Ten years of trading cryptocurrencies, sharing seven heartfelt truths!
I am someone who is determined to trade cryptocurrencies for life! From being a rookie at the beginning, getting beaten black and blue, to now being a full-time crypto trader supporting my family, I have summarized seven key insights on trading cryptocurrencies. If you also want to make a stunning comeback in crypto trading, then listen carefully, and I hope it can bring you some inspiration.
1. If the coin price is steadily rising, then a pullback is just a short rest and a good opportunity for us to get in. There are no coins that keep flying; a pullback is like a spring storing energy, after which it can bounce even higher.
2. If the coin price is clearly dropping, then a rebound is an opportunity to escape. Once the trend turns bad, it may take a long time to rise again, possibly several months. Don't stubbornly hold on, and don’t waste time.
3. For short-term fluctuations, look at the fundamentals; for long-term trends, rely on the fundamentals. Don’t be blinded by immediate small gains; you need to think long-term.
4. The bottom you guess is often not the real bottom; it might just be halfway down. The true bottom depends on sentiment and capital. Don’t blindly try to catch the bottom; if you try ten times, you’ll likely get trapped nine times.
5. Don’t always think about making money from good news; real market trends are driven by expectations. Many retail investors love to listen to news to trade cryptocurrencies, but most of the time, what you hear is just what’s left over from others. Even if it’s true news, by the time you find out, the market may already be over.
6. Don’t easily leverage; it won’t increase your chances of winning but will instead increase risks. Once you can't hold on, the losses will be significant.
7. Set clear stop-loss and take-profit points for yourself. If it drops to a certain level, decisively stop-loss; if it rises to a certain level, sell. Don’t chase the rise for too long; many people lose money even in a bull market simply because they don’t understand this principle.
Although the market is slightly sluggish now, it will come back. Just wait for the pullback opportunity, and then I will lead everyone to aim for the high-profit opportunities in altcoins to buy low and position ourselves for spot trading. Doubling your investment is definitely possible. Like and comment, and I will help you seize the great opportunities in this bull market.