6 Tips to Become Profitable as a Beginner ๐ฐ
1: DON'T CHASE BIG TARGETS:
Capture smaller moves and book your profit within them. If you aim for big moves, you will end up with losses because you are a beginner and donโt yet understand who and how the market is manipulated.
2: BOOK SMALL PROFITS:
Booking small profits is safer. For instance, if you entered BTC at $55k and got a $100 or more gap, take your profit and exit the market, even if it's only a few cents in profit. If you get greedy, that profit might also vanish.
3: DO MORE SCALPING:
As a beginner, I suggest focusing on scalping because, with scalping, your profit or stop loss is booked within 3-5 minutes. This way, you don't face issues with controlling emotions, which can severely impact your mind during intraday trading.
4: TRY TO MINIMIZE YOUR STOP LOSS:
Focus on scalping on the 1-minute or 5-minute chart and create a setup where your stop loss is only a few points, and the target should be at least double that. For example, if BTC is at $55k, set your SL with a $100 gap (SL: $54.9k) and your target with a $200 gap (Target: $55.2k).
5: DON'T TRADE IN TOO MANY COINS:
Target only 1 or 2 coins and trade within them. Itโs better to choose from BTC, ETH, or BNB. If you stick to specific coins, your success rate will improve because you will become familiar with the coin's behavior and can easily capture its small moves.
6: CREATE A RISK MANAGEMENT STRAGEDY:
Define how much loss you can afford daily or per trade. This strategy is crucial to protect your capital and ensure long-term success.
IF YOU FOLLOW THESE STEPS I AM SURE YOU WILL MAKE SOME GOOD PROFITS ๐
WISH YOU BEST OF LUCK ๐
