What a great opportunity. My position size is a bit too small. It was trading sideways all day, didn't dare to add to my stack. Tonight it shot up almost 10 bucks. Let's see what price it hits when it goes live tomorrow.
To survive in the market long-term, you gotta go with the flow and avoid trading against the trend. Protecting your capital is the top priority; never hold a losing position against the trend. Six deadly sins of trend trading: 1. Holding onto losses (not cutting your losses) 2. Averaging down on losing positions (doubling down on a mistake) 3. Adding to winning positions recklessly (over-leveraging can turn a winner into a loser) 4. Chasing pumps and dumps randomly (just because you think it's right doesn't mean you can execute it right) 5. Trying to catch the bottom or the top (big mistake) 6. Not cutting losses in a downtrend (if things look bad, it's time to bail) Remember this mantra, read it every day.
The Five Essential Elements of Trading - When following trends, pullbacks are to find better entry points, avoiding chasing highs and lows, and moving with the trend is more stable; - In a choppy market, high and low points are the boundaries of the range, capturing this rhythm allows for back-and-forth profit; - When trying to catch a rebound, focusing on volume is to confirm the momentum of capital entering, avoiding catching a falling knife during a pullback; - After a breakout, waiting for a retest is to validate the effectiveness of the breakout, filtering out false breakouts; - Waiting for reversal signals when bottom fishing is to avoid the trap of "endless decline," and only act when the trend truly reverses.
Each strategy's "wait" hides the control of risk, it seems to be experience gained from practical combat, when will I learn.
— Don't do value investing, ride the main upward trend. — Don't act impulsively when good news comes out; 78% of people get dumped within 24 hours. — Don't hold altcoins before holidays; after the holiday it's time to 'forget to collect the bodies.' — Being below the annual line is not a golden pit; 90% of people die here. — Take profits after an 8% rebound; don't fantasize about a V-shaped reversal. — Short-term profits rely on three highs: high volatility, high turnover, and high controversy. — Don't fear during a crash; only when RSI breaks 20 after consecutive large bearish candles is the rebound starting point. — Cut losses at 7% and run; holding on till the end makes you just a sacrifice. — Short-term trading: enter on a 15-minute golden cross, take profit at 5% and exit. — Streamline strategies, focus on the main upward trend.
In a trending market, one should increase positions rather than decrease them. In a non-trending market, one should not increase positions but rather cut losses.
It has fallen back; most meme coins have returned to the prices of May 6th. Once again, I made the mistake of going heavy. When prices rise, they climb the stairs like a tortoise, but when they fall, they plummet like a waterfall. This has really hurt my long positions; it truly hurts. I invested all my savings. While some made a fortune in the last 40 days, others have lost everything. Always remember the market's rapid changes; there are no eternal benefits or upward trends. Proper risk management is crucial‼️
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