Contract Experience Sharing
First, when making money, you must protect your profits. For example, if you buy a coin and it rises by more than 10%, you need to be careful. If it falls back to your buying price, sell it immediately without hesitation. If you make 20%, then you must set a rule for yourself: this time the profit cannot be less than 10% before selling, unless you are certain this is a temporary high point; otherwise, don't act rashly. The same principle applies; if you make 30%, you should at least protect 15% of your profits before selling. This way, even if you don't have the technical analysis to determine the high point, you can still let your profits grow on their own $BTC
Second, when losing money, you must decisively cut your losses. If you buy a coin and lose 15% (you can set this number yourself, but 15% is a suitable reference), then you must quickly sell it at a loss. This is to cut losses in time and prevent yourself from getting deeper into trouble. If it rises afterwards, that's fine; it indicates that your entry point was not correct, and it's a wrong trade. Mistakes come with a price, which is a loss. Remember to set a stop-loss for every trade; this is a necessary condition for trading coins #Crypto Knowledge
Third, if a sold coin drops, buy it back at the original price. If you sell a coin and it drops, but you are still optimistic about it, then buy back the same amount of coins. This way, your quantity of coins remains the same, but you have more funds available. If after selling it doesn't drop much and you don't buy back, and later it rises back to your selling price, then you must unconditionally buy it back
Although this may waste some transaction fees, it can avoid many risks of missing out. This principle can be combined with the stop-loss principle: buy back when it rises to the original price, and if it falls again, cut losses. If you operate this way multiple times and find that the price of this coin is always unstable, then you need to select a different entry point
In short, short-term trading in coins must adhere to principles; quick entry and exit do not equal random turmoil, chasing hot spots does not equal reckless crashing, taking profits does not equal timidity, and sitting on the sidelines does not equal quitting the crypto space. Don't be too entangled with the lowest and highest price points $BTC
