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Throughout this journey, I have summarized the top ten iron rules of trading cryptocurrencies. Today, I share them with you, hoping they can help you avoid detours!
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Rule One: Understand market sentiment, trading volume is key
- Volume increase without a 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 that a short-term peak has been reached.
- The rise must be accompanied by increasing volume: During the upward movement, trading volume should steadily increase. If there is a sudden decrease in volume or a spike in volume, the upward trend may come to an end.
- Key volume levels during a decline: When a critical position is broken with increased volume during a decline, the downward trend may continue.
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Iron Rule 2: Key price points determine buying and selling
- Resistance levels, support levels, trend lines: act quickly when the price reaches these points!
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- Golden Ratio: I use it to predict resistance and support, and it works very well.
Iron Rule Three: Monitor the market over multiple time frames
- 1-minute line: Look for entry and exit opportunities.
- 3-minute line: Monitor the wave situation 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: Every trade is a new beginning, don't let previous operations affect your mindset.
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Iron 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 through 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; liquidate if it falls below the 30-day moving average!
Iron Rule Six: There must be a strategy for selling
- High position breaks below the 5-day moving average: sell a portion first, observe subsequent trends.
- Breaking below the 15-day and 30-day moving averages: Without hesitation, sell everything!
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Rule Seven: Increasing positions during stagnation in price rise/fall is a signal
- Increasing positions without price rise: If the price does not increase while positions are increasing, it may be a shorting opportunity.
- Increasing positions during a price stagnation: When the price does not drop and positions increase, a rebound may be imminent.
Iron Rule Eight: Focus on One Variety
- Phase-focused: 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 new positions to recover losses; each trade is independent.
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Iron Rule Ten: Stick to the rules, achieve stable profits
- Rules are more important than mindset: strictly follow trading rules, avoid emotional trading, and you will achieve steady profits.
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The secret to earning a stable income of over a hundred U every day as a full-time trader is these top ten iron rules! If you can stick to them, making money in the crypto world is as easy as breathing!