In the cryptocurrency world, to achieve financial freedom and class transition, one must adhere to the iron laws of the market: the ten key points to becoming wealthy through cryptocurrency trading.
1. Keep a close eye on Bitcoin's trends.
In the cryptocurrency market, Bitcoin often leads the direction of rises and falls. Although Ethereum can sometimes perform strongly and create its own market, 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, be wary of Bitcoin dropping, and when Bitcoin rises, it is an opportunity to buy USDT.
3. Seize trading opportunities in the early morning.
From 12 AM to 1 AM every day, there is a tendency for price spikes. Domestic cryptocurrency enthusiasts can place buy orders at low prices and sell orders at high prices before sleeping, or they may have surprising transactions and make easy profits.
4. Observe the rise and fall trends in the early morning.
Every morning from 6 to 8 is a key period for deciding whether to buy or sell. If there is a continuous drop from 0 to 6, and it is still dropping, it is advisable to buy or add positions, as it is likely to rise that day; if it is continuously rising, it is advisable to sell, as it is likely to drop significantly that day.
5. Pay attention to afternoon volatility points.
Pay special attention at 5 PM, as due to time differences, American cryptocurrency enthusiasts start trading, which may trigger price fluctuations; many significant rises and falls occur at this time.
6. Be cautious of 'Black Friday.'
In the cryptocurrency world, there is a saying of 'Black Friday.' Although there can be significant drops on Fridays, there can also be substantial rises or sideways movements; just pay attention to the news.
7. Be patient with declining coins.
If a coin with a certain trading volume drops, don’t worry; holding it patiently can often lead to recouping losses. It can take as short as 3 to 4 days or as long as a month. If you have extra money, you can add positions in batches to accelerate recouping. Unless it is a worthless coin.
8. Stick to long-term spot trading.
Engage in spot trading, hold the same coin for the long term, and trade less. The returns are often greater than frequent trading; it all depends on your patience.
9. Pay attention to external influencing factors.
The turbulence in the cryptocurrency market is influenced by various factors, such as different countries' attitudes towards cryptocurrencies; negative sentiments lead to drops; U.S. financial policies, like rumors of a wealth tax; and opinions from influential figures in the crypto space, like statements from Musk. Keep an eye on financial news.
10. Maintain a good mindset for trading cryptocurrencies.
The mindset in trading cryptocurrencies is crucial; don't panic during drops, don't be arrogant during rises, and secure profits.
