Nine trading rules that helped a trader go from $1,000 to $46,000 in less than a year

No, I'm not a successful trader. I've been lucky many times, I'm still refining and trying strategies; on the other hand, I'm just one of those people who constantly trades daily to increase the profitability of their portfolio, and while some of the results can be attributed to luck, most of them are based on fundamentals, good habits and experience.

The results of good habits

Miles is the co-founder of Pure Investments. In May 2017, he started playing with $1,000, which he saved by saving 10% of his monthly salary. Today, his income is $46,000; that is, he has increased his investment portfolio 46 times in less than a year.

Similarly, after launching Pure Investments in September 2017, Miles accepted his first community member, nicknamed "SP Jack" on his Discord channel. When SP started trading, he invested $40,000. By January 2018, his investment income had exceeded $1 million.

Although the price of the cryptocurrency market is extremely volatile and all investors are affected by price fluctuations, including Miles, SP, me and you, good habits will help mitigate losses and maximize profits.

Nine rules for trading cryptocurrencies

Please note that these are not specific investment recommendations.

1. Invest only what you can afford to lose. Many amateur investors were purged from the market during the January 2018 price crash. Their irony was: a massive shrinkage in the balance of their monitors, laptops and bank accounts. While there are orderly steps and methods of trading that are more important, there is no doubt that the principles behind these steps and methods are more important. Once your funds are converted to cryptocurrencies, by default, the money is lost.

2. Always pay attention to Bitcoin. Most cryptocurrencies (every cryptocurrency other than Bitcoin) are more closely related to Bitcoin than they were to the US dollar during the Asian financial crisis. If the price of Bitcoin rises sharply, people will try to exit the coin to make a profit from BTC, and the price of the coin will fall. Conversely, if the price of Bitcoin falls sharply, the price of the coin will also fall, as people exit the coin to return to the fiat currency.

3. Never put all your eggs in one basket. Investments need to be diversified. While the potential to make more profits increases as the amount you put into a digital currency increases, the potential to lose more is also magnified. Another way to think about it is to look at the cryptocurrency market as a whole; if you think this is just a start, the entire market value of the cryptocurrency will increase. What are the chances that this market value increase will be driven entirely by one currency rather than many?

4. Don't be greedy. It's human nature to be greedy. When a currency starts to grow, our inner greed follows. If a currency increases by 30%, why not consider a profit? Even if the goal is set at 40% or 50%, if a currency doesn't reach the goal, you should at least get some of the profit from it.

5.不要盲目投资。这个世界上有些人会毫无下限的向一个盲人卖一副眼镜，只要这个生意能给他带来利润。这类人在加密货币市场中同样存在，他们会利用一切机会来欺骗知情度较低的投资者。他们会告诉你要买什么或声称某些币种会下降，只是为了提高或者打压价格以便他们自己套现。由于当今加密货币市场具有高度投机性，一个优秀的投资者必须始终进行自己的研究，以便承担全部责任或潜在的投资结果。即使信息来自最好的投资者，充其量只是一个很好的信息，但绝不是一个承诺，所以你仍然可以发生亏损。

6. Don't get hurt. This is where people lose the most money. The typical December manipulation case, two media joint hype, the announcement of the Chicago Mercantile Exchange and the Chicago Options Exchange, and a lot of news pushed the price of Bitcoin from $10,000 to $20,000. Since then, Bitcoin has fallen to a low of $9,000 and is currently around $11,000. It's easy to look back and say, hey, if I only waited a month, then I could buy it for $9,000 instead of waiting for Bitcoin to hit $20,000 again and get me to balance my balance sheet.

7.Classify your investments and try to look at the long chart. In the course of your research, you will end up finding that you come across several different types of coins. For some of them, you believe they have excellent teams, good vision, amazing publicity and a track record of successful execution. Good! Put them in medium or long-term vision and then cook them into delicious chicken. When prices fall, do not consider selling at all, because anything in the medium or long-term investment portfolio should remain unaffected for a while.

8. Always learn from mistakes. Never wait until you are close to breaking even. Always evaluate market conditions and try to figure out why they happened. Use this evaluation as a basis for your next action, and continue to do so, you will learn more and make wiser decisions than before. We are all amateurs and we will lose throughout the trading process.

9. If you are engaged in any trading activity, set a stop loss. Always set a stop loss for any currency that is not in your medium or long-term holdings. This is important for several reasons - the most obvious being to mitigate your losses. But more importantly, you force yourself to decide on acceptable loss points, and because you now have a reference point, you can measure the effectiveness of your retention or adjustment of future trades.

10.格外一条：始终检查币种代码。代码符号不是通用的，并且在极少数情况下可能因交易所而异。但是，这些小概率情况任然可能回过头来咬你一口。例如，比特币现金在某些交易所以BCH交易，而在其他交易所交易为BCC。BCC也是BitConnect的代码，最近作为庞氏骗局而破产。如果你以为买的是比特币现金，结果买入的是BitConnect，就会损失很多钱。

You don't have to do the task alone.

While these rules are by no means the only course you need, they are definitely a good place to start. But sometimes, things are easy to say and hard to do, like watching your portfolio value plummet and still have the steel will to resist the sell button. One of the best solutions I've found is to join a community of like-minded cryptocurrency investors, well-educated digital currency traders, and community members who will fully support your work and be with you through tough times.