Eight Position Management Skills for Cryptocurrency Trading
Want to make steady profits in the cryptocurrency circle? Here are eight position management skills to help you keep your mind steady and avoid falling into the trap of loss!
1. Each time you enter the market to buy and sell, the loss should not exceed 10%
If your loss reaches 10%, you must leave the market decisively no matter what! This means that there is something wrong with your operation, and staying in the market will only get deeper and deeper.
2. Set a stop loss position, always remember
The stop loss position is your safety rope. Although it can be set at 5% or other suitable ranges, it must be there! This is a re-emphasis on the first skill to ensure the safety of your funds.
3. Never buy and sell excessively
It is important to buy and sell in moderation! When the market direction is unclear, don't invest too much money; and don't trade frequently to keep your mentality stable.
4. Don't let profits turn into losses
Set a stop profit position to ensure your profits! If you have already made a profit, set a stop profit position that will not be lower than the cost, so that you can ensure that your profits will not be wasted.
5. If you have any questions, close the position decisively
When you can't judge the market trend, it is wise to leave the market and wait and see. Continuously holding positions will only put you in a blind investment situation. There is no need to take risks.
6. Trade only in active markets
Active markets mean better liquidity, ensuring that your transactions can proceed smoothly. Choose markets with large trading volumes to buy and sell.
7. Do not set a target price, go with the flow
Don't have fixed expectations for market prices. It is the best way to move with the market trend. Remember, don't let the target price restrict your hands and feet!
8. Do not close positions without reasonable reasons
Many novice investors like to close positions based on their feelings, which often becomes arbitrary. Set a stop-profit position to protect your profits, so that your transactions can be more rational.
Remember, investment is not based on luck, but on the ability to analyze the market and the awareness of risk control. As an investor, mentality and correct investment concepts are crucial. Don't envy other people's results, and work hard to improve yourself in order to gain a foothold in the market!
If you think these tips are useful, you might as well like it and share it with your friends to make progress together! What other trading tips do you have? Welcome to leave a message to discuss!
