Want to rely on trading for a living? These eight iron rules are a must-know!

I have been through the cryptocurrency world for ten years, and before entering the market each time, I always go through these eight iron rules in my mind.

It is precisely because of them that I have endured numerous downturns and liquidations. Now I share them, perhaps they can help you avoid some detours,

1. Daily charts are not enough; short-term focus on 30 minutes. A daily chart with a long upper shadow may seem like it will fall, but the 30-minute structure may not be so.

The trend of a strong reversal the next day often has early signs in the small cycle. Short-term trading needs to combine the trends of the larger cycle with the resonance of the smaller cycle.

2. Don't make a move when the trend is chaotic. If the direction is not right and the pattern is broken, even if your hands are itchy, you must resist; going with the trend is the king's way, while operating against it is all pitfalls.

3. Keep a close eye on hot spots in the short term. Coins with no liquidity, no attention, and no themes will be hard to perform well, no matter how good your skills are.

4. Impulsiveness is a major taboo in short-term trading. Operate strictly according to your plan; don't be easily swayed by the market. Entering outside of your plan will likely lead to regret.

5. Others' opinions are for reference only. Opinions are just reference information; the final decision and responsibility are all yours.

6. Direction is more important than selecting coins. If the major direction is right, operations will go smoothly; if the direction is wrong, the harder you work, the more you lose.

7. Focus on upward trends; don't guess rebounds. Prices tend to move towards areas with less resistance; riding the upward trend is much safer than trying to guess the bottom.

8. After a big win or loss, make sure to stay calm and go to cash. Stop to review your trades and clarify the situation. I have verified over the years that after big ups and downs, resting first leads to a significant increase in the accuracy of subsequent decisions.