Trading cryptocurrency is a surefire new secret: avoid the three major pitfalls and easily achieve financial freedom!
In trading cryptocurrency, being steady is the hard truth. I have a method that is neither flashy nor particularly practical, ensuring you can steadily earn some extra cash while keeping the risks under your control. Remember these three pitfalls you must avoid:
Don't follow the market trends: When others are scared to death, we need to bravely and carefully enter the market to pick up bargains; when others are scrambling, we should stay calm and not rush to get involved. Simply put, buy when prices drop and sell when they rise; that's what being smart is about.
Don't put all your eggs in one basket: Trading cryptocurrency is not gambling; don't pour all your money in at once. You need to learn to diversify your investments, so even if one area takes a hit, other areas can still bring you returns. Isn't that stable?
Don't go all in: Going all in is like pushing yourself into a dead end. There are plenty of opportunities in the market; keep some cash on hand to respond flexibly, so when the next opportunity arises, you can grab it.
Now let's talk about a few simple and practical tips for trading cryptocurrency:
Don't rush, wait a bit: When prices are high, don't rush to buy; take a look first; when prices are low, don't rush to sell; wait until it stabilizes before taking action to avoid mistakes.
Don't act during sideways movements: If the market is moving sideways, then don't participate; entering at this time is like groping in the dark and can easily lead you to be led by the market.
Look at the candlestick chart: The candlestick chart is like a weather forecast for the stock market; when there are bearish candlesticks, try buying a bit, and when there are bullish candlesticks, consider selling; follow the market, and you won't go wrong.
How fast the rebound is depends on how steep the drop is: If it drops slowly, the rebound will be similar; if it drops quickly, be cautious during the rebound, as it can be quite strong.
Buy in batches, buy more as it drops: This is called the pyramid building method; the more it drops, the more we should buy, which lowers the cost and reduces risks.
After a big rise or fall, don't rush to act: If the market has risen or fallen sharply, it often moves sideways for a while after that.
Trading cryptocurrency is like living life; take it easy and don't be overly eager for quick success. Stay calm, seize the right moment to act, so you can stand firm in this unpredictable market and earn some real money.
