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As I said in my previous post . This is a result of my limit future trading.
Always focus on your own research
#futuretrader #trading #DYOR #AltUpdate #beginner
Always focus on your own research
#futuretrader #trading #DYOR #AltUpdate #beginner
Hi everyone, I am not an expert on trading, I just dabble (tipping my toe) in this as an amateur.
I invested in coins like BNB, ADA & XLM, and others at first. As time went by, I also tried to invest in coins that are more appealing to the younger generation: $PEPE , $SHIB , and $BTTC
I would like to continue to do so. This is why i have not sold my stock of crypto coins, but as the market is right now, I am unsure if it's financially responsible.
Do you have any advice for beginners like me?
#amateur #beginner #cryptoadvices
I invested in coins like BNB, ADA & XLM, and others at first. As time went by, I also tried to invest in coins that are more appealing to the younger generation: $PEPE , $SHIB , and $BTTC
I would like to continue to do so. This is why i have not sold my stock of crypto coins, but as the market is right now, I am unsure if it's financially responsible.
Do you have any advice for beginners like me?
#amateur #beginner #cryptoadvices
âšif you are a #beginner & are new to trading then the first thing you need to learn is to read charts - here i show you how to ad the chart to make it easier to read, also check out the other articles that will help you as a beginner đ°
dont forget to follow me
dont forget to follow me
LIVECRYPTOBOBO
--
đđâšFOR BEGINNERSâšHeikin Ashi Charts
Use Heikin Ashi charts as it is very easy to identify trend of in markets as it removes noise created by small price changes (*see difference in the candles of in charts below)
đNote: It is not the only way to spot trends, there are many other indicators to do it, which I will cover in a later series, this is just a quick and easy way to remove noise when you are a beginner.
To select heikin ashi chart-follow step by step in the screenshots. (Binance System allows only 5 images upload so sorry about grouping images)
Thank me later by Following međ
*SEE DIFFERENCE BETWEEN CHARTS
đHOW TO SWITCH BETWEEN CHARTS
đNote: It is not the only way to spot trends, there are many other indicators to do it, which I will cover in a later series, this is just a quick and easy way to remove noise when you are a beginner.
To select heikin ashi chart-follow step by step in the screenshots. (Binance System allows only 5 images upload so sorry about grouping images)
Thank me later by Following međ
*SEE DIFFERENCE BETWEEN CHARTS
đHOW TO SWITCH BETWEEN CHARTS
Gonna start investing to give my kids more enjoyable life â„ïž any tips welcome!
#MyFirstFeedPost #investing #beginner
#MyFirstFeedPost #investing #beginner
Attention my fellow soldiers
#beginner
I can feel the tension in your trading fingers..
Remember from my previous post, not loosing money we are winning .
I still stand with my previous shared thought's .
Try refrain from trading until next week.
Save your bullet's soldier, they are needed for sniping next week!
#BTC
#beginner
I can feel the tension in your trading fingers..
Remember from my previous post, not loosing money we are winning .
I still stand with my previous shared thought's .
Try refrain from trading until next week.
Save your bullet's soldier, they are needed for sniping next week!
#BTC
if you are someone looking for profit just take it while it pump or else your hard earnings will be loss for nothing you know something is better than nothing .... and if you wanna hold... hold it till 3 or 4years .... don't believe in those bearish bullish bullshit post #beginner traders only#
CHEAP COINS TO 100x
Is often we think coins thatâs cheap is good and can make you millionaire however in reality thatâs not true.
Like I mentioned in my other posts, you needed to understand marketcap including how many coins are in circulations. This means if there are 100 Trillion coins in circulation, the coin itself will be cheap. The coin founders determine the coin availability - be it 100Million or 1Trillion. Some coins have infinity and ever been produced.
This will creates an illusion that if the cheap coin hits $1 you will be millionaire. In this example, if the coin hits $1 the marketcap will be 100Trillion, far exceed Bitcoin marketcap which is impossible.
Donât buy cheap coins, do your own research and invest your hard earned money smartly. You will thank yourself later.
