Short-term trading in cryptocurrencies, you must remember these three iron rules!
First, if you make money, you need to protect your profits. For example, if you buy a cryptocurrency and it rises by more than 10%, you need to be cautious. Set a rule for yourself: if the price falls back to your purchase price, sell it immediately without hesitation! If you make a 20% profit, you need to be even more cautious; ensure you at least secure a 10% gain before selling. The more you earn, the higher your baseline should be. For instance, if you make a 30% profit, then when it drops to only a 15% profit, you must sell. This way, even if you don't hit the peak, you can still let your profits grow.
Secondly, if you lose money, you need to stop the loss in time. For example, if you buy a cryptocurrency and end up losing 15%, don’t hesitate, cut your losses and exit. Don’t think about waiting for it to rebound; if you’re wrong, you need to accept it and take responsibility for your losses. Remember, you must set a stop-loss when you open a position; this is a fundamental skill in cryptocurrency trading.
Finally, buy back at the original price, don’t miss out. If you sell a cryptocurrency and it drops, but you still have confidence in it, wait until it falls to a certain level, then buy back the same amount of cryptocurrency. This way, your amount of cryptocurrency remains unchanged, but you have more capital on hand. If after selling it doesn’t drop but instead rises back to your selling price, you should also buy it back unconditionally. Although it may cost a bit in transaction fees, it’s better than missing out. This principle can be used alongside the stop-loss principle: buy back when it rises, and stop-loss when it falls. By trying several times, you can find the trading points that suit you.
Recently, I plan to position myself for a potential cryptocurrency that is about to explode; doubling my investment is quite simple. At the same time, I also intend to find some potential cryptocurrencies to hold until the end of the year, with an expected growth of over 10 times being very feasible. The slots are limited! If you want to keep up, please like and comment.
