Don't blindly follow pre-drawn support and resistance indicators.
If support and resistance levels are an open book, why isn't everyone making profits? I turned my trading around when I started drawing my own support and resistance levels. Here's my approach:
1. Draw Your Own Levels: Instead of relying on standard indicators, I draw support and resistance on the 4-hour or 1-day timeframe.
2. Regular Updates: I don’t rely on these levels for too long. Every 10 days, I redraw my support and resistance to reflect the latest market conditions.
By doing this, I guarantee you'll start trading better. You might wonder, if I change coins every day, isn't that too much work?
Here's the insider tip: the most successful traders don't overextend themselves. They zero in on a handful of coins—six at most—and trade those consistently.
This is where small traders go wrong—they trade in dozens of coins and end up losing. Simplify your strategy, focus on a few coins, and you'll see a significant improvement in your trading success.
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