#BTC #ETH #beginner #hottrends #write2earn
Is often we think coins thatâs cheap is good and can make you millionaire however in reality thatâs not true.
Like I mentioned in my other posts, you needed to understand marketcap including how many coins are in circulations. This means if there are 100 Trillion coins in circulation, the coin itself will be cheap. The coin founders determine the coin availability - be it 100Million or 1Trillion. Some coins have infinity and ever been produced.
This will creates an illusion that if the cheap coin hits $1 you will be millionaire. In this example, if the coin hits $1 the marketcap will be 100Trillion, far exceed Bitcoin marketcap which is impossible.
Donât buy cheap coins, do your own research and invest your hard earned money smartly. You will thank yourself later.
#BTC #ETH #beginner #hottrends #write2earn
#MyFirstFeedPost Hello, Binance Square!
As a #beginner I accept everyone's advice. Everyone try to give advice. Thank you.
As a #beginner I accept everyone's advice. Everyone try to give advice. Thank you.
I am a beginner.
I am also in lost in trading.
But since few days I changed my strategy.
As I canât predict the signal so I have selected a different way for future trading . But this is not very much profitable way but at least I donât loose my money .
Since a month I am focusing on some coin thatâs not go too high/low . They maintain a standard move around 2-3% high to low and low to high.
So I set the limit of 24h lower price and set the TP to as I like . I take leverage always 10% . As a result of the day I take $1-$5/ day. It depends on my investment.
With this process I recovered my lost . I donât need too much profit instead of being a looser.
This is not a financial advice always do your own research. Thank you.
#BTC #trading #beginner #AltUpdate #meme
I am also in lost in trading.
But since few days I changed my strategy.
As I canât predict the signal so I have selected a different way for future trading . But this is not very much profitable way but at least I donât loose my money .
Since a month I am focusing on some coin thatâs not go too high/low . They maintain a standard move around 2-3% high to low and low to high.
So I set the limit of 24h lower price and set the TP to as I like . I take leverage always 10% . As a result of the day I take $1-$5/ day. It depends on my investment.
With this process I recovered my lost . I donât need too much profit instead of being a looser.
This is not a financial advice always do your own research. Thank you.
#BTC #trading #beginner #AltUpdate #meme
Oh damn... 2nd Day of my Report and Ohhh it's a bad one for me. Minus of all I made in the days before
The massive lost for $ALT and $MANTA made it big red for me. But I don't get nervous. It's not like it's my money for retirement and I can't take a bit lost.
I'm a Newbie and still learning. And special for MANTA im very confident that it soon will get green again.
For ALT im a bit concerned if it is was the right thing to put some money in.
What do you think about those 2 coins? Please comment.
$SOL is pretty constant and the other coins make still some money in fixed APR.
I don't know if I will write a Post tomorrow or just come and cry on weekend đđ
But I'm confident. Wish me luck as well I wish you the best
#Write2Earn #Solana #manta #altlayer #beginner #story
The massive lost for $ALT and $MANTA made it big red for me. But I don't get nervous. It's not like it's my money for retirement and I can't take a bit lost.
I'm a Newbie and still learning. And special for MANTA im very confident that it soon will get green again.
For ALT im a bit concerned if it is was the right thing to put some money in.
What do you think about those 2 coins? Please comment.
$SOL is pretty constant and the other coins make still some money in fixed APR.
I don't know if I will write a Post tomorrow or just come and cry on weekend đđ
But I'm confident. Wish me luck as well I wish you the best
#Write2Earn #Solana #manta #altlayer #beginner #story
đâšđ #Beginners if you are a #beginner crypto trader dont miss out on this very important article! read on link below
#feedfeverchallenge
#feedfeverchallenge
LIVECRYPTOBOBO
--
đ§DYOR: The Secret toâšSuccessful Cryptocurrency Investing
Cryptocurrencies have emerged as a highly popular investment option for people looking to diversify their portfolio and earn profits. However, investing in cryptocurrencies requires knowledge and research. Without proper research and analysis, you may end up making wrong decisions and losing money.
