Ten years of trading coins, summarizing the top ten points for becoming wealthy through trading coins (worth collecting)
Is it reliable to become rich by trading coins?
In the crypto world, achieving financial freedom and class transition must adhere to the iron rules of the market: the top ten points for getting rich through trading coins
1. Keep a close eye on Bitcoin trends
In the crypto world, Bitcoin often leads the direction of price movements. Although Ethereum can sometimes perform strongly and show independent trends, altcoins are mostly influenced 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's an opportunity to buy USDT.
3. Seize trading opportunities in the early morning
From 0:00 to 1:00 every day, there can be a phenomenon of price spikes. Domestic traders can set low buy prices for their desired coins before sleeping and high sell prices, or they may get surprised deals and profit easily.
4. Observe the morning price fluctuations
From 6:00 to 8:00 every morning is a key time to judge whether to buy or sell. If the price continues to fall from 0:00 to 6:00, and it is still falling at this time, it is advisable to buy or add to positions, as there is a high chance of a rise that day; if it continues to rise, and it is still rising at this time, it is advisable to sell, as there is a high probability of a drop that day.
5. Pay attention to afternoon volatility
At 5:00 PM, special attention is needed because of the time difference; American traders start to operate, which may trigger price fluctuations. Many significant rises and falls occur at this time.
6. Be cautious of "Black Friday"
There is a saying in the crypto world about "Black Friday"; although there can be significant drops on Fridays, there can also be large rises or sideways movements, just keep an eye on the news.
7. Be patient with falling coins
If a coin with a certain trading volume falls, don’t worry; holding patiently can help you break even. It may take as short as 3 or 4 days, and as long as a month. If you have extra money, you can add to your positions in batches to speed up breaking even, unless it’s a worthless coin.
8. Stick to long-term spot trading
When trading spot, holding the same coin long-term with fewer transactions often yields better returns than frequent trading; it just depends on your patience.
9. Pay attention to external influencing factors
The crypto market is volatile and influenced by multiple factors, such as each country's stance on cryptocurrencies, which can lead to declines if negative; U.S. financial policies, such as rumors of taxes on the wealthy; and opinions of big players on cryptocurrencies, like Musk's statements. Stay tuned to financial news.
10. Maintain a good trading mindset
The mindset while trading coins is crucial; don’t panic during big drops, don’t be arrogant during big rises, and securing profits is essential.
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