‼️ If you are a trader, read this
Many people have no idea how hard and stressful trading really is. For those who are struggling with trading, here are nine tips for you:
🔹 Knowledge is power. Keep yourself informed about news and events. For example, it's very important to understand what the Fed is planning to do because the US economy has a huge impact on the crypto market.
🔹 Set aside funds. Determine the amount of capital you're willing to risk. Close your eyes and imagine that you just lost 100% of your trading capital, if you feel that after losing it your life is over, that means you are overallocated, you need to decrease the risk.
🔹 Be serious about trading. Dedicate enough time to day trading. If you're serious about it, it's worth treating it like a job, not a fun hobby.
🔹 Narrow down your attention. Don't spread your attention across many different assets, you should always be on the lookout, but it's better to focus on a few that you understand the best.
🔹 Avoid unnecessary risks. Stay away from low cap, illiquid shitcoins. Trying to get 10x by buying a random 7-day old meme coin isn't trading, it's gambling with bonus steps.
🔹 Learn to do nothing. Observe the market before making moves. It's not necessary to always have an open trade, sometimes it's better to just sit on your hands and wait for a good entry/trend/trading setup.
🔹 Manage risks. Use limit orders to control losses and take profits. If you are spot trading, you should always have sell limit orders, if you're trading on futures, always use stop-loss.
🔹 Be realistic about profits. It's almost impossible to pull off one 100x trade, but it's very possible to do seven 2x trades over the long run.
🔹 Stick to the plan. Be consistent with your trading strategy. If you don't have a strategy, develop one, if you can't stick to your strategy - you shouldn't be trading at all.
