If you like to have some structure and basis for trading cryptocurrency, these rules/guidelines can help you improve your trading strategy. Take what you want. Or leave it all. Either way, good luck.
1. Don’t Chase Coins — Don’t Follow Pumps.
There is no need to chase a coin that has already pumped. Instead, find some coins that still have good entries, buy those, and wait.
2. Don’t make greedy plays.
There is no reason to get greedy. If you are up 50% and wanting 55%, why push it? Chill out and enjoy your profits.
3. Never get married to a coin.
Never get too attached to a coin. Learn to take profits and move on. If you get too attached, you might end up bag holding all the down to the bottom.
4. Always follow your own instincts.
Your gut/intuition will always guide you to the best options. Too many people blindly follow the advice of ‘gurus.’ This is a recipe to get burnt. Follow yourself.
5. Patience is key.
Without patience, you will get rekt over and over again. Don’t chase the trade. Let the trade come to you.
6. Stay Committed to Your Decisions.
If you waver in your decision making, you will end up missing out on opportunities. When you see an opportunity, learn to be decisive and take it.
7. If you take a loss, don’t get stuck on it.
If you lose money on a trade, don’t start making trades in order to make up for that lose. Accept that it was a bad trade. Learn from it. Move on.
8. If you catch a moon, don’t get stuck on it.
If you catch a giant pump, don’t get caught in the euphoria of it. Learn to take profits and to think rationally, even when the ‘high’ of a massive pump sets in. Be smart, people.
9. Never Regret Taking Profits.
The coin you just sold at 50% profits mooned even harder to over 100% profits. You’re now regretting your exit. Don’t. Where the fuck else are you going to make 50% gains in a short time span? Enjoy it. Be grateful. Move on.
I’m ya boi, Shill Nye. I trade/investigate cryptocurrency full time. Follow me on Twitter.
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I do not give financial advice. I am not a financial advisor. If you are looking for financial advice, then you should go to google and look for a financial advisor in your area. The shit I write is simply for entertainment purposes. You should never blindly trust anyone on the internet who tells you where or how to invest your money.
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