A friend of mine who is experienced in currency trading shared the following valuable advice:
1. Once significant profits are achieved, you may wish to exit the market at the right time and give yourself some time to rest and relax. Traveling around the world is also a good choice. This will help adjust your mentality and prepare for the next investment.
2. If you suffer a continuous loss of more than 10% in trading, you must stop immediately and delve into the root cause of the loss to avoid repeating the same mistakes and falling into deeper trouble.
3. When conducting short-term trading, you should avoid trading when encountering any unclear or ambiguous situations, because such timing is often accompanied by higher risks and can easily lead to losses.
4. For currencies that have increased by more than 50%, be careful. Such abnormal increases often hide traps. It is easy to fall into a trap if you follow blindly.
5. When the market continues to rise sharply, high volume is often a bullish signal. At this time, you should control your emotions and avoid blind buying to avoid losses.
6. When the market is weak, look for opportunities to buy at low prices; when the market pulls back strongly, it is a good opportunity to buy. Such a strategy helps profit from volatility.
7. Before adding a position, be sure to fully understand the situation. Do not add a position without being 100% sure. When prices are low, it is more prudent to adopt a strategy of building positions in batches.
8. For the currency you want to buy, you must conduct transactions in an operating mode that you are familiar with, so as to ensure that you can earn risk-free money.
9. Avoid conducting pullback transactions below the weekly line, because such transactions often intervene in the market too early and can easily lead to heavy losses. It is wiser to wait patiently for the right time before entering the market.
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