In the world of cryptocurrencies, DYOR (Do Your Own Research) is crucial to avoid scams, make informed decisions, and minimize risks. In this article, I will explain the importance of DYOR and ways of practicing DYOR before investing in cryptocurrency.
Why DYOR is important?
DYOR is important for a number of reasons. Firstly, the cryptocurrency market is highly volatile and can change rapidly. To stay on top of this market, you need to have a deep understanding of the technology, market trends, and news updates.
Without proper research, you may miss important news or trends, and make the wrong investment decisions.
Secondly, there are a number of scams and frauds in the cryptocurrency market. Many projects may appear to be genuine but are actually scams. Without proper research, you may end up investing in such projects and lose your money.
Thirdly, DYOR helps you to identify the risks associated with investing in a particular cryptocurrency. It helps you to evaluate the potential returns and make informed decisions.
HERE IS A REAL LIFE EXAMPLE OF THE IMPLICATIONS OF NOT DOING YOUR OWN RESEARCH:
In this real life example you will see how Failure to Do Your Own Research results in loss or results which fall below your expectations purely on account of you not knowing what you are getting into:
The reason for this article is based on the update I shared a few days ago with all of my followers about EarningâšFREE TOKENS by FARMING or STAKING in the LAUNCHPOOL (if you are a beginner and still dont know what that is then check out my previous articles on the same topics)
The token I referred to was the "SUI" token that was open for Farming new tokens in Binance Launchpool.
There were many people complaining to me that they have not earned enough of âšFREE TOKENS even though they are Farming for the last 2 days.
But the thing is, if they had to actually read the rules of the Project before investing and staking they would have clearly read that for this particular Project the Rewards Distribution was 80% & 20% respectively based on the type of Asset being staked.
(See the screenshot below)
(đeach Project has it own set of rules so read it before you do anything)
In this case:
đ80% of the Rewards Distribution is for BNB STAKING
đ20% of the Rewards Distribution is for TUSD STAKING
(See the screenshot below)
So if you had TUSD and had read the rules, then you could have easily Swaped the tokens using the Binance Token Swap feature (read my other article on Token Swaps on my profile) to convert to BNB (đobviously you will want to do it when the price of BNB is low so you get a good rate for your Swap)
You need to also remember that the rewards you earn will be directly proportional to the value of your assets to that pool and the percentage you have contributed to the pool and most important the Rewards Distribution Percentage being allocated by the Project.
So in the future, just remember if Anyone gives you an update or advice đ
đšALWAYS DO YOUR OWN RESEARCH AND DONT TRUST ANYONE BLINDLY AS PEOPLE ARE GOING TO ALREADY EXPECT YOU TO HAVE YOUR OWN KNOWLEDGE & EXPECT YOU TO DYORâš
Ways of Practicing DYOR:
1) Understand the technology:
Before investing in any cryptocurrency, it is important to understand the technology behind it. Cryptocurrencies use blockchain technology, which is a decentralized ledger that records all transactions. Understanding the basics of blockchain technology and how it works will help you to evaluate the potential of a particular cryptocurrency.
2) Analyze the market trends:
The cryptocurrency market is highly volatile, and market trends can change rapidly. It is important to keep track of the market trends and news updates. This will help you to make informed decisions and avoid investing in projects that are likely to fail.
3) Evaluate the team behind the project:
The team behind a cryptocurrency project plays a crucial role in its success. Before investing in any cryptocurrency, it is important to evaluate the team behind the project. Look for experienced professionals who have a track record of success in the industry. Also, look for projects that have a strong advisory board and partnerships with established companies.
4) Read the whitepaper:
The whitepaper is a document that outlines the details of a cryptocurrency project. It provides information about the technology, the team behind the project, the potential use cases, and the roadmap. Reading the whitepaper will give you a better understanding of the project and help you to make informed decisions.
