Safety Tips To Make Money In Crypto Margin Trading
Crypto margin is a high profit making but very risky business, but there are some safety Tips to guide the serious minded persons.
Only invest what you can afford to lose: Remember, your losses are amplified. So do the math when you’re opening a position and make sure you understand the potential loss, and whether you can afford to lose it.
Start small: Leverage can go as high as x100, and it can be tempting to shoot for the moon, but don’t. Control your greed. Start small, and learn until you understand very well.
Always take your profits: When the going is good it’s tempting to keep reinvesting those gains, but you should regularly take profits when you can as the market may change suddenly.
Utilize stop loss orders to limit losses or lock in profit on an existing position automatically, so when the crypto you have a position on rises or falls to a certain price, it will utomatically close your position.
Keep a separate trading account different from your margin trading account to ensure you don’t end up using funds you wanted to hold as collateral.
Make sure you understand what you are doing before going in with larger funds.
Use well-regulated exchanges. When you are dealing with increased risk and exposure, you want an exchange that you can rely on with your funds without being scammed.
Do good research before you venture. As always, please like, comment and follow me. We must make it to the top.
