I've been trading cryptocurrencies for ten years. In the past, I was afraid when I heard about $BTC, but now I rely on trading to support my family.
Here are my insights, all hard-earned from my experiences, and I hope those who see this can avoid some pitfalls.
When the market is hot and the price of coins is rising, you should boldly increase your positions, just like stepping on the gas when driving on a good highway, allowing your money to generate more money.
Before trading, you need to find a support point, just like looking for a foundation when building a house. For short-term trading, watch the ten-day moving average; if it breaks and doesn't bounce back, then it's time to run.
When the coin price is low, if the trading volume increases but the price doesn't rise much, and then the price retraces without breaking that level, it is a good buying opportunity. It's like the main force is secretly accumulating, and the price retracement is their signal that they have finished buying.
If you get stuck in a position, don't keep thinking about how much you spent to buy it. When the price rebounds, seize the opportunity to sell, and when the price drops again, buy back without thinking it must return to the original price to sell.
Trade coins that are likely to surge. Although they are volatile, they often have potential after a retracement. If you see a coin frequently surging and retracing no more than 30%, then jump in quickly; there may be significant trends ahead.
Trading requires discipline; as long as the coins you are optimistic about do not fall below key levels, you need to be patient. Don't chase after other coins just because they are rising quickly, resulting in your own holdings also rising and then chasing others, which ultimately leads to getting nothing and possibly losing money.
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