5) Check the community:
The cryptocurrency community can be a valuable source of information. Look for online forums and social media groups related to the cryptocurrency you are interested in. Read the discussions and opinions of other investors. This will give you a better understanding of the project and help you to make informed decisions.
6) Evaluate the potential returns:
Investing in cryptocurrencies is risky, and there is no guarantee of returns. However, evaluating the potential returns can help you to make informed decisions. Look for projects that have a clear use case and a strong potential for growth. Also, evaluate the market capitalization and the trading volume of the cryptocurrency.
Investing in cryptocurrencies can be highly profitable, but it also involves a lot of risks. To minimize these risks and make informed decisions, it is important to practice DYOR. This involves understanding the technology, analyzing market trends, evaluating the team behind the project, reading the whitepaper, checking the community, and evaluating the potential returns. By practicing DYOR, you can avoid scams, make informed decisions, and minimize risks.
To recap what Ive Explained to you above:
Always remember the #DYOR principle - "Do Your Own Research" - it is a crucial step before investing in anything, especially in the volatile world of cryptocurrency.
To avoid any legal issues, reading and understanding the rules and regulations of the investment is important.
By doing your own research and reading the rules, you can make informed decisions about your investments, which is key to successful investing.
Never invest more than you can afford to lose and always diversify your portfolio. This is a smart way to minimize risks.
Keep in mind that investing involves risks, so it's important to be cautious and informed at all times.
Finally, remember that the secret sauce to successful crypto investing is practicing the #DYOR principle and being an informed investor. By doing this, you can maximize your profits and minimize your risks.
Bonus Tip Read the Article on my Pinned post on how to Stay Safe while Trading & Avoid Getting Hacked, especially by Phishing scams.
ALWAYS DO YOUR OWN RESEARCH - âš"DYOR!"
Goodluck on your Crypto & Investment Journey!
#feedfeverchallenge
#dyor
#beginners
In the world of cryptocurrencies, DYOR (Do Your Own Research) is crucial to avoid scams, make informed decisions, and minimize risks. In this article, I will explain the importance of DYOR and ways of practicing DYOR before investing in cryptocurrency.
Why DYOR is important?
DYOR is important for a number of reasons. Firstly, the cryptocurrency market is highly volatile and can change rapidly. To stay on top of this market, you need to have a deep understanding of the technology, market trends, and news updates.
Without proper research, you may miss important news or trends, and make the wrong investment decisions.
Secondly, there are a number of scams and frauds in the cryptocurrency market. Many projects may appear to be genuine but are actually scams. Without proper research, you may end up investing in such projects and lose your money.
Thirdly, DYOR helps you to identify the risks associated with investing in a particular cryptocurrency. It helps you to evaluate the potential returns and make informed decisions.
HERE IS A REAL LIFE EXAMPLE OF THE IMPLICATIONS OF NOT DOING YOUR OWN RESEARCH:
In this real life example you will see how Failure to Do Your Own Research results in loss or results which fall below your expectations purely on account of you not knowing what you are getting into:
The reason for this article is based on the update I shared a few days ago with all of my followers about EarningâšFREE TOKENS by FARMING or STAKING in the LAUNCHPOOL (if you are a beginner and still dont know what that is then check out my previous articles on the same topics)
The token I referred to was the "SUI" token that was open for Farming new tokens in Binance Launchpool.
There were many people complaining to me that they have not earned enough of âšFREE TOKENS even though they are Farming for the last 2 days.
But the thing is, if they had to actually read the rules of the Project before investing and staking they would have clearly read that for this particular Project the Rewards Distribution was 80% & 20% respectively based on the type of Asset being staked.
(See the screenshot below)
(đeach Project has it own set of rules so read it before you do anything)
In this case:
đ80% of the Rewards Distribution is for BNB STAKING
đ20% of the Rewards Distribution is for TUSD STAKING
(See the screenshot below)
So if you had TUSD and had read the rules, then you could have easily Swaped the tokens using the Binance Token Swap feature (read my other article on Token Swaps on my profile) to convert to BNB (đobviously you will want to do it when the price of BNB is low so you get a good rate for your Swap)
You need to also remember that the rewards you earn will be directly proportional to the value of your assets to that pool and the percentage you have contributed to the pool and most important the Rewards Distribution Percentage being allocated by the Project.
