6_Golden_Rules_for_Crypto_Trading_Success
A straightforward yet effective approach in cryptocurrency trading can help you secure substantial profits over time—provided you're patient enough to learn it gradually. However, before diving in, here are three critical mistakes to avoid in crypto trading:
1. Never buy during a price surge
Adopt the mindset of being greedy when others are fearful and fearful when others are greedy. Develop the habit of purchasing assets during market declines.
2. Never place pending orders (压单)
Avoid setting pending orders.
3. Never go all in
Committing all your capital at once leaves you highly vulnerable. The crypto market is abundant with opportunities, and this approach incurs significant opportunity costs.
Six Tips for Short-Term Crypto Trading
1. After price consolidation at high levels, a new high usually follows.
Similarly, consolidation at low levels often precedes a new low. Therefore, wait for a clear breakout direction before entering trades.
2. Don’t trade during sideways movement
Most losses in crypto stem from failing to adhere to this fundamental rule.
3. When selecting K-lines (candles), buy on daily red candles (down days), and sell on green candles (up days).
Purchase during declining days and sell during advancing days when analyzing candlestick charts.
4. Slowing downtrends lead to slow rebounds. Accelerated drops lead to strong bounces.
Gradual downtrends typically result in modest recoveries, while sharp declines tend to trigger robust rebounds.
5. Use pyramid buying strategies when building a position. This is the core principle of value investing.
Implement pyramid buying strategies for position building, as this aligns with value investing fundamentals.
6. After a coin experiences continuous rise or drop, it will usually enter a consolidation phase. Don’t rush to sell everything at highs or buy everything at lows. Consolidation always precedes a breakout. If the breakout is downward, exit quickly. The key is to act in time.
Following a sustained upward or downward trend, a cryptocurrency typically enters consolidation. Avoid hasty selling at peaks or buying at troughs. Consolidation invariably comes before a breakout; exit promptly if the breakout is downward. Timely action is essential.
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