Those who have stumbled and lost real money in the cryptocurrency space understand: money earned by luck will eventually be lost by chance! $BTC $ETH $BNB
Only by adhering to these iron rules can one achieve steady profits or even double them.
These 8 rules are my practical insights gained from stepping into pitfalls and finally making money. Newcomers can follow them to avoid most traps and establish themselves in the cryptocurrency space.
First rule: Set the direction in the early session, dare to buy on sharp dips, and take quick profits on rapid rises.
The first 30 minutes of trading is a critical period; don't be swayed by volatility. Identify signals and act decisively; don’t foolishly chase after rising prices or panic sell.
Second rule: Don’t chase after soaring prices; patiently wait for opportunities;
Don’t panic during deep declines in the afternoon; look for buying opportunities the next day. If you miss the early session's surge, don’t be greedy; chasing high can easily lead to losses;
After a deep drop, entering in batches often allows you to capture a rebound.
Third rule: Don’t cut losses rashly on morning dips; it's better to wait patiently during sideways trading.
Don’t rush to stop losses during slight morning declines. If there are no clear signals during sideways trading, limit your actions; frequent trading will deplete your capital.
Fourth rule: Don’t sell before reaching the target price; don’t buy before hitting psychological levels; avoid trading during chaotic sideways periods.
Set buying and selling points in advance and strictly adhere to them. During sideways trading, market signals can be unclear, and entering randomly will only increase risks.
Fifth rule: A bearish candle's pullback is a buying point, while a bullish candle's rise is a selling point.
Follow the trend; buy during pullbacks and take profits during rises. Don’t go against the market to secure steady profits.
Sixth rule: When others are exuberant, I remain calm; when the market is fearful, I am greedy.
Don’t follow the crowd when the market is hot; it's easy to get caught; when everyone is panic selling, identify quality assets and boldly position yourself.
Seventh rule: Be patient during high and low consolidations; act only when the direction is clear.
During the consolidation period, wait longer; enter only when breakout signals are clear; patience is much more important than frequent trading.
Eighth rule: A long consolidation followed by a spike is the end; take profits in time to lock in gains.
After a prolonged period of sideways trading, a sudden spike often signifies the end of the market. Don’t be greedy for the last penny; securing profits is the way to go.
In the cryptocurrency space, it’s not the lack of skills that scares us; it’s the chaotic mindset and hasty actions.
By adhering to these 8 iron rules, you will steadily build your foundation, and profits will naturally come.