So in the future, just remember if Anyone gives you an update or advice đ
đšALWAYS DO YOUR OWN RESEARCH AND DONT TRUST ANYONE BLINDLY AS PEOPLE ARE GOING TO ALREADY EXPECT YOU TO HAVE YOUR OWN KNOWLEDGE & EXPECT YOU TO DYORâš
Ways of Practicing DYOR:
1) Understand the technology:
Before investing in any cryptocurrency, it is important to understand the technology behind it. Cryptocurrencies use blockchain technology, which is a decentralized ledger that records all transactions. Understanding the basics of blockchain technology and how it works will help you to evaluate the potential of a particular cryptocurrency.
2) Analyze the market trends:
The cryptocurrency market is highly volatile, and market trends can change rapidly. It is important to keep track of the market trends and news updates. This will help you to make informed decisions and avoid investing in projects that are likely to fail.
3) Evaluate the team behind the project:
The team behind a cryptocurrency project plays a crucial role in its success. Before investing in any cryptocurrency, it is important to evaluate the team behind the project. Look for experienced professionals who have a track record of success in the industry. Also, look for projects that have a strong advisory board and partnerships with established companies.
4) Read the whitepaper:
The whitepaper is a document that outlines the details of a cryptocurrency project. It provides information about the technology, the team behind the project, the potential use cases, and the roadmap. Reading the whitepaper will give you a better understanding of the project and help you to make informed decisions.
5) Check the community:
The cryptocurrency community can be a valuable source of information. Look for online forums and social media groups related to the cryptocurrency you are interested in. Read the discussions and opinions of other investors. This will give you a better understanding of the project and help you to make informed decisions.
6) Evaluate the potential returns:
Investing in cryptocurrencies is risky, and there is no guarantee of returns. However, evaluating the potential returns can help you to make informed decisions. Look for projects that have a clear use case and a strong potential for growth. Also, evaluate the market capitalization and the trading volume of the cryptocurrency.
Investing in cryptocurrencies can be highly profitable, but it also involves a lot of risks. To minimize these risks and make informed decisions, it is important to practice DYOR. This involves understanding the technology, analyzing market trends, evaluating the team behind the project, reading the whitepaper, checking the community, and evaluating the potential returns. By practicing DYOR, you can avoid scams, make informed decisions, and minimize risks.
To recap what Ive Explained to you above:
Always remember the #DYOR principle - "Do Your Own Research" - it is a crucial step before investing in anything, especially in the volatile world of cryptocurrency.
To avoid any legal issues, reading and understanding the rules and regulations of the investment is important.
By doing your own research and reading the rules, you can make informed decisions about your investments, which is key to successful investing.
Never invest more than you can afford to lose and always diversify your portfolio. This is a smart way to minimize risks.
Keep in mind that investing involves risks, so it's important to be cautious and informed at all times.
Finally, remember that the secret sauce to successful crypto investing is practicing the #DYOR principle and being an informed investor. By doing this, you can maximize your profits and minimize your risks.
Bonus Tip Read the Article on my Pinned post on how to Stay Safe while Trading & Avoid Getting Hacked, especially by Phishing scams.
ALWAYS DO YOUR OWN RESEARCH - âš"DYOR!"
Goodluck on your Crypto & Investment Journey!
