Don't be greedy when speculating in cryptocurrencies. Remember these few rules firmly, and you will be able to do well in the cryptocurrency circle!
Don't be greedy for quick money when speculating in cryptocurrencies. The accumulation of wealth is a long-term process. If you only focus on the immediate interests, you will easily lose your mind and fall into a trap. Only by pursuing steady growth can you find a balance between risk and return. The following 8 rules of cryptocurrency speculation, if you experience them carefully, will surely help you avoid detours:
1. Being trapped and covering positions is only for capital preservation. Expecting huge profits is greedy.
When you are trapped, the purpose of covering positions is to reduce losses, not to seek profits. Don't blindly pursue rebounds.
2. Behind the calm market, there are often big fluctuations.
Don't be confused by the temporary stable market. The market may change suddenly at any time.
3. There must be a callback after a big rise. Be vigilant when the K-line draws a triangle for a long time.
If it rises too much, it will be callback. This is an iron rule. Observe the market pattern to avoid being trapped at high positions.
4. Buy on the Yinxian line and sell on the Yangxian line. Counter-market operations are the kingly way.
Buy when everyone is panicking and sell when everyone is crazy. This is the operation of masters.
5. Don't sell when the market is high, don't buy when the market is low, and never take action when the market is sideways
Don't rush to sell when the market is high, enter the market decisively when it falls below the support, and don't act rashly when the market is sideways.
6. Look at the pressure level when it rises, and look at the support level when it falls
Pay attention to the resistance level in the rise, and pay attention to the support level in the fall, so that you know what to do.
7. Full position operation is a taboo, and it is not advisable to act alone
The currency market is unpredictable, and it is always necessary to maintain flexibility. Position management is crucial, and you can move forward and backward freely to be at ease.
8. The currency speculation is all about mentality, and greed and fear are the biggest enemies
Chasing up and down will only make you lose more and more. Only by maintaining a stable mentality can you be invincible in the market
Keep these principles in mind and take steady steps to go further in the currency circle. I hope everyone can ride the wind and waves in the currency market and make a fortune!