There is a basic method for trading cryptocurrencies that can absorb almost all profits and needs to be mastered gradually. First, we should never do three things when trading cryptocurrencies.
1. Never buy when prices are rising#
Be greedy when others are fearful, and be fearful when others are greedy. Learn to buy during downturns and make it a habit.
2. Never place large orders#
3. Never go all in#
Going all in makes you very passive; the market never lacks opportunities, and the opportunity cost of going all in is extremely high.
Six mantras for short-term cryptocurrency trading#
1. After a consolidation at a high price, there is usually a new high; after a consolidation at a low price, there is often a new low. Therefore, wait for the direction of the trend to become clear before acting.#
2. Do not trade during sideways movement#
Many people lose money in cryptocurrency trading simply because they cannot adhere to this simplest principle.
3. When choosing candlesticks, buy on a bearish close and sell on a bullish close.#
4. A slowing downtrend leads to slow rebounds; an accelerating downtrend leads to quick rebounds.#
5. Use the pyramid buying method to build positions; this is the unchanging truth of value investing.#
6. When a cryptocurrency continues to rise or fall, it will inevitably enter a sideways state. At this time, there is no need to sell all at a high price or buy all at a low price, as a trend change is inevitable after consolidation. If the trend changes downward from a high point, clear your positions in time; conversely, follow up in time.#
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