Ten Key Tips for Trading Cryptocurrencies
1. If you have limited funds, like within 200,000, catching two or three major rises in a bull market is enough; don't always think about being fully invested. Be brave enough to go to cash, wait for opportunities to arise, and use the profits to bet on the next big rise.
2. You can only earn the money you understand. First, practice on a simulation account to develop your mindset and courage. If you lose on a simulation account, you can try again, but losing in a real account might be the end, and you could even exit the market.
3. When significant good news comes out, it’s fine not to sell on the same day, but if it opens high the next day, you should quickly sell; good news often turns into bad news.
4. A week before major holidays, reduce your positions or go to cash, as holidays usually see declines.
5. For medium to long-term strategies, you must keep cash on hand; sell when it rises and buy when it falls, flipping back and forth.
6. For short-term trading, look at trading volume and chart patterns; if the patterns are active, be aggressive in buying; if not, don’t get involved.
7. If the drop is slow, the rebound will also be slow; if the drop is fast, the rebound will also be fast.
8. If you make a wrong purchase, admit it, cut your losses promptly, and preserving your capital is the key.
9. For short-term trading, check the 15-minute candlestick chart; the KDJ indicator can help you find good buying and selling points.
10. There are countless cryptocurrency trading skills; mastering a few practical ones is enough, don’t be greedy and bite off more than you can chew.
