Safe trading requires following a set of rules and procedures to ensure that risks are minimized and your funds are protected. Here are some tips for safe trading:
1. Learning first
• Make sure you understand the basics of trading before you start, whether it's stocks, currencies, or cryptocurrencies.
• Read about technical and fundamental analysis, and how to read charts and financial data.
2. Choose a reliable trading platform
• Ensure that the platform is licensed and monitored by reliable regulatory bodies.
• Check the platform’s reputation through ratings and user reviews.
3. Capital Management
• Do not invest money that you cannot afford to lose.
• Set aside a certain percentage of capital for trading, and be sure to diversify your investments.
4. Use stop loss orders
• Set a stop loss point to protect yourself from big losses.
• Avoid making emotional decisions when the market fluctuates.
5. Avoid emotional trading.
• Stick to your trading plan and don't make decisions based on fear or greed.
• Use a specific, analytically based strategy.
6. Beware of tempting ads
• Avoid being attracted to promises of quick or unrealistic profits.
• Beware of scammers who target beginners.
7. Monitor the market constantly.
• Follow economic and political news that may affect the markets.
• Use analytics tools to help you make informed decisions.
8. Trade slowly at first.
• Start with small amounts to test your strategies and learn how to deal with the market.
• Avoid high leverage at first as it increases risks.
9. Be cyber-secure
• Use strong passwords and make sure to enable two-factor authentication.
• Avoid sharing your login data with any other party.
10. Seek advice from experts
• If you are a beginner, you can benefit from the advice of financial advisors or certified analysts.
Trading carries great opportunities but is also risky, so you need to be aware and careful.
Choosing a currency pair is of utmost importance:
Choosing the right currency pair to trade is a crucial step to achieving success in the Forex market. Its importance lies in its direct impact on the profit opportunities and risks you may face. Here are the most important reasons that highlight the importance of choosing a currency pair:
1. Market volatility
• Currency pairs vary in their degree of volatility.
• Major pairs (such as EUR/USD) have low to moderate volatility, making them suitable for beginners.
• Minor or exotic pairs (such as USD/TRY) may be more volatile, increasing the chances of profit but also the risks.
2. Liquidity
• Major pairs like EUR/USD and GBP/USD in forex and BTC/USDT, ETH/USDT and BNB/USDT in cryptocurrencies have high liquidity, making them easy to trade and less prone to price slippage.
• Rare or low-liquidity pairs may have difficulties in immediate execution of orders.
3. Understanding the influencing factors
• Some couples are directly affected by certain economic and political events.
• Choosing a currency pair that is familiar to you will make it easier for you to track and analyze the factors affecting it.
4. Trading costs (spread)
• Spread costs vary from pair to pair. Major pairs often have tighter spreads, which reduces trading costs.
• Pairs with high spreads may affect your profits if you are making short-term trades.
5. The right time to trade
• Some couples are more active during certain times of the day.
• Pairs associated with the European and American trading sessions (such as EUR/USD) in Forex are often best suited for active trading.
6. Strategy followed
• Trading strategies vary depending on the pair. For example:
• Low volatility pairs are suitable for long-term trading strategies.
• High volatility pairs are suitable for day traders or scalpers.
7. Diversity in trading
• Choosing diverse pairs helps reduce the risks associated with focusing on one pair.
• Diversifying pairs requires understanding the relationship between them (e.g. positive or negative relationships).
Tips for choosing a currency pair:
1. Start with major pairs like EUR/USD and USD/JPY in Forex and BTC/USDT, ETH/USDT, and BNB/USDT in cryptocurrencies as they are more stable.
2. Analyze the factors affecting the pair such as economic news and interest rates.
3. Test your strategy on a specific pair before using large capital.
4. Make sure the pair matches your trading times.
In short, choosing the right currency pair depends on your level of experience, your strategy, and your risk tolerance. Understanding the characteristics of different pairs helps you make better trading decisions.
The most important digital currencies for trading according to trading volume during the last month
Daily trading volume is an important indicator of cryptocurrency activity in the markets. According to the latest data available as of December 27, 2024, the following cryptocurrencies top the list of the top 20 currencies by daily trading volume:
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Tether (USDT)
4. Binance Coin (BNB)
5. Ripple (XRP)
6. Cardano (ADA)
7. Solana (SOL)
8. Dogecoin (DOGE)
9. Polkadot (DOT)
10. Shiba Inu (SHIB)
11. Litecoin (LTC)
12. Chainlink (LINK)
13. Stellar (XLM)
14. In Chen (VET)
15. Tron (TRX)
16. Avalanche (AVAX)
17. MATIC
18. THETA
19. EOS
20. Monero (XMR)
Please note that this list is based on the latest information available as of December 27, 2024, and rankings may change over time due to ongoing market volatility.