I have been trading cryptocurrencies for ten years. In the past, I was afraid when I heard about $BTC, but now I rely on trading cryptocurrencies to make a living.
Here are my insights, all hard-earned from my mistakes, and I hope those who see this can avoid some pitfalls.
When the market is hot and the coin prices are rising, you should be bold and increase your position, just like stepping on the gas when driving on the highway; when the road is good, you should accelerate to let your money earn more money.
Before trading cryptocurrencies, you need to find a support point, just like finding a foundation to build a house. For short-term trading, look at the ten-day moving average; if the line breaks and doesn't pull back, then you should run quickly.
When the coin price is low and the trading volume increases but the price doesn’t rise much, and then the price adjusts but doesn’t break that platform, that’s a good buying opportunity. It’s like the main force is secretly stocking up, and a price adjustment is their signal to confirm that the stocking is complete.
If you get stuck, don’t keep thinking about how much you spent to buy it. When the price rebounds, seize the opportunity to sell, and wait for the price to drop again to buy back. Don’t think you have to wait for it to return to the original price before selling.
When trading cryptocurrencies, focus on those that are likely to surge. Although they are volatile, they often have potential after a pullback. If you see a coin frequently surging and the pullback doesn’t exceed 30%, then hurry up and get on board; there might be big moves ahead.
You need to have composure when trading cryptocurrencies. As long as the coins you believe in do not break key positions, you must be patient and wait. Don’t chase after other coins just because they are rising fast; as a result, your own coins may rise too, and then you chase after others, ending up with nothing and possibly losing money.
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