Now I treat trading cryptocurrencies as a job, going to work on time every day.
In the first few years of trading cryptocurrencies, I was like many others, staying up late to watch the market, chasing trends and making impulsive trades, losing sleep over my losses. Later, I gritted my teeth and stuck to a simple method, and surprisingly, I managed to survive and gradually began to stabilize my profits.
Looking back now, this method may be clumsy, but it works: "If I don't see the signals I'm familiar with, I won't act!" I'd rather miss the market than make random orders. Thanks to this ironclad rule, my annual return rate can now stabilize at over 50%, and I no longer have to rely on luck to survive. Here are a few life-saving tips for beginners, all based on my experiences from real trading losses:
1. Only trade after 9 PM.
During the day, news is too chaotic, with all sorts of fake good and bad news flying around, causing the market to swing like a roller coaster, making it easy to get caught. I usually wait until after 9 PM to trade, when the news stabilizes, the candlesticks are cleaner, and the direction is clearer.
2. Withdraw profits immediately after making them.
Don't always think about doubling your investment! For example, if you made a profit of 1000U today, I suggest transferring 300U to your bank card immediately and continuing to play with the rest. I've seen too many people who think 'I made three times and want five times' only to lose everything on a pullback.
3. Look at indicators, not just feelings.
Don't make trades based on feelings; that's blind gambling. Install TradingView on your phone and check these indicators before trading:
MACD: Is there a golden cross or a death cross?
RSI: Is there overbought or oversold?
Bollinger Bands: Is there a contraction or a breakout?
At least two of the three indicators must give consistent signals before considering entry.
4. Stop-loss must be flexible.
When you have time to watch the market, if you make a profit, manually adjust your stop-loss price upwards. For example, if your entry price is 1000 and it rises to 1100, raise your stop-loss to 1050 to protect your profits. But if you're going out and can't monitor the market, make sure to set a hard stop-loss of 3% to prevent sudden crashes from wiping you out.
5. Must withdraw profits weekly.
Profits that are not withdrawn are just a numbers game! Every Friday without fail, I transfer 30% of my profits to my bank card and continue to roll over the rest. This way, over time, the account will get thicker and thicker.
6. There are tips for reading candlesticks.
For short-term trading, look at the 1-hour chart: if there are two consecutive bullish candles, consider going long. If the market is sideways, switch to the 4-hour chart to find support lines: only consider entering near the support level.
7. Make sure to avoid these pitfalls!
Leverage should not exceed 10x; beginners should ideally keep it within 5x.
Avoid Dogecoin and other meme coins; they are easy to get wrecked.
Make a maximum of 3 trades a day; too many can lead to losing control.
Absolutely do not borrow money to trade cryptocurrencies!!
Here's a final piece of advice for you:
Trading cryptocurrencies is not a gamble; treat it like a job. Clock in and out every day, shut down on time, eat and sleep on time, and you'll find that your returns are more stable.
Thank you for watching. I'm Xiao Fei, and it's nice to meet everyone. I focus on Ethereum contract spot trading. Our team has positions available for quick entry, helping you become a market maker and a winner.
