 years. I entered the cryptocurrency market in 2013-14, losing all of my parents' hard-earned savings of over 1 million. I myself also...
Relatives and friends borrowed 500,000 to trade and all paid tuition in the market, losing a total of 1.5 million. The whole family was almost on the brink of collapse.
My wife has been nagging me about this every day, threatening divorce. With such immense pressure, I have thought about jumping off a building several times. Thankfully, at that time, my willpower...
My determination remains strong; I believe I can earn it back!
After a year of adjustment, I started to resign and trade cryptocurrencies. I swore to my husband that if I don't earn it back, something will happen...
Later on, I fully dedicated myself, summarized the mistakes I made earlier, noted the errors in my operations, and observed the thoughts and techniques of trading experts.
Finally starting to stabilize, turning losses into profits is truly not easy! The account is starting to be in the positive, combining medium and short-term operations; no longer blindly entering and exiting.
It's best to have a plan for the account that combines both medium and short-term strategies for optimal compound interest.
Later, I secretly borrowed 200,000 yuan from my wife, and over 8 years, I turned 500,000 into 47 million.
After that, my wife looked at me differently. From the moment I started making money, her attitude completely changed; she became like a good baby, completely obedient to me!!!
The secret methods in the cryptocurrency world, mastering one can unlock a life of wealth; a single trick can truly conquer all.
1. The longer the horizontal consolidation lasts, the higher the rise; the longer the horizontal, the higher the rise.
Horizontal consolidation is a sign of bottom accumulation; the more chips accumulated, the greater the ambition.
The horizontal consolidation phase is for accumulating chips, while the strong fluctuation phase is for intense accumulation, characterized by wash trading, which is simply and brutally effective.
2. Suddenly dropping while consolidating means a small drop, and after the drop, there will be a rise. Suddenly rising while consolidating means a small rise, and after the rise, there will be a drop.
3. If it does not create new lows, it will rise quickly; if it does not create new highs, it is not good.
Not creating new lows indicates that major players are entering and continuously acquiring, signaling that a bottom is approaching. Not creating new highs indicates that the big players are stealthily offloading, which is a bad sign.
4. The lower the volume at the bottom, the bigger the rise; the higher the volume at the top, the bigger the drop.
The trading volume is minimal, and no one is buying or selling. Either everyone is holding onto their chips waiting for a rise, or the big players have already run out of chips waiting for a fall.
5. After reaching the peak and having a slight drop, then check again; after reaching the bottom and bouncing back, then check again.
Rechecking means the big players are offloading unsold goods again, while touching the bottom is to gather chips shaken off at the bottom.
These 6 iron rules, I hope you can also keep in mind.
1. Avoid revenge trading.
When a trade is closed, whether in profit or loss, it is essential to adhere firmly to the rules. After executing a stop-loss, try not to check it again within 24 hours. This can effectively avoid revenge trading; entering a trade out of revenge can likely exacerbate losses. Some believe that one should get back up from where they fell, but before triggering new entry conditions, it is more important to observe calmly. Since traders look at charts for several hours daily, it is hard to resist the temptation to open another trade to recover after a stop-loss. When using leverage for swing trading, it is especially crucial to avoid a revengeful mindset.
2. Try not to participate in trading during the weekend. Every weekend, the volatility of cryptocurrency prices increases, and trading volume is minimal. This makes it difficult to predict short-term price movements. The reason is simple: weekend buy and sell orders are usually small, and market liquidity is lower, making it easier for whales to manipulate short-term prices, highlighting the disadvantages of retail traders. Additionally, since the cryptocurrency market operates 24/7, the trading intensity is much higher than that of the stock market, and weekends are a good time to relax and rest; after all, life is greater than trading.
3. Maintain trading at specific times. As mentioned, the cryptocurrency market operates 24/7 without stopping. Even full-time traders cannot keep their eyes on the screen all the time. To stay sharp, you can set fixed trading times for yourself. Once you have opened a position during trading hours, set your take profit and stop loss, then you can do other things. This eliminates the impulse to constantly check your phone or analyze candlesticks, ensuring that trading does not affect your normal life.
4. Do not get emotionally attached to any asset. If you fall in love with the asset you are trading, it can easily lead to decision-making errors. Excellent traders use efficiency and rules to make money, giving themselves an advantage, as most people's trading behavior in the market is driven by emotions. 'Be a trading machine without emotions' can ensure decisiveness and principles in trading. Many traders suffer heavy losses because they easily become emotionally attached to certain specific altcoins, teams, or projects. This may be acceptable for medium to long-term investors, but it is a potential disaster for short-term traders.
5. Maintain simple trading rules. Traders usually combine various indicators, news, and candlestick patterns to find suitable trading convergence points. This is not a problem in itself, but one must avoid over-analysis, which complicates issues. In fact, when a suitable candlestick pattern appears on the chart, trading can begin. Also, ensure proper stop-loss settings and position control; this is especially important.
6. Only trade with the correct mindset. When you feel angry, fatigued, or stressed about something, do not trade; your mindset will affect your judgment. The key to maintaining a good mindset is having other daily activities outside of trading. For instance, exercising, reading, and spending time with family and friends can help cultivate the right trading mentality.
I am preparing to invest in a project that will skyrocket in the short term; doubling is not a problem. Friends who are interested in spot trading but lack direction can like and leave comments for free sharing.
