As a trader, your main goal is to take advantage of market opportunities by buying and selling major currency pairs. But trading is no walk in the park. While it’s one of the most popular ways to invest, it also requires plenty of study and research. To make returns in trading, you need a solid plan. That means developing a well-defined strategy so you can keep an eye on price movements. This is where short-term trading tools can be helpful, but only when you have a clear plan in place when trading.That’s why we believe every trader should follow these seven important principles before trading crypto:1. Always Use a Stop LossSounds simple enough but you’d be surprised how many traders ignore this rule. After all, precautions are placed for a reason so why lose out on more than you need?Limit your loss for every trade or risk an account wipeout. Sure, you might make it back over time but it takes only one trade to reverse your returns.Don’t let one trade cause your downfall – protect your account and use a stop loss.2. Don’t Give Into MartingaleAs a common betting system, martingale doubles the next trade to recover from previous losses. Drop the “double or nothing mindset” because that just won’t work in trading. Returns and losses are part and parcel of trading, and the sooner you accept that the sooner you would be willing to take a more level-headed approach. Let’s face it, it’s only natural to feel frustrated when trades don’t turn out the way you expect, regardless of how experienced you are. The key difference between a good and an average trader is learning how to take losses in your stride. A good trader knows how to keep their emotions in check and not squander their trades on a risky strategy that could lead to losses.Instead, stick to tried and tested trading principles. Trust the process – fight the urge to double down on losing trades and focus on risk management to get ahead in the long run.3. Hail the King of Price Novice traders are often tempted to fill their trading screens with various indicators in hopes of better returns. And sure, those indicators look promising. But the truth is, indicators are just mathematical equations, and they don’t say anything more than what the price has already told you.Too many indicators could also lead to conflicting signals, resulting in poor trading decisions. So why not just learn to read price as it unfolds? By focusing on price action, traders can better develop the ability to read the market. Don’t waste time cluttering your charts with indicators. Identify just a few that align with your trading strategy and study price movements so you can learn to interpret market behaviour in real-time.Before you start trading forex, look into candlestick patterns for your price action analysis. It will help you understand the underlying market sentiment and identify trends and patterns that could show you where prices go next. This way, you can actively stay aware of what’s happening in the markets.It’s crucial for traders to pay attention to factors that affect the currency market such as announcements from central banks and other economic indicators. By keeping up with the latest news that impacts interest rates and currency trading prices, you’ll be able to make more informed trading decisions. Price really is king!4. No Shortcut to the ‘Holy Grail’Save yourself the search for the perfect trading system – it doesn’t exist. There’s no one trading system that will magically give you positive returns with every trade. Far too many novice traders fall into the trap of diving head-first to find a system that works like a charm. But it just doesn’t work like that!Instead, start experimenting with an open mind. Trade and test every single strategy you can get your hands on. Becoming an exceptional trader usually takes a lot of trial and error before landing on the right strategy.Eventually, you’ll find certain elements in each strategy that will work for you and others that won’t. Like our different personality traits, strengths and weaknesses, there is no one size that fits all.Put yourself on the right path. With proper risk management techniques, build your own strategy through tried and tested elements. Demo trading will go a long way.5. Cap Your Risk at 2%Risk management is extremely crucial in any type of trading. No matter how good you think any particular trading setup is, never risk more than 2%of your total account balance on any one trade.Keep your risk management as simple and streamlined as possible, especially if you’re a novice trader. Curb your losses with a consistent 2% risk so you can easily calculate your stop loss and trade size before entering the market.6. Play the Positive Risk: Reward CardFor every trade you take, it should reward you with more money than you risked.This is known as a risk-reward ratio, a trading concept that measures the amount of risk taken for each potential reward. By keeping a positive risk-reward ratio, traders can still make some money back – even if their win rate is below 50%.For example, you consider a trade with a potential profit of $100 and a potential loss of $50. The risk-reward ratio would then be 1:2, meaning for every $1 of risk, there’s a potential reward of $2. If the ratio is below 1:2, the trade isn’t worth the risk. For instance, if you risk $100 on a trade that aims for a profit of $150 then the risk-reward ratio would now be 1:1.5. This means the potential profit will only be $150 which is less than twice the $200 amount you risked.For that reason, we never trade less than a 1:2 risk-reward ratio so put the odds in your favour! And remember, stay disciplined! Let go of any trade that does not offer a positive risk reward.7. Trust in Your Trading StrategyLast but not least, stick to your trading strategy!Once you’ve finally formulated a trading strategy that matches your price and personality – trust that it’ll make it. Don’t get distracted by the latest, trendiest trend that pops up. Why scrap all your hard work just to start again? Think rationally before you drop it.That’s how the best traders determine what works; by finding their best trading strategy and sticking to it. Now, think you can fulfil these essential rules? As a beginner always practice with demo account. #TradingWins #btctoday #beginner #Beginnersguide #Beginners

