On the way to becoming a TRADER in the field of cryptocurrencies, if you are not fully equipped with basic knowledge as well as experience, you may suffer losses and become depressed
Understanding that, Blackmantrader today would like to share with you some methods to be able to practice coin trading skills more effectively to avoid unnecessary losses:
- Set a maximum number of orders per day to be entered (whether profit or loss, no further entry or attempt is allowed).
- Good risk management (how much daily maximum losses)
- Summarize the week and month (see if the profit is stable, if the profit is even and durable for 3-6 months, you can add capital because there is a correct trading system).
- See if the order volume (position) you enter when the market is running is comfortable or stressed (If the stress is due to not being able to withstand the pressure, then you need to reduce the volume)
- Absolutely use SL (you do not install Sl in the sideway market to help you have many profitable orders but all is virtual, as long as the market enters the trend, it takes all effort)
- Finally, the most important part: Never think that a trade will be X account fast. ( Do you just go online to find out if there are long-time investors who have returns of more than 50% per year? Blackmantrader would like to confirm 100% NO !! ). If you want X quick account, only Hold Coin and wait for the uptrend. (This is the advantage of investing in coins)
Learn More About the ” Knowledge Basics for Beginners” Series