A lot of traders often overlook this one factor, which causes them to lose a lot of money in the cryptocurrency market.
Remember why you are in this market at all times. It is...
Not to lose, but to earn. The idea that you must have this specific capital in order to turn a profit has been ingrained in your head. Your mentality is always focused on how "huge" your capital is, rather than how "much" you can risk. Let me ask you now. Have you been trading only to make money or to demonstrate to the world how much capital you possess? You're on the correct track if you're the former. Regarding the latter. Your trading choices need to be reconsidered. I know someone with a net worth of over six figures but only contributes $50 to the market. He will only use 5% of this $50 as a trading margin. After he receives the outcome, he will simply accept it and walk away. After that, repeat the procedure repeatedly. This keeps him sane in the market and reduces the risks to his wealth. In contrast to those who leave $50 in their bank account and trade 90% of their net worth.
The secret to successful trading is to limit entries!
The significance of a limit entry is often overlooked by traders.
We'll use $DOT as an example for this topic.
Many people had previously expected these crucial levels when DOT retouched the monthly low zone. Their limit orders are used to set these buy orders. One harmonic pattern is emerging in the hourly and daily timeframes. The attempts of purchasers to take the lowest feasible price as their positions would be the cause of this harmonic pattern's potential creation. Have you noticed how limit orders are accepted for 3.6, 3.9, 4.0, and so on in the low zone? This is because DOT is a valuable cryptocurrency with an undervalued pricing. We are not claiming that this is the only lowest amount the DOT can charge. Rather, we are attempting to say that. It will probably hold at this level, particularly if Bitcoin chooses to maintain its current average price. When placing a purchase or long limit order, it is better to look at the lowest price that is possible, and when placing a sell or short limit order, it is best to look at the highest price that is possible.
THIS MONTH, THIS KEY LEVEL ENTRY WILL HAVE THE MAJOR BOUNCE!
if you're trying to find strategies to make some quick money. You're at the wrong spot, then.
We offer prospects for "real" and "stable" profitability rather than "quick-cash" chances.
Let me ask you.
For what reason would someone want to earn quick cash on the spur of the moment? When it's simply going to disappear the moment you've earned it?
I have another question for you.
What's the point of making a steady and dependable profit without depending on market "impulses"?
Being patient is therefore the ideal strategy to achieve great market profits. Being patient will demand all of your energy and make you ask yourself, "Is this really worth it?" However, if you have perfected the art of patience, you will receive something that surpasses what is deemed "worth it." Now, on to the subject. The best method to determine which tokens are likely to recover from rejections is to look for critical levels where the majority of demands will be satisfied. This will be challenging for newcomers, but it will be easy for people who have been in the market for a long time. This is when it becomes difficult since it is both 'too' difficult and a piece of cake. One example might be a trader who, upon seeing a token's lowest price, determines right once that this is the crucial level at which the majority of demands will be satisfied. This is not incorrect. We can do better than this, though. What is the lowest price that can be offered below the one you have in mind? What is less than the lowest price you have considered? Never stop anticipating the future. They may say you're overanalyzing this, but don't listen! The market will reach the points at which you believe it will be extremely difficult to recover.
These posts are for educational purposes. To guide the people who might still be struggling within the crypto market, those who are new to the environment and volatility and everyone else who needs it.
Stay wise, trade cautiously.