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Micah yimer Tefera
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New to Binance Square, thrilled to share and connect with everyone here!
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Micah yimer Tefera
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#binancefuturetips (Risk management strategy for traders ) No Trading System Think of a trading system, or strategy, as a roadmap. It reflects who you are as a trader, and what you want from your trading journey. If you donât have a trading system, you donât have a strategy. You donât have clear goals, objectives, or outcomes. Without a plan, you risk: ⹠Making careless trades ⹠Relying on someone elseâs trading style to guide you ⹠Losing trades due to reactive movesÂ
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1. Emotional Trading Holding âlosingâ trades for too long. This often stems from a fear of selling the asset, or simply hoping that the price swings in your favor.  2. Trading Red News Events âRedâ news events are major announcements. They have a significant impact on financial markets â for better or worse. While this volatility can seem attractive to day traders, thereâs a clear downside 3. No Risk Strategy Every trade carries risk. Thereâs always the chance you could lose money. That said, you can mitigate risk by having a clear risk strategy.  Be clear about your own risk tolerance and donât exceed it. Start small and learn lessons from your trades. Identify how much risk youâre comfortable with and be strict about your entry and exit points.  4. Investing More Than You Can Afford to Lose This is a critical mistake any trader can make! When youâre caught up in the thrill of the market, itâs easy to keep buying. But invest more than you can afford to lose, and your journey could be over before it starts.  5. Gambling  Sure, gambling sometimes pays off. But itâs risky. Itâs not based on any strategy or technical analysis. And itâs not a reliable way to build your trading skills or make a profit.  Gambling usually means youâre caught up in emotional trading as described above. Itâs another trading psychology mistake, and one best avoided. #BinanceFuturesTips
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this is micah , am a visual artist and interior designer based in addis ethiopia. how is the market and what's new on binance every one
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