The top brands are a must-choose for old coin speculation: In addition to BTC and ETH, the top brands also include leading currencies in different tracks, such as the anonymous coin Monero.
When speculating in new coins, it is best to choose big names: big names refer to high popularity and fame, and secondly, they refer to investments from well-known investment institutions, which helps to avoid junk coins.
Try not to touch domestic currencies: domestic currencies are often followed by trends or short-term speculation, with relatively weak innovation, and most of them are junk coins.
Fast in and fast out of outdated coins: Old coins that have experienced a round of bull and bear markets have a lot of locked-in shares on the top. After a long period of sideways trading, they may suddenly rise, but it is best to fast in and fast out. Instead of speculating on such old coins with insufficient characteristics and low popularity, it is better to speculate on new coins.
In a bull market, go long and don’t go short: follow the trend. Although there will be pullbacks, it will rise back, so going long has the lowest risk.
There will be miracles if you hoard coins in line with the trend: the bull market is suitable for the currency standard, and earning more coins means earning more money.
In a bear market, short sell instead of long sell; in a bear market, you should go with the trend. Although there will be rebounds, the probability of continued decline is greater, so you should not easily go long before the bottom is reached.
The safety of funds is the most important: in a bear market, the currency should be based on fiat currency. The price drop in a bear market often reaches more than 90%, so you must ensure the safety of your funds.
Don’t worry about whether the news is true or false: news is always flying around, some are true and some are false, so don’t believe it too much, and the news you see from the news has a lag.
Everyone's reaction determines the long and short positions: if there is good news but the market does not rise, then it is bearish; if there is bad news but the market does not fall, then it is bullish. You cannot assume that good news means rise and bad news means fall.
Blind guessing and following orders means no growth: There are many apps that provide follow-up functions, automatically following orders according to the direction of the orders placed by big guys. This makes it easy to be manipulated, and you can't learn the logic of big guys' orders, so you don't grow.
Technology is the compass: There are two types of people in the trading market. One is the news faction, who places orders based on news, regardless of whether the news is gossip or public. The other is the technical faction, who judges the direction through K-line, volume-price relationship and indicators. I personally think that for currencies with very sufficient trading, such as BTC, technology is the most effective tool. However, for currencies with insufficient trading, especially early currencies, the trading depth is very poor, and news has a great impact on their currency prices.
Don't expect too much luck: it is impossible to always have good luck, so keep a normal mind.
Don't seek success without any hesitation: Trading is not like winning the lottery, it is a game of probability. Don't be impatient for success and pay special attention to stop loss and take profit.
It is extremely difficult to integrate knowledge and action: knowing is easy, but doing is difficult. Trading is a fight against one's own greed and fear, which is an extremely difficult thing.
Practice only in things: If you want to practice, why do you have to become a monk? Trading is enough. Only by overcoming greed, anger and ignorance can you achieve the unity of knowledge and action, be calm when poor and not arrogant when rich.
