LIVETRADING TIPS
TIPS ON HOW TO BECOME A SUCCESSFUL TRADER BOTH SPOT AND FUTURES (Part 1)
👉 LEARN THE BASICS - Trading in general is a very complex world for beginners. Many beginner traders dream of being profitable since day 1, but only a few breakeven their capital after 1-2 years of trading. You should use platforms like YouTube to watch the basic tutorial about trading. Also, always do your own research.
👉 RISK WHAT YOU CAN AFFORD TO LOSE - Trading a huge amount of money may affect your emotions when trading, if you are getting nervous about losing the trade, I suggest you lower your risk and start on small profits.
👉 BE DISCIPLINE AND CREATE YOUR OWN TRADING RULES - Sometimes when we trade, we tend to go against our rules because of greed. This can be in the form of over leveraging, over margin, or revenge trading. Also, many traders are lazy enough to put a stop loss, this is the main reason why some people are getting liquidated, you should always put a stop loss whenever you trade. You should always put your emotions aside when it comes to trading. Remember, you are not trading EMOTION/USDT.
👉 USE A STOP LOSS STRATEGICALLY - Putting a stop loss on a trade is very important, but the location of your stoploss should also be in a strategic way. Some tip on where the stop loss is located should be 0.50% above the last liquidation candle.
👉 INVEST ON DIFFERENT COINS (for investment only) - You should not be putting your egg in one basket. Investing on different coins helps you to avoid big losses and could even benefit you to multiply your earnings.
👉 WHEN FUTURES TRADING, FOCUS ON ONE COIN - Focusing on one coin when it comes to futures trading is important especially to beginners. Once you manage to familiarized yourself in the price action of the specific coin, then trading it will be much easier than finding other coins.
HOPE THIS TIPS HELP YOU! HAVE A NICE TRADING!
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