📢TIPS OF FUTURE TRADE
Given screeshot of $pengu/usdt
Educating,learning,training purpose
here are some tips for managing sudden price movements effectively ,we have $5
1. Choose Leverage Wisely: Since you're trading on leverage, be mindful of the risk. A leverage of 5x is moderate and can amplify both gains and losses. For a $5 trade, this gives you a buying power of $25.
2. Set Take-Profit (TP) and Stop-Loss (SL):
TP: Set a target price where you will take profits. For example, if the current price is $0.030446, you might set TP at $0.031 for a small gain.
SL: Set a price where you will exit to limit losses. For example, SL could be $0.0295 to minimize risk.
3. Entry Position:
Use a limit or market order to open your trade. For a volatile market, a market order ensures quick execution.
4. Monitor Funding Fees: The countdown indicates funding fees. Ensure your position accounts for these fees if held for longer durations.
5. Risk Management:
Do not risk your entire $5. Allocate only a portion, e.g., $3-$4, and keep some funds in reserve.
Avoid overtrading.
6.Quick Look at Your Chart:
The price seems to have bounced off a lower level and is approaching a recent high.
If this rally breaks $0.032338, a long position could be profitable.
If it fails to break resistance, a short position near $0.032338 might be better.
