If you are starting in cryptocurrency trading, this advice is for you. Success begins with understanding how to trade intelligently and minimize risks.
The key is:
1. Follow the market trend: Always trade in favor of the trend to increase your chances of success.
2. Choose appropriate leverage: 5x is ideal for beginners, as it balances the potential for gains with manageable risk.
3. Design a solid strategy: Combine technical analysis, fundamental analysis, and effective risk management to protect your capital.
What is happening in the market right now?
We continue in a bullish trend of altcoins, although some cryptocurrencies have retraced by up to 20%, while others have exceeded 100% at their highs within this trend. On the other hand, the collateral of altcoins, BTCDOM, remains in its bearish trend, showing retracements in 2-hour candles until it touches the yellow line of the Bollinger Bands (Boll) indicator.
Remember, you don't need to take excessive risks to be profitable. With discipline and a clear strategy, you can maximize your trades.
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