Can you make money trading crypto? I locked in a strict routine and kept my annualized returns steady at 50%. I got there by sticking to 9 hard-and-fast rules.
I went from blindly chasing trades like a newbie to making money consistently. I blew up my account countless times and stayed up through countless nights. In the end, I realized the simplest lesson of all:
Treat crypto trading like a regular job. Set fixed hours to work and fixed hours to stop. That’s the first step to surviving in this business.
For the first few years, I watched charts in the middle of the night, chasing news and influencers. It nearly drove me crazy, and my account went on a roller-coaster ride straight downhill. Then I made up my mind and followed the most basic plan:
If I can’t clearly recognize a signal, I don’t trade. That’s how I turned things around. Now my annualized returns are over 50%, and I finally don’t have to gamble with my life on the line.
Don’t rush into trades during the day. Daytime is full of noise and fake news, and the market whips around like crazy—it’s easy to get lured in. I usually wait until after 9 p.m. to trade.
By then, the news has settled and the market is steadier, so it’s easier to judge the direction. Observe during the day; get to work at night.
Take profits when you make them. If I make 1,000U today, I immediately transfer 30% to my bank card. That’s the money that’s really yours; let the rest keep growing. Don’t always expect to double your money—that’s a low-probability outcome, not something ordinary traders should count on.
Don’t rely on gut feelings when reading indicators. Before placing an order, check three things: Is the MACD golden cross or death cross clear? Has the RSI reached an extreme zone?
Is the Bollinger Band tightening, or is there a genuine breakout? I only consider trading when at least two of the three point in the same direction. Jumping in based on just one is gambling.
Withdraw profits on a fixed weekly schedule. Money you don’t withdraw is just numbers on a screen. Every weekend, without fail, I transfer 30% of my profits to a secure account.
Let the rest keep growing. If your balance only goes up on the exchange, one drawdown can wipe it all out.
Treat crypto trading like a job: there’s a start time, a finish time, and payday. Calling it a day when there’s no signal will keep you in the game a lot longer than staying up all night watching charts.
When to trade and whether to withdraw on the weekend—I cover it all at @Lao Sen Notes. If you’re still chasing news during the day and not cashing out your profits, comment how many trades you place a day. I’ll only tell you whether I’d take that trade, not which one can double your money.
I went from blindly chasing trades like a newbie to making money consistently. I blew up my account countless times and stayed up through countless nights. In the end, I realized the simplest lesson of all:
Treat crypto trading like a regular job. Set fixed hours to work and fixed hours to stop. That’s the first step to surviving in this business.
For the first few years, I watched charts in the middle of the night, chasing news and influencers. It nearly drove me crazy, and my account went on a roller-coaster ride straight downhill. Then I made up my mind and followed the most basic plan:
If I can’t clearly recognize a signal, I don’t trade. That’s how I turned things around. Now my annualized returns are over 50%, and I finally don’t have to gamble with my life on the line.
Don’t rush into trades during the day. Daytime is full of noise and fake news, and the market whips around like crazy—it’s easy to get lured in. I usually wait until after 9 p.m. to trade.
By then, the news has settled and the market is steadier, so it’s easier to judge the direction. Observe during the day; get to work at night.
Take profits when you make them. If I make 1,000U today, I immediately transfer 30% to my bank card. That’s the money that’s really yours; let the rest keep growing. Don’t always expect to double your money—that’s a low-probability outcome, not something ordinary traders should count on.
Don’t rely on gut feelings when reading indicators. Before placing an order, check three things: Is the MACD golden cross or death cross clear? Has the RSI reached an extreme zone?
Is the Bollinger Band tightening, or is there a genuine breakout? I only consider trading when at least two of the three point in the same direction. Jumping in based on just one is gambling.
Withdraw profits on a fixed weekly schedule. Money you don’t withdraw is just numbers on a screen. Every weekend, without fail, I transfer 30% of my profits to a secure account.
Let the rest keep growing. If your balance only goes up on the exchange, one drawdown can wipe it all out.
Treat crypto trading like a job: there’s a start time, a finish time, and payday. Calling it a day when there’s no signal will keep you in the game a lot longer than staying up all night watching charts.
When to trade and whether to withdraw on the weekend—I cover it all at @Lao Sen Notes. If you’re still chasing news during the day and not cashing out your profits, comment how many trades you place a day. I’ll only tell you whether I’d take that trade, not which one can double your money.