11 Things I Learned in a Year as a Trader
1-There is no minimum to go down$XRP
The currency can drop by 40% in one day, and the next day it drops by a larger percentage, so do not expect a minimum, it can always drop more.
2- Whales rule the market
Several times my expectations failed, even though all indicators showed an increase, but the currency fell because one of the whales decided to sell or vice versa. It is possible that all indicators showed a decrease, but the whales decided to buy and raise its value.
3- Meme coins have faster fluctuations.
You will notice that meme coins such as $PEPE, $SHIB, and $BONK can go up or down by 15% in less than 24 hours. There is no limit to meme coins, there is an infinite quantity of them and their price is not only affected by the amount of buying and selling, but also by the amount of mining/burning.
Every day, billions of coins are mined and burned to lower/raise their value in the market.
4- The Future is the professional arena
Futures are only for professional traders, because the profits and losses are much higher.
Advice: Never enter into it unless you are an expert, because you can double your money in one deal, but you can lose everything in that deal.
5-There is no such thing as 100%
If someone says that a currency will rise and he is 100% sure of what he is saying, then know that he is a liar.
Even the most professionals are 70% or 80% sure of their studies because whales can flip the market at any moment.
6- Do not buy any currency that reaches a new level.
Most beginner traders make the same mistake, as soon as a currency reaches a new price, buying it is dangerous because the probability of it falling and returning to this price is very low.
7- Beware of sudden rise
If you see a coin that has risen by 5% within hours and its market value is less than $50 million, know that there is a whale sitting there setting a trap for small traders. He usually sells after the coin reaches 15%, so be careful. Currencies with a low market value are very easy for whales to manipulate. This is known as Rug pull. They trick small traders into entering a coin on the basis that it has risen, and as soon as small traders raise it, the whales sell it immediately. Of course, unlike the stock market, the crypto market is a market that is not governed by official laws, so it is easy for any whale to control it. Do not buy any coin whose market value is less than $50 million and has witnessed a suspicious rise within a few hours.
8- Don't be greedy
If you buy a currency and make 10% profit from it, be satisfied and walk away, especially if the currency breaks a new price. Limit a limit order or stop bid by 2% to ensure the best profit and least loss.
9- Don't put all your eggs in one basket.
Type of currencies, even if there is a currency that will rise and you are sure of this, do not buy with all your money, buy different currencies, do not put more than 25% of your capital in the same currency, yes your profits may be less but your loss percentage will decrease by the same percentage.
10-Build your own strategy
Take advice from professionals, but still build your own strategy, with time you will learn and become a professional.
11-Be patient
Do not sell at a loss. If a currency falls by 50%, do not sell it at a loss at all. You are not at a loss yet. You are not at a loss unless you sell it for less than the entry price.