As per a recent analysis, the chances of Bitcoin sliding under the $30,000 mark are slim. Things in the short term also look bullish. Historical data suggested that Bitcoin’s value will not go below a support level. BTC’s network activity remained robust, which was a bullish signal. Bitcoin [BTC] displayed a promising bull rally in October, surging by 22% and finally going above $37,000. At the time of writing, BTC was trading at $36,510.30 with a market capitalization of over $713 billion. Bitcoin’s price might not go below $30,000If the latest analysis is to be believed, the possibility of Bitcoin going under $30,000 is slim. Therefore, this might be the right opportunity for investors to stockpile BTC ahead of another bull rally.Willy Woo, a popular BTC analyst, recently posted a tweet revealing why BTCs might not go under that mark.In the analysis, Willy Woo used a contour map to map the BTC supply according to the price HODLers paid for their coins and how it changed over time. The dense horizon bands are price regions where much of the supply moved between investors, reflecting a strong agreed value. As per the tweet, whenever BTC had strong bands of agreed price while coming out of a bear market and leading into the next halving, the price never came back to retest this band of support. Put simply, investors might not see BTC’s price plummeting under $30,000 from now on. AMBCrypto further analyzed BTC’s liquidation heatmap, which revealed that BTC’s liquidation increased sharply near the $28,000 mark twice this year. Each time, the coin’s price moved up.Considering the strong support level, BTC might actually not go below that point in the future.Bitcoin is preparing for a bull rallyThe possibility of BTC initiating a bull run in 2024 is high, as the coin is expecting its next halving in April next year. Historically, BTC’s price has always reached new highs a few months after halving.To put that into perspective, let’s consider the previous halving, which took place in May 2020. Before the 2020 halving, BTC was trading somewhere between $8000 and $9000. However, only a few months later, the coin’s price skyrocketed and touched $35,000 in January 2021. The bull rally didn’t stop there, as the coin’s price reached $65,000 in April.While BTC prepares for its next halving, its mining sector continues to flourish. AMBCrypto checked Coinwarz’ chart and found that BTC’s hashrate has been increasing consistently over several months, clearly suggesting growth.A hike in hashrate also means a rise in the number of miners, which reflects their trust and confidence in the king of cryptos.Is there anything in store in the short term?While BTC’s future looks bright, investors’ hopes for BTC also increased. This was evident from the fact that the number of fish and shrimp wallets has increased substantially over the last few months.Surprisingly, the number of whale addresses did not change much during the same period. Not only accumulation, but the blockchain’s network activity also remained robust. AMBCrypto’s analysis of Santiment’s data revealed that BTC’s daily active addresses were consistent over the last three months. Another positive signal was its high velocity. Simply put, a higher velocity means that Bitcoin was used in transactions more often within a set time frame.AMBCrypto then took a look at BTC’s daily chart to better understand if investors should expect a price pump in the near term. As per our analysis, Bitcoin’s Relative Strength Index (RSI) registered an uptick.Read Bitcoin’s [BTC] Price Prediction2023-24Its Chaikin Money Flow (CMF) also followed a similar route, increasing the chances of a price uptick.However, not everything was perfect.BTC’s Money Flow Index (MFI) went down and was headed towards the neutral mark. The Bollinger Bands pointed out that BTC’s price entered a less volatile zone, suggesting that investors might witness a few slow-moving days.#copied #RichardTeng #TradingAlert #BTC #ETH

Teng’s experience as a top employee who worked with government entities makes him a “highly qualified leader,” according to CZ.Richard Teng, the new CEO of the world’s largest cryptocurrency exchange, Binance, is no stranger to the world of finance. His ascent into the new position substantiates rumors that made the rounds earlier this year about him being the right fit for the job amid Binance’s regulatory woes.According to a company blog post, Teng joined the exchange in August 2021 as the CEO of Binance Singapore, with over three decades of experience in finance and the regulatory space.Facts About Binance’s New CEOBefore joining Binance, Teng was the chief executive of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), the chief regulatory officer of the Singapore Exchange, and director of corporate finance at the Monetary Authority of Singapore (MAS).The 52-year-old Singaporean worked at MAS for 13 years until 2007, before he took the role of the regulatory officer at the local stock exchange. While at the Singapore Stock Exchange, Teng headed a group that enforced rules in areas like trading, clearing, and listings in collaboration with MAS. After that, he spent six years at the ADGM.In May, Changpeng Zhao (CZ), Binance co-founder and former CEO, appointed Teng as the Head of Regional Markets, overseeing operations in all markets outside the U.S., including the Middle East, North Africa, and the European regions. Binance revealed that he led regional teams to secure strategic partnerships and expand the exchange’s reach.Currently, Teng serves as an international council member at the Global Fintech Institute and an advisory board member of the Blockchain Association Singapore. He has also become part of CZ’s inner circle and close confidants, along with Binance co-founder He Yi, per a June BNN Bloomberg report.A “Highly Qualified Leader”Teng’s experience as a top employee who worked with government entities makes him a “highly qualified leader,” according to CZ. The former Binance CEO believes Teng will navigate the exchange through its next phase of growth, transparency, and compliance. He will also play a vital role in helping the crypto behemoth resolve its regulatory issues.“It is an honor and with the deepest humility that I step into the role of Binance’s new CEO…To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team,” Teng tweeted.#RichardTeng #Blast #ordinals #opbnb

