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In the early years of entering the crypto world, I was also a pure "gambler": staying up late monitoring the charts until dawn, chasing gains and selling losses blindly, experiencing liquidations, insomnia, and anxiety—all at the cost of not making money and losing quite a bit!
Later, I suddenly realized: if you want to make money trading cryptocurrencies, you have to treat it as a serious job—stick to a schedule, follow the rules, and it becomes more stable!
Here are some practical tips learned from losing money, perfect for beginners to copy:
1. Open new trades after 9 PM! During the day, news is too chaotic, and the market moves unpredictably like it's having a tantrum. After 9 PM, news digestion is complete, candlesticks are clear, and the trend is obvious.
2. Take profits when you earn! If you make 1000U, withdraw 300U first—don’t be greedy and aim for three or five times the profit. Otherwise, a quick pullback can wipe out your gains, and you'll have nowhere to cry.
3. Let indicators do the talking, not feelings! Open TradingView, watch MACD (golden/death cross), RSI (overbought/oversold), Bollinger Bands (contraction breakout). Only enter when at least two indicators agree; otherwise, you'll lose.
4. Trailing stop-loss as the price rises! If you’re actively watching, raise your stop-loss as the price goes up (e.g., buy at 1000, sell at 1100, move stop-loss to 1050). If you can't watch, set a hard stop-loss at 3% to prevent sudden crashes.
5. Numbers aren’t real money until they hit your bank card! Withdraw 30%-50% of each profit to your bank account. Don’t keep everything in the exchange dreaming of tenfold gains—taking profits is more reliable.
6. There’s skill in reading candlesticks! For short-term trades, watch the 1-hour chart; two consecutive bullish candles signal a buy. For sideways consolidation, look at the 4-hour chart for support; act when near support levels.
7. Avoid these deadly traps! Heavy leverage, unfamiliar altcoins, more than three trades a day, borrowing money to trade—hitting any of these will likely lead to a crash. Never try these!
Trading cryptocurrencies isn’t about impulsive quick riches. It’s about executing a long-term strategy. Trade at scheduled times, shut down when done, treat it like a job, and you’ll earn more steadily!