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When I entered the market, I had 50,000 yuan, and today the market capitalization is 6 million. This market is filled with a mob mentality; as long as you control your emotions, it becomes an ATM. Think about it, during the bull run, everyone was shouting "hold on, hold on," but when the big dump happened, they all panicked and cut their positions.
The ones who really make money are those who sell off when others are greedy and buy in when others are fearful—one phrase: operate against human nature.
I have transformed from a novice to my current state by relying on my own trading logic. I would like to share a few of the most practical tips with you; no need for the abstract, just focus on being steady when entering the market.
Don't get too excited and go all in by buying spot when the market is sluggish. Feel the rhythm of the fluctuations first, and don't expect to make a huge profit on your first trade.
Consolidation requires patience; a prolonged low-level consolidation is a buildup of momentum; if it consolidates for a long time at a high level, it is likely to plunge down to accumulate chips, while a high consolidation often indicates a run for the exit.
When the price rises, you must sell; buy when it plunges. If you chase the price upward, you're just lifting others' sedan chairs; when it falls sharply, that's the opportunity, but don't blindly buy the dip; consider the position and structure.
Buy on the bearish candle, sell on the bullish candle, this is the most difficult part.
Because most people feel excited when they see a big bullish candle and fearful when they see a big bearish candle - but in fact, it is just the opposite.
Buy on the dip in the morning, sell on the rise in the afternoon.
This pattern is worth studying. Although it is not 100% accurate, the probability of being on the right track is very high. Trading infrequently is what makes a master.
Don't trade when it's sideways, just wait for the breakout. The more you want to make quick money, the more likely you are to get liquidated.
There are several practical trading strategies, such as high selling and low buying in a range-bound market, following the breakout of a trend, going with the trend in a one-sided market, and countering at important support and resistance levels. I can now apply all of these proficiently.
I used to be confused when looking at technical charts, but now I can roughly determine the trend with just one candlestick.
A final reminder: trading cryptocurrencies is actually about the mindset.
The market has arrived but I'm afraid to enter, it has fallen but I'm afraid to buy more, I've made a profit but I'm reluctant to leave, I've lost but I'm afraid to cut losses.
If you are a bit confused right now, it might be a good idea to stop, reflect on the path you have taken, and ask yourself: do you have a strategy for trading, or are you just gambling?
I have personally witnessed a group of people go from 10,000U to hundreds of thousands, and I have also seen many others lose everything from hundreds of thousands.
Those who can stay in the crypto circle are not the ones with the best technology, but the most stable.