Some advice for newcomers to the cryptocurrency community:
1. Don’t place orders during the day, it’s best to do them at night. First, being impetuous during the day affects ordering, and second, it is difficult to see the situation clearly.
2. Do not chase orders after making a profit and take profit. Don't think about making a profit on a second order after making a profit, otherwise it will be easy to lose money.
3. Going long is beneficial to shorting, and you must not go short unless you have to.
4. Do not set stop loss and stop profit when you have time to watch the market. This is to prevent slight fluctuations from triggering the stop loss price and resulting in forced liquidation, which will affect greater profits. If you don’t have time to look, you must set it up to avoid a lot of damage caused by pin insertion, or even reset to zero.
5. The purpose of placing an order is to withdraw funds, and part of the profits will be transferred regularly to the capital account or withdrawn. Because people's desires are endless. Once they make a profit, they want to make more profits. As a result, they invest all the money they earn in the market, and end up losing everything (my personal experience). In addition, if you lose money continuously, don’t recharge, and control your mentality.
6. For short-term longs and shorts, look at the one-hour K-line. If the second step rises, go long, and if the second step falls, go short. When encountering sideways trading, if you cannot judge the future trend clearly, just look at the 4-hour and 1-day K-line to decide whether to go long or short. At the same time, set a stop profit and stop loss.
7. Don’t put your eggs in the same basket, separate your funds as much as possible, and trade with multiple positions and directions for so many years, you have made and lost. Let’s first summarize the main reasons for losses. Some of them have been committed by me.
Leverage is a double-edged sword. If you use it well, you will run faster than others; of course, conversely, if you use it poorly, you will die faster than others.
After playing with contracts for a long time, you will find that playing with spot becomes very simple. Many novices hope that a certain transaction can make a huge profit. From 10,000 to 1 million, it will be doubled. From 1 million to 500,000, the loss will be 50%. When it returns to 1 million, it will double.
Therefore, novices are most likely to become narcissistic. After making a few profits in the circle, they feel that they are extremely talented. In the excitement, they work full of money and end up back to zero. Traders who really want to survive in the currency market will never put themselves in desperate situations. From the moment they have a full or heavy position, they are destined to be a loser. I hope you will be vigilant enough in leveraged trading!
I’m going to plan a magic order with an increase of 3 to 5 times in the near future. Comment 333 and get on it directly!
