I have taken loses in the past coz I didn't fully understand | Mux on Binance Square

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I have taken loses in the past coz I didn't fully understand how my trading platform worked, especially after an update.Understand your app. Play around with it before trading to see which settings exist that could help execute your trades better.
#TradingTipOfTheDay #BTC

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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+4.90%

T

0.03392

+8.40%

7.6k

0

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Trading an asset that is just about to fall is like pulling a door that says push. It will not go in your favour! That’s why I use the 4hr swing chart as my personal strategy. Learning about the 4hr chart swing was a game changer in my crypto trading journey. I wish I knew about it sooner! I am using this strategy in the current #BinanceSpotTrading campaign running up to the end of this month where I hope to grab a share of the $12,500 in BTC rewards. I have won several rewards participating in Binance campaigns. I am very hopeful on this one. Anyone can participate; a new trader, and those in VIP 1-3. Just by depositing, trading, copy trading or automating your trades. Registering early gives you $5 in #BTC☀ Copy trade for the first time you get loss protection. Don’t miss out on this one. I’m making sure I’m not! Here’s a quick breakdown of how I do #BinanceSpotTrading 1. I begin at 00:00 UTC. 2. I check how BTC is doing as its movements affect the overall market 3. I start analyzing assets. First the top performers and the biggest losers 4. I look for a bullish trend in them on the 4hr chart. Here MACD should have successfully crossed over on this chart. I use KDJ as the leading indicator showing whether MACD on the 4hr chart might cross over upwards soon. RSI is also helpful to determine overbought and oversold coins. 5. I avoid all coins whose MACD is too high on the swing in the 4hr chart and it’s about to cross over downwards and those where it has not successfully crossed over upwards. 6. I then check the other time frames looking for patterns and bullish trends. I have heavily invested in learning technical analysis for this. 7. When I identify the specific coin with a bullish trend that I wish to trade, I check support and resistances to determine a possible entry and exit point. 8. When this is sufficient, I enter the trade and exit at my exit point a place just below the next significant resistance level. And voila! I complete a trade. How do you trade? 🤔Tell us as you participate in this campaign!

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Even though #BTC price has been rising, trade volumes have been reducing for the past 3 days. The pyramid on MACD also seems to want to go to the red. I predict that the current #BTC bull run is about to come to a close and we might experience a correction in the next few days. I'm getting ready for #AltSeasonComing 💪.

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So what to do when facing a potential liquidation?

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#BTC MACD has successfully crossed over at the weekly chart. I expect a continued rise over the next few weeks. We might reach 82k people! 💪 It's also crossed over on the 4hr so yeah, we are so back!!!

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Because the market is not your grandmother, some #BinanceFuturesTips I use are; 1. Use low margins As lucrative as it might be to use a 50x margin, try to control your greed and need for quick profits and use 10x - 20x. This way if a trade moves against you, you are much safer from a liquidation. And if you insist on using high margins like 25x-50x or more, make sure you have funds in your futures account to support your trades by having a low margin ratio. For example, if you are trading a $500 account and insist on using a 50x margin, make sure you only have a small percentage of your $500 in a trade, let’s assume $100 so that the other $400 is left to support your $100 in case the market moves against you. This way you are much safer from a potential liquidation. 2. Support your assets Whether you are using high margins or low margins, make sure to support your trades. If you have $200 to trade, place in $100 or less and leave the other $100 as support for your positions. This is in support of the first point. The safest bet is to use low margins while also supporting your assets. Say when you have a $500 account, trade $100 with a 15x margin. Here when combined with tact and a good trading strategy, unless in extreme bear markets, it is highly unlikely you could get liquidated when the market suddenly moves against you as your asset is well supported. 3. Learn technical analysis You cannot be a successful trader if you do not have a good understanding of technical analysis. And you do not want to be in a short trade when it is longing or vice versa. As these are potential profits you could be locking in and losses you could be avoiding. While trading shares similarities with gambling, good technical analysis helps one make informed decisions when getting in and out of trades and this is the core difference between a trader and a gambler. Know how to read candle sticks, trade indicators, volumes, etc. This way, you will know when to enter a good trade, when to long or to short when to exit profitably, and how to avoid liquidation.

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