Changpeng Zhao stepped down as Binance CEO, pleading guilty to breaching anti-money laundering laws.Binance saw a liquidity crisis and a major outflow of assets following Zhao’s move.Despite these challenges, Binance leads as non-US users are less involved in the asset outflow.Binance continues to linger at the forefront of the blockchain industry despite the ongoing regulatory pressures and Changpeng Zhao’s resignation. According to a recent CryptoQuant report, non-US users of Binance are less likely to withdraw their holdings on the platform.Despite regulatory pressure, non-U.S. users persist in keeping their assets on Binance.https://t.co/66yVQGkrrk https://t.co/1TXeqp1Tdx pic.twitter.com/HCEm5nPs2S— Ki Young Ju (@ki_young_ju) November 22, 2023Over the past few months, Binance and its CEO, Changpeng Zhao, have been sued by the US Securities and Exchange Commission (SEC), alleging that the platform breached federal securities laws. In a lawsuit filed by the SEC in June 2023, Binance was accused of operating unregistered exchanges, broker-dealers, and clearing agencies. In addition, the regulators accused Zhao of “misrepresenting trading cont…The post Binance Remains the Largest Crypto Exchange Despite Recent Outflowappeared first on Coin Edition.#RichardTeng #Blast #hodl #WLD #BTC

A new era for the crypto industry approaches as the world’s largest exchange, Binance, changes leadership. Yesterday, the company’s founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an agreement with the US government.The deal might have sparked a new era of adoption and legitimacy for the nascent industry at the cost of CZ’s position and a $4 billion fine. Fresh data looked into Binance’s transactions to check if users believe in the company’s future following the historic decision.Binance Safe From FTX Like Bank Run?According to crypto analysis firm Nansen data, Binance recorded almost $1 billion in negative netflow following yesterday’s news. The data indicates that the platform’s USDT value decreased by $246 million, followed by Bitcoin’s value, which declined by $76 million.Users who feel uncertain about the platform’s future withdraw their money, potentially triggering a bank run. However, Nansen’s data shows that this scenario is far from materializing in this trading venue.While the negative netflows stand at $955 million, there is no “mass exodus” or panic from users trading on Binance. Nansen claims the platform’s holding value increased from $64.6 billion to $65.2 billion.The analytics firm previously stated that Binance handled bigger net flows. First, when the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and later, when FTX went bankrupt following a massive bank run.As mentioned, Binance seems unlikely to follow a similar fate. Nansen stated:In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX. We will provide another update 24 hours after the news originally broke.CZ’s Departure Forecast Good Times For CryptoAcross the crypto community, the debate around CZ’s departure has been fierce. However, the consensus is optimistic.A report from The Block cites major banking institution JPMorgan claiming that the Binance deal removes a “systemic risk” for the industry. In 2022, when FTX collapsed, the price of Bitcoin crashed to a low of $15,000 and took months to recover.With 150 million users on its platform and millions of capital injected into multiple ecosystems. Binance’s collapse would have been equally, if not more, catastrophic than FTX for the nascent industry.JPMorgan analyst Nikolaos Panigirtziglou told The Block:We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and Smart Chain business would benefit. For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.Copied from newsbtc#BTC #hodl #RichardTeng #Blast #Blur

Data from DeFi TVL aggregator DefiLlama reveals that Binance has witnessed significant outflows totaling $1.01 billion in the last 24 hours. That adds to a net outflow of $703 million over the past week.Despite these recent outflows, Binance still recorded net inflows of $1.68 billion in the past month, making it the leader among all centralized crypto exchanges tracked by DeFiLama.OKEx, on the other hand, has seen substantial gains as users migrate from Binance. The exchange experienced net inflows of $152 million in the past day, marking the highest among all centralized crypto exchanges monitored by DeFiLama.Additionally, following Binance’s settlement, more than $200 million in Crypto Futures Bets have been liquidated. CoinGlass data indicates that crypto perpetual futures positions worth $227 million were liquidated in the last 24 hours, with bullish longs comprising nearly 80% of the total. Bitcoin longs and shorts worth over $67 million were also wrecked, representing one of the most significant liquidation events in recent months.Ether (ETH) futures traders incurred losses of $27 million, while Solana’s SOL traders faced $10 million in liquidations. BNB, associated with the Binance ecosystem, experienced relatively lower liquidations at $6 million. Notably, traders at Binance accounted for $99 million in liquidations, the highest among counterparties, with OKEx following closely at $62 million.#RichardTeng #Blast #hodl #BTC #ETH