Trading cryptocurrencies for over a year without making 1 million, after reading these 10 practical tips, you still won't make money, come to me.
After more than 10 years of trading cryptocurrencies, I have summarized the following ten practical tips:
1. If your capital is not very large, such as within 200,000, catching a major uptrend once a year is enough; never go all in all the time.
2. A person can never earn wealth beyond their understanding. First, practice with a simulated account to develop your true mindset and courage. You can fail an unlimited number of times with a simulated account, but in real trading, one failure might be everything for you, and it may even lead you to stay away from the market.
3. When encountering major good news, if you don't sell on the same day, remember to sell at the high opening the next day. The realization of good news often turns into bad news.
4. When facing major holidays, reduce positions or even go to cash a week in advance. Historically, holidays tend to decline.
5. The medium to long-term strategy is to keep enough cash on hand, sell at a high, buy back on dips, and rolling operations are the best strategy.
6. Short-term trading mainly looks at trading volume and chart patterns. Trade with patterns that show significant ups and downs; do not touch those that are inactive.
7. Slow declines will lead to slow rebounds; accelerated declines will lead to quick rebounds.
8. Acknowledge when you've made a wrong purchase, stop-loss in time, and preserving your principal is the foundation of survival in the market.
9. When doing short-term trading, always look at the 15-minute candlestick chart. You can find good buy and sell points based on the KDJ indicator.
10. There are countless techniques and methods for trading cryptocurrencies; mastering a few well is enough; do not be greedy.