DON’T SKIP!! READ TO CHANGE YOUR LUCK!!
SPECIALLY NEW TRADERS..
As an seasoned trader, i have been keeping a close eye on crypto and stock markets for many years now, still, i also make mistakes.
A few incredibly important tips i can advise:
1. TRADE ‘ISOLATED’ OVER ‘CROSS’
With the volatility of cryptocurrency if the candle pattern ever moves in the opposite direction to what you wanted you will only lose your margin amount.
2. ALWAYS APPLY AN STOP LOSS
However great you read graphs, whatever pattern recognition you apply to your trades, there is no guarantee, always secure yourself with a stop loss to an amount you are comfortable losing.
3. CHOOSE AN LOW LEVERAGE
The thing with leverage is as tempting as it feels to choose an high number and make more money, you also have an closer liquidation price, it is better to take a lower profit than to lose everything or get stopped just for the price to turn in the opposite direction.
4. BE PATIENT
Once you make an educated decision in a trade, stick to your original position, rarely it benefits to cash out early, otherwise stick to your guns and hold until you reach them targets.
5. DO YOUR OWN RESEARCH
There are MANY ‘traders’ online, from youtube to X to instagram and even here on the Binance home page giving ‘advice’ or ‘tips’ or (most popular) ‘signals’. Im not saying ignore them completely because sometimes it’s helpful but don’t blindly follow what they suggest, do your own research and double check every trade before engaging.
And the MOST IMPORTANT tip i can give
5. KNOW WHEN TO STOP
This has been the main reason whenever i have lost money, especially if i have hit a few losses i mostly used to try and get back the money i lost by continuing to gamble against the odds, learn from my mistakes and set yourself targets or an goal for the day and once you reach it, STOP, the crypto market is ALWAYS open so u can trade 24/7 but just like in the casino the more you do the higher your chances of losing.
If you read down to here, like, follow and comment ‘TRUTH’