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Ten years of trading cryptocurrencies, from losing 7 million to earning back 10 million, my top ten rules!
I have been in the crypto space for over 10 years. Starting with an initial capital of 5000, I made over 10 million during the bull market, then lost everything in three years and even went into debt by 7 million. Finally, I borrowed 200,000 to turn things around and earned back 10 million. Throughout this journey, I have summarized the top ten rules of trading cryptocurrencies, which I want to share with you today in hopes of helping you avoid unnecessary detours!
Rule One: Understand market sentiment, trading volume is key
- Volume Expansion Without Price Drop: An increase in trading volume without a price drop may indicate a stop-loss signal.
- Volume increases but price does not rise: An increase in trading volume without a price increase may indicate a short-term peak.
- Rising must be accompanied by increasing volume: During the rising process, trading volume needs to steadily increase; if there is a sudden decrease in volume or a surge in volume, the rise may come to an end.
- Key support level with increased volume during a decline: When a key level is broken with increased volume during a decline, the downtrend may continue.
Iron Rule Two: Key Price Levels Determine Buy and Sell
- Resistance levels, support levels, trend lines: Act quickly when the price reaches these points!
- Golden Ratio: I use it to predict resistance and support, and it works very well.
Iron Rule Three: Monitor multiple time windows
- 1-minute line: Look for entry and exit opportunities.
- 3-minute line: Monitor the wave conditions after entering the market.
- 30-minute/1-hour chart: Determine intraday trend changes.
Rule Four: Don't rush to recover after a stop loss
- Stop loss = end of the order: Each trade is a new beginning, don't let previous operations affect your mindset.
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Rule Five: Simple and Practical Position Management Method
- Three-position strategy:
1. The coin price breaks through the 5-day moving average, buy the first portion;
2. Break above the 15-day moving average, buy the second portion;
3. Break through the 30-day moving average, buy the third portion.
- Strict Stop Loss: Sell the first portion if it falls below the 5-day moving average; sell the second portion if it falls below the 15-day moving average; clear the position if it falls below the 30-day moving average!
Rule Six: There Must Be a Strategy for Selling
- The high has broken below the 5-day moving average: sell a portion first and observe the subsequent trend.
- Break below the 15-day and 30-day moving averages: Without hesitation, sell everything!
Iron Rule Seven: Increasing positions while stagnant in price is a signal
- Increased positions with stagnant prices: Prices are not rising, but positions are increasing, which may indicate a shorting opportunity.
- Increased position in a downturn: If the price does not drop and positions increase, a rebound may be imminent.
Rule Eight: Focus on One Variety
- Stage-specific focus: Operate on only one variety for a period of time, continuously track it until it no longer has speculative value.
Iron Rule Nine: Opportunities are always there, don't rush to recover losses.
- Stay calm after a stop loss: Don't rush to open a new position to recover losses; each trade is independent.
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Iron Law 10: Adhere to the rules and make stable profits
- Rules are more important than mindset: Strictly follow trading rules and avoid emotional trading to achieve steady profits.
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The secret to making a stable income of over 10,000 U every day from full-time trading is these ten iron rules! If you can stick to them, making money in the crypto world is as easy as breathing!