If you plan to trade cryptocurrencies for a living, these eight iron rules are worth pondering repeatedly! I've been in the crypto space for 7 years, and these eight iron rules are something I read every day before entering the market, helping me avoid major drops time and time again. Today, I share them with friends who may find them enlightening!
1. When entering the market, do not only look at the cryptocurrency K-line 'trend', especially for short-term trading where you also need to look at the 30-minute K-line. At the same time, the overall market must be stabilizing and resonating before you can enter. For example, sometimes you see a K-line with a long upper shadow and feel there is no opportunity, but the next day it pulls back with a strong rise or even hits the limit. If you look at the 30-minute K-line, you'll see the intriguing part.
2. If the trend and order are not right, taking another look is a mistake. You must go with the trend, and the order of rising cannot be disrupted.
3. If short-term trading is not in hotspots or potential hotspots, it is better not to trade at all.
4. Abandon all impulsive entries. Trade your plan, plan your trade.
5. Anyone's views or opinions are merely references; you should have your own thoughtful consideration and serious analysis.
6. First lock in the direction before selecting a coin. If the direction is right, the effort is half; if the direction is wrong, the effort is doubled.
7. Enter coins that are currently rising. Guessing the bottom is a big taboo; you always feel a rebound is imminent, only to face an ultimate shakeout. Stock prices always move towards the direction of 'small resistance levels', entering a coin that is currently rising means choosing a direction with little resistance.
8. After making a big profit or a big loss, empty your positions and re-examine the market and yourself. Clarify the reasons for the big profit or big loss, and then act when it is not too late.
The cryptocurrency market is full of uncertainty and challenges, but it also contains potential opportunities. Investors participating in the cryptocurrency market should fully understand the related risks, remain calm and rational, and adopt a prudent strategy to respond to market changes!
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