Don't be greedy when speculating in cryptocurrencies. Remember the following advices firmly, and you will be able to thrive in the crypto circle!
First: We must understand that the purpose of covering a position is to protect the principal. Don't be blinded by the temporary trap and expect huge profits. When you are trapped, the real purpose of covering a position is to reduce losses, not to think about profits, let alone blindly pursue any rebound, which is simply asking for trouble.
Second: Let's talk about the market. Behind the calm market, there are often huge fluctuations. Don't be fooled by temporary stability. The market is a fickle guy. Maybe there will be a sudden change at any time, catching you off guard.
There must be a callback after a big rise. This is an iron rule. If you see the K-line draw a triangle for a long time, you must be vigilant. If you rise too much, you must callback. So, you have to observe the market pattern carefully and don't be trapped at a high level.
Third: Buy and sell timing, remember this sentence: buy on the Yin line, sell on the Yang line, and operate against the market is the kingly way. When everyone is panicking, you have to buy bravely; when everyone is crazy, you have to sell decisively. This is the operation of masters.
Don't sell when it's not going high, don't buy when it's not diving, and never take action when it's sideways. When the market is at a high point, don't rush to sell; when it falls below the support, you have to enter the market decisively; when it's sideways, just stay honest and don't act rashly.
In the uptrend, you have to pay attention to the resistance level; in the downtrend, you have to pay attention to the support level. Only in this way can you know what's going on and not panic.
Fourth: Full position operation is a taboo, and it is even more undesirable to act alone. The currency market is unpredictable, you have to keep flexibility at all times, and position management is crucial. Only by advancing and retreating freely can you be at ease in the currency circle.
Fifth: Talk about mentality, currency speculation is all about mentality. Greed and fear are our biggest enemies. If you chase the rise and fall, you will only lose more and more. So, keep a stable mentality to be invincible in the market.
