ALWAYS TRAIL YOUR STOP LOSSES AND TAKE PROFIT 🚨
This is another one of the most ridiculous mistakes that I've seen people make. They just don't trail their stop losses and don't take their profits.
"I invested in this "x " coin and it did a 10000x but it got Rugpulled and I didn't take my profits and now it's worth nothing ."
This is one of the most bizarre thing that surprisingly a LOT of traders still do. There is a extremely easy solution for this, you ALWAYS trail your profit. It's that simple.
So let's say you took a trade that you planned will go 100x for example , it's up by 30% so far. What you should do here is you remove your stop loss and set it at break even which is the price you entered . That's why even if the market goes against you, You know that you will not lose any money, And if it goes 80% you set your stop loss at 50% or 40%. That way there is some breathing space for the market, in case it is doing a corrand then pumps afterwards so you won't miss out on the pump and still be assured that you'll take profits .
It's such a basic and simple concept that people tend to neglect. So even if your price goes up 1000x, you set your stop loss at 800x so even if it starts dumping, you'll still end your trade at a good profit. Always make sure that you follow this extremely important rule.