đ„6 Things to Remember to Trade Effectively
1ïžâŁ Assess your risk tolerance, ask yourself if I lost all my investment, would my life be seriously affected?. If the answer is yes, you are taking too much risk. Reduce the investment amount to a level you feel comfortable with.
2ïžâŁ Learn to wait patiently without having to trade every day. Sometimes, doing nothing and waiting for a good opportunity will bring better results.
3ïžâŁ Set reasonable goals, don't expect too high profits. Instead, aim for achievable goals like doubling your investment if you are well prepared.
4ïžâŁ Trade what you understand, learn thoroughly about the asset you intend to trade. Understand the factors that affect price and how it reacts to market news. This is the key to successful trading.
5ïžâŁ Know when to take profit and cut loss, don't hold losing investments for too long. On the contrary, take profit when the transaction is profitable. Set TP and SL for each of your trade orders.
6ïžâŁ Don't forget the above 5 things.
