I got up again after falling down, constantly summed up my experience, and now I have managed to support my family by speculating in cryptocurrencies.
Today I will share 6 iron rules for cryptocurrency trading. Although the content is short, it is very valuable. Remember to save it.
1. No matter in which market, the iron-clad fact that trend is king is indisputable. Once a long-term trend is formed, it is difficult to change in the short term. Upward is bullish and downward is bearish. If you don’t understand, you can use a 20-day moving average as a trend line. If there is no reversal, you can continue to track and hold.
2. When entering the market, you must learn the relationship between price and volume. If you understand the trading volume, you will surpass most retail investors. The rise in both price and volume is the healthiest model. The main force has a high degree of control over the market, and there will be fewer main uptrends and washouts.
3. Don't hold too many coins. You can't chew too much. The weakness of many retail investors is not buying coins, but not knowing how to short-term. They know that the index is currently on a downward trend, but they still can't help wanting to buy coins at the bottom. It seems that the more coins they have, the more money they can make. However, they don't know that if the nest is empty, the eggs will be broken. Sometimes, it is easier to keep the rhythm by focusing on one coin, and repeated rolling operations can actually yield higher returns.
4. Look at the market from top to bottom, from big to small. Most retail investors stare at the time-sharing chart all day long, and are distracted by the rise and fall of the time-sharing chart. Fear replaces rationality, and they lose their strategic thinking of the overall situation.
5. For coins that hit new highs, many indicator divergences will become invalid. For coins that are on an upward trend, it is enough to just look at the volume and the 10-day moving average. Strong coins generally climb along the support of the 10-day line. As long as they do not fall below this short-term lifeline, continue to hold them and enjoy the joy of rising.
6. Human nature is full of greed, anger, ignorance, doubt and laziness. When the market goes up, people want to make more. When the market goes down, they hold on and are unwilling to admit defeat. When the market starts again, they suspect it is a rebound. In short, they are half a beat slow and often become cowherds in a bull market.
It is crucial to have a closed-loop trading system in the market. You should enter and exit the market based on principles rather than being swayed by emotions. You should weigh risks and manage your funds rather than just blindly taking a heavy position. Even if your analysis is poor, the system will correct you and put you back on the right path.
Your biggest enemy in cryptocurrency trading is often yourself. The above experience is what I have gained from long-term testing in the market. I hope it will be inspiring to you, my friends.
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The bull market is coming, don’t just be a spectator!
