Is it reliable to become rich by trading cryptocurrencies?
In the crypto world, achieving financial freedom and class transition must follow the iron rules of the market: The top ten points for becoming rich through cryptocurrency trading
1. Keep a close watch on Bitcoin trends
In the crypto world, Bitcoin often leads the rise and fall. Although Ethereum can sometimes be strong and move independently, most altcoins are affected 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 falling, and when Bitcoin rises, it is a good time to buy USDT.
3. Seize trading opportunities in the early morning
From midnight to 1 AM, price spikes can occur. Domestic crypto enthusiasts can set low buy orders for their favorite coins before sleep and high sell orders, which may lead to pleasant surprises and easy profits.
4. Observe the morning price trends
From 6 to 8 AM every day is a crucial time to determine whether to buy or sell. If it has been declining from midnight to 6 AM and continues to fall, it’s advisable to buy or add to positions, as it is likely to rise that day; if it has been rising and continues to go up, it’s advisable to sell, as it will likely drop that day.
5. Pay attention to afternoon volatility
At 5 PM, special attention is needed, as due to time differences, American traders start their operations, which may trigger price fluctuations. Many significant ups and downs occur at this time.
6. Beware of "Black Friday"
There is a saying in the crypto world about "Black Friday"; while there can be significant drops on Fridays, there can also be big rises or sideways movements. Just pay attention to the news.
7. Be patient with declining coins
If a coin with a certain trading volume is declining, don’t worry; holding on patiently can lead to breaking even. It may take 3-4 days at least, or up to a month. If you have extra funds, consider averaging down to speed up the recovery. Unless it's a worthless coin.
8. Stick to long-term spot trading
For spot trading, holding the same coin long-term with fewer transactions often yields greater returns than frequent trading; it depends on whether you have the patience.
9. Pay attention to external influencing factors
The crypto market is volatile and affected by many factors, such as countries' attitudes towards cryptocurrencies, negative news leads to declines; U.S. financial policies, like rumors of a wealthy tax; and influential figures' opinions on cryptocurrencies, such as Musk's statements. Stay alert to financial news.
10. Maintain a good trading mindset
A good mindset is crucial in trading; don't panic during major drops, and don’t get arrogant during big rises; locking in profits is the safest.
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