Is it reliable to become rich by speculating in cryptocurrencies?
In the cryptocurrency world, to achieve wealth freedom and class transition, you must follow the iron laws of the market: Ten key points to get rich by speculating in cryptocurrency
1. Keep a close eye on Bitcoin trends
In the cryptocurrency world, Bitcoin often leads the way in price movements. Although Ethereum is sometimes strong and can develop its own trend, most altcoins are influenced by it.
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2. Pay attention to the relationship between Bitcoin and USDT
Bitcoin and USDT often move in opposite directions; when USDT rises, be cautious of Bitcoin dropping, and when Bitcoin rises, it is an opportunity to buy USDT.
3. Seize the trading opportunities in the early morning
Every day from midnight to 1 AM, pinning phenomena can easily occur. Domestic cryptocurrency friends can place low-price buy orders for their desired coins and high-price sell orders before going to bed, or they might achieve pleasant surprise trades and easily profit.
4. Observe the morning price trends
Every day between 6 AM and 8 AM is a key time to determine whether to buy or sell. If there is a continuous drop from midnight to 6 AM, and it is still dropping, it is advisable to buy or add to your position, as there is a high probability of a rise during the day; if it is continuously rising, it is advisable to sell, as there is a high probability of a drop during the day.
5. Pay attention to afternoon volatility timings
Particularly pay attention at 5 PM, due to time differences, as American cryptocurrency friends start to operate, which may trigger fluctuations in coin prices; many significant rises and drops occur at this time.
6. Beware of Black Friday
In the cryptocurrency world, there is a saying about 'Black Friday'. Although significant drops can occur on Fridays, there can also be substantial rises or sideways movement; just stay updated with the news.
7. Be patient with declining cryptocurrencies
If a cryptocurrency with a certain trading volume drops, don't worry; holding it patiently can lead to a return on investment. The recovery period can be as short as 3-4 days or as long as a month. If you have extra money, you can average down to speed up the return. Unless it is a worthless coin.
8. Stick to long-term spot trading
Engaging in spot trading, holding the same coin for the long term with fewer trades often yields greater returns.
Frequent trading depends on whether you have the patience.
9. Pay attention to external influencing factors
The turmoil in the cryptocurrency market is influenced by various factors, such as the attitude of different countries towards cryptocurrencies—negative attitudes lead to drops; U.S. financial policies, such as rumors about a wealthy tax; and influential figures' opinions on cryptocurrencies, like Elon Musk's statements. Keep an eye on financial news.
10. Maintain a good mindset for trading cryptocurrencies
Having the right trading mindset is crucial; stay calm during significant drops and humble during large rises. Lock in profits.
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