I would like to share with you several key points for retail investors in the cryptocurrency circle to trade in cryptocurrencies!
1. Keep a close eye on Bitcoin trends
In the cryptocurrency world, Bitcoin often leads the way in price movements. Although Ethereum is sometimes strong and can develop its own trend, most altcoins are influenced by it.
2. Pay attention to the relationship between Bitcoin and USDT
Bitcoin and USDT often move in opposite directions. When USDT rises, you need to be wary of Bitcoin falling. When Bitcoin rises, it is an opportunity to buy USDT.
3. Seize the opportunity to trade in the early morning
The phenomenon of pinning is easy to occur from 0:00 to 1:00 every day. Domestic coin friends can set the buying price of their favorite coins at a low price before going to bed, and set the selling price at a high price, or there may be a surprise transaction, making a profit easily.
4. Observe the rise and fall trend in the early morning
6 to 8 am every day is the key time to decide whether to buy or sell. If the price keeps falling from 0 to 6 am, it is advisable to buy or cover the position, and the price will rise more on the day; if the price keeps rising, it is advisable to sell, and the price will fall more on the day.
5. Pay attention to the afternoon fluctuations
Special attention should be paid to 5 pm. Due to the time difference, American coin friends will start to operate, which may cause the coin price to fluctuate. Many big rises and falls occur at this time.
6. Beware of Black Friday
There is a saying in the cryptocurrency circle that there is a "Black Friday". Although there are big drops on Friday, there are also big rises or sideways movements. Just pay attention to the news.
7. Be patient with falling currencies
If a coin with a certain trading volume falls, don't worry. You can get your money back if you hold it patiently. It can take as short as 3 or 4 days or as long as a month. If you have extra money, you can cover your position in batches to speed up your return. Unless it is a junk coin.
8. Stick to long-term spot trading
When doing spot trading, long-term holding of the same currency and infrequent trading often yields greater returns than frequent trading. It all depends on your patience.
9. Pay attention to external factors
The turbulence in the cryptocurrency market is affected by many factors, such as the attitudes of various countries towards cryptocurrencies, which will fall if they are negative; the financial policies of the United States; the views of bigwigs on cryptocurrencies, such as Musk's remarks. You need to pay attention to financial news.
10. Maintain a positive attitude towards cryptocurrency trading
The mentality is crucial when trading cryptocurrencies. Don’t panic when the price drops sharply, and don’t be arrogant when the price rises sharply. Just lock in the profits.
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