Master the eight practical tips for cryptocurrency trading and start your successful journey in the cryptocurrency circle. Follow these eight tips for cryptocurrency trading and share them with everyone. Remember to collect them!
1. To cover the position in order to protect the principal and to expect profit is greed.
When speculating in cryptocurrencies, it is inevitable that some cryptocurrencies will be stuck. At this time, it is important to remember that you cannot dream of turning losses into profits in an instant. The act of seeking quick success and instant benefits will only make you sink into the quagmire and unable to extricate yourself. You should honestly carry out the position replenishment operation and do your best to protect the principal. Only in this way can you make a steady flow like a gurgling stream.
2. If there is a high wave on the calm water surface, be careful of the big waves behind.
The cryptocurrency market may seem calm on the surface, but it is actually turbulent. Don’t be fooled by the insignificant increase in the current price. Always stay highly alert and beware of the possible violent shocks that may occur next.
3. There will be a correction after a big rise, and the K-line will form a triangle for many days.
When the price of the currency is soaring, don't be too happy or get carried away. Because after this surge, there will inevitably be a callback. The operator needs to look at the K-line trend. Isn't it a regular equilateral triangle drawn over many days?
4. Buy Yin and not Yang, sell Yang and not Yin, go against the market, and you will be a hero.
When buying coins, you should decisively buy when the price is falling, and when selling coins, you should decisively buy when the price is rising. Doing the opposite can achieve unexpected success and become a hero in the cryptocurrency circle.
5. Don’t sell unless it goes up, don’t buy unless it goes down, and don’t trade if it goes sideways.
Don’t rush to sell when the price of a currency is rising, and don’t rush to buy at the bottom when it is diving. When it is in a sideways state, you must firmly control your hands, observe calmly, and respond to changes with constancy.
6. Look at the support level in an upward trend and the resistance level in a downward trend.
When the price of the currency is on an upward trend, you should pay close attention to the support level to prevent a sudden decline; when the price of the currency is downward, you need to pay attention to the resistance level so that you can decisively buy the bottom at the right time.
7. Full-position operation is a taboo. Acting alone is not advisable. You must know when to stop in the face of unpredictable changes and enter and exit freely while observing opportunities.
Never operate with a full position. Going all in is a bad idea. The cryptocurrency market is ever-changing. You must know when to stop and be able to enter and exit freely. Only by calmly observing the changes in the situation can you seize the best opportunity.
8. Cryptocurrency trading is all about mentality. Greed and fear are big harms. Be cautious about the rise and fall of the market and be calm and at ease.
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