A must-read for newbies in the cryptocurrency circle: a hard-core strategy for position management and trading mentality
As a newbie in the cryptocurrency circle, you have to learn two hard skills: position management and trading mentality. If you master these two skills, you can gain a firm foothold in the cryptocurrency circle, and making money is no longer a dream!
Let's talk about position management first, which is a trick to protect your wallet. You have to learn to set a safety line for yourself. Once you make some money, quickly put a "protective cover" near the opening price-a stop loss order, so that even if the market turns its face and doesn't recognize you, your principal can be kept. Especially when speculating on those small cottage coins, once the price rises, you have to be smart, enlarge the stop profit position, and follow the price, and don't forget to put the "protective cover".
Don't get carried away just because you make a little money, you have to know when to stop. If you lose money accidentally, don't get carried away and invest again out of anger, it will only make you lose more. Remember, follow the trend, don't always think about buying at the bottom, the real bottom is determined by the market, not by your guess.
You have to have a fixed trading system, don't have a different idea every day, that will only make you dizzy. Wait patiently, don't always think about chasing ups and downs, the callback is a good opportunity. Also, control your position and leverage, don't get carried away as soon as you make money, and stop when you should.
Let's talk about trading mentality, which is the key to whether you can stay in the currency circle for a long time. When you encounter floating profits turning into floating losses, you have to be calm and don't let your emotions get the better of you and affect your judgment. Remember, what you trade in currency is your mentality. You have to learn to compete with your own psychology and don't let your emotions be swayed by temporary gains and losses.
If you want to do well in the currency circle, you have to keep learning and enriching yourself. Summarize every day, learn lessons from practice, and improve your trading level. Only in this way can you gain a firm foothold in this unpredictable market and make a lot of money.
In short, position management and trading mentality are the two magic weapons for currency trading. Newbies, if you want to make money in the cryptocurrency circle, you have to practice these two tricks
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