Ten Years of Trading Cryptocurrency: The Top Ten Points for Wealth through Trading Cryptocurrency (Worth Collecting)
Is it reliable to become rich by trading cryptocurrency?
In the crypto world, achieving financial freedom and class mobility must follow the iron laws of the market: the top ten points for becoming wealthy through trading cryptocurrency
1. Keep a Close Eye on Bitcoin Trends
In the crypto world, Bitcoin often leads the direction of price fluctuations. While Ethereum can sometimes perform strongly and create independent trends, altcoins are largely influenced by it.
2. Pay Attention to the Relationship Between Bitcoin and USDT
Bitcoin and USDT often move in opposite directions; when USDT rises, be wary of Bitcoin's decline, and when Bitcoin rises, it's an opportunity to buy USDT.
3. Seize Trading Opportunities at Midnight
From 0:00 to 1:00 daily, price spikes are common. Domestic traders can set low buy orders for desired coins before sleeping and high sell orders, potentially resulting in surprising profits.
4. Observe Morning Price Movements
From 6:00 to 8:00 every morning is a crucial time to judge whether to buy or sell. If there has been a continuous decline from 0:00 to 6:00 and it continues to drop, it's advisable to buy or replenish stocks, expecting a rise later; if there has been a continuous rise, it's advisable to sell, as a decline is likely that day.
5. Watch for Afternoon Volatility
Pay special attention at 5:00 PM as American traders begin to operate due to time zone differences, which may trigger price fluctuations; many significant rises and falls occur at this time.
6. Be Cautious of “Black Friday”
There is a saying about “Black Friday” in the crypto world; while there can be significant declines on Fridays, there can also be sharp rises or sideways movements; pay attention to news updates.
7. Be Patient with Declining Coins
If a coin with a certain trading volume declines, do not worry; holding it patiently can lead to breaking even. It may take as short as 3 to 4 days or as long as a month. If you have extra funds, you can purchase in batches to speed up the recovery. Unless it’s a worthless coin.
8. Stick to Long-Term Spot Trading
Engaging in spot trading, holding the same coin for the long term, and trading less often usually yields greater returns than frequent trading; it all depends on your patience.
9. Pay Attention to External Influencing Factors
The crypto market is volatile and influenced by many factors, such as countries' attitudes toward cryptocurrencies; negative views may lead to declines; U.S. financial policies, such as rumors of a wealth tax; and influential figures' opinions on cryptocurrencies, like remarks from Musk. Stay informed through financial news.
10. Maintain a Good Trading Mindset
A good trading mindset is crucial: do not panic during significant declines, do not be arrogant during substantial rises, and secure your gains.
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