#feedfeverchallenge
#dyor
#beginners
Once upon a time, there was a curious newbie named Agatha Heilpern (that's me!). She was eager to find the perfect crypto coins to invest in. She knew that as a beginner, it was important to start with a solid foundation. So, she decided to follow a few key steps to make her investment journey a success. đđĄ
Step one: Agatha did her research! She dug deep into the world of cryptocurrencies, learning about different projects, their teams, and their potential for growth. She wanted to invest in coins with strong fundamentals and real-world use cases. đđ
Step two: She diversified her portfolio. Agatha knew that spreading her investments across various coins would help mitigate risks. She carefully selected a mix of established cryptocurrencies like Bitcoin and Ethereum, as well as promising up-and-coming projects that caught her attention. đŒđ
Step three: She stayed updated on the latest news and market trends. Agatha followed reliable sources, joined crypto communities, and engaged in discussions to gain valuable insights. This helped her make informed decisions and stay ahead of the game. đïžđ
Step four: She started small and invested only what she was willing to lose. Agatha understood that crypto markets can be volatile, so she took a cautious approach. As she gained more experience and confidence, she gradually increased her investments. đ°đđ
And so, Agatha embarked on her crypto investment journey with enthusiasm and a well-thought-out strategy. She knew that patience, resilience, and continuous learning were the keys to success in this exciting world. đđ
#tradingjourney #Beginnersguide #BeginnerTrader #BTC #beginner
Step one: Agatha did her research! She dug deep into the world of cryptocurrencies, learning about different projects, their teams, and their potential for growth. She wanted to invest in coins with strong fundamentals and real-world use cases. đđ
Step two: She diversified her portfolio. Agatha knew that spreading her investments across various coins would help mitigate risks. She carefully selected a mix of established cryptocurrencies like Bitcoin and Ethereum, as well as promising up-and-coming projects that caught her attention. đŒđ
Step three: She stayed updated on the latest news and market trends. Agatha followed reliable sources, joined crypto communities, and engaged in discussions to gain valuable insights. This helped her make informed decisions and stay ahead of the game. đïžđ
Step four: She started small and invested only what she was willing to lose. Agatha understood that crypto markets can be volatile, so she took a cautious approach. As she gained more experience and confidence, she gradually increased her investments. đ°đđ
And so, Agatha embarked on her crypto investment journey with enthusiasm and a well-thought-out strategy. She knew that patience, resilience, and continuous learning were the keys to success in this exciting world. đđ
#tradingjourney #Beginnersguide #BeginnerTrader #BTC #beginner
#Beginnersguide
We should consider trading as a business. Many of us take trading as a get rich scheme đ€.
But trading is more than that. You have to have patience for the right time when market provide you with an opportunity. Even with right timing you may loose. That's why you need have good risk management plan.
I will to cover 2 important topics on my upcoming posts.
1. Risk management
2. Stoploss and Take Profit placement.
I will try to give you all valuable insights and trading tips. Follow me to learn more.
#BeginnerTrader #beginner #TradingTips
We should consider trading as a business. Many of us take trading as a get rich scheme đ€.
But trading is more than that. You have to have patience for the right time when market provide you with an opportunity. Even with right timing you may loose. That's why you need have good risk management plan.
I will to cover 2 important topics on my upcoming posts.
1. Risk management
2. Stoploss and Take Profit placement.
I will try to give you all valuable insights and trading tips. Follow me to learn more.
#BeginnerTrader #beginner #TradingTips
7 Crucial Trading Rules to Live By
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 itâs 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.Thatâs why we believe every trader should follow these seven important principles before trading crypto:1. Always Use a Stop LossSounds simple enough but youâd 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.Donât let one trade cause your downfall â protect your account and use a stop loss.2. Donât Give Into MartingaleAs a common betting system, martingale doubles the next trade to recover from previous losses. Drop the âdouble or nothing mindsetâ because that just wonât 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. Letâs face it, itâs only natural to feel frustrated when trades donât 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 â 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 donât 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. Donât 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 whatâs happening in the markets.Itâs 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, youâll be able to make more informed trading decisions. Price really is king!4. No Shortcut to the âHoly GrailâSave yourself the search for the perfect trading system â it doesnât exist. Thereâs 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 doesnât 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, youâll find certain elements in each strategy that will work for you and others that wonât. 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 youâre 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 â 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, thereâs a potential reward of $2. If the ratio is below 1:2, the trade isnât 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 youâve finally formulated a trading strategy that matches your price and personality â trust that itâll make it. Donât 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.Thatâs 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
