The trading that I have carried out so far uses 3 methods based on experience, I want to share, hopefully it is useful
1. Day Trading
Profit:
Potential for quick profits from daily price fluctuations.
Avoid price risks outside trading hours.
Risk:
Requires time and full attention.
Quick decisions can be emotional and risky.
High transaction costs due to trading frequency.
For example:
In 2021 I bought Bitcoin for $30,000 and sold it a few hours later when the price rose to $31,000, making a profit of $1,000 in one day.
Tips:
Use technical analysis such as Moving Average and RSI.
And set a stop-loss to manage risk.
2. Swing Trading
Profit:
No need for constant monitoring.
Potential profits from medium-term trends.
Risk:
The market can change suddenly.
And requires an understanding of technical analysis.
For example:
I bought Ethereum for $1,500 and sold it a week later when the price hit $1,700, making a profit of $200 isn't bad right.
Tips:
Trend analysis uses tools such as MACD and Fibonacci retracement.
Set a price target and stop-loss.
3. HODLing
Profit:
Avoids the stress of short-term price fluctuations.
Potential for huge profits in the long term.
Risk:
Big risk if the market falls significantly.
It requires faith and patience.
For example:
I bought Bitcoin for $60,000 two months ago and held it until it reached $64,000, and maybe I will hold it until it reaches $100,000 which will result in big profits. DYOR
