Why do we have to set stop-loss and take-profit?
My friend has physical and mental health problems, so he needs to see a technician for treatment every day. But today he is not in good health and has blood in his urine, so he asked me if he needs to see a technician for treatment today?
I told him that the blood in his urine indicates a critical situation. Although daily treatment is important, the center of everything should still be the body, and then adjust whether to receive daily treatment around the body. Don't go to a technician for treatment when you have blood in your urine, otherwise you will not be able to see a technician again if your body is damaged.
The same is true for trading. The setting of stop-loss and take-profit is important and must be there, but whether you must follow the set stop-loss and take-profit depends on the situation. If the market changes, you should adjust according to the enemy situation, and don't be stupid and wait until the market hits the stop-loss before leaving the market.
Finally, if you are a complete novice and you are excited to enter the cryptocurrency world after seeing BTC hit a record high, then I suggest you follow me first, learn the knowledge of the cryptocurrency world from me, and improve your basic skills. Only by laying a solid foundation can you go further.