Bitcoin Forum

Some rules for trading cryptocurrencies

1. Never catch a train that took off.

2. Never trade on emotions.

3. Always use your stoploss and adjust it once you're in profit zone.

4. Buy the rumors and sell the news!

5. Don't buy at an all time high.

6. Don't do pump and dumps.

7. Never sell in loss (depends on stop loss of course)

8. You try to get more bitcoin in the long term.

9. Sometimes the market plays against you, skip the day.

You got some helpful rules there to help traders profit from cryptocurrencies. Another rule I can add to the ones in the list is to never buy when it seems that the one you wanted to invest into seems to be a scam and will soon be a shitcoin. It makes no sense to invest on projects that wouldn't be that profitable. Another rule I can add to it is to not invest when the cryptocurrency you will invest into is in a green in span of two days because most of the time, a cheaper price will soon come along right after it.

I used to trade a little bit of Forex & Binary Options (Screw binary options, and the sketchy exchanges that offer them ::)) a few years ago and these lessons might sound goofy, but they hold their weight for the most part, so I have to give credit where credit is due.

I want to add that only 9 rules seems like one is missing so consider this, you should never have more than 5% of your trading capital invest in one trade/currency and never more than 15% of your capital involved in a "trade" at once. Feel free to adopt that as a 10th rule if you'd like.

Oh, another piece of advice, never use a strategy called "martingale" unless you start with an extremely small trade size and have the capital to back it up for as long as you need to; all while of course not letting emotions empty your account.

It seems like those rules can be easily implemented to most kinds of trading (especially day trading) and not only crypto. But tbh the first one is the most popular mistakes about newbies.
Duno how it is in crypto but on forex in some days markets are more active then in the others so is can be usefull to make your personel trading schedule for the whole week.

what does that mean "buy the rumors and sell the news" ? :/

I am very grateful for your investment advice made at this time. I have also experienced serious losses in the investment of digital cryptocurrencies. Therefore, we should be cautious because in this immature market, the ups and downs may be Understandable, but one thing must have its own principle, otherwise it is not responsible for their own investment, we say that is the case?

I agree with your list,we need to be vigillant because the market has full of PND groups,verywell said.