Today we are discussing, Top 10 rules every beginner crypto trader must Know
1) Fear of missing out
Do not FOMO! you will always have another opportunity with safer entry & good risk reward. just be patient to wait for the one.
2) Do an analysis & stick to it
After you analyze the market and enter the position, you may start changing the analysis, so you will fool yourself. stick to your initial plan.
3) Never Revenge Trade
If you have a series of losses, you are better off in the market for some time, rather than start revenge trading to get instant profits.
4) Always have a Stop-loss
if you are new to the market, always have a hard stop which protects you from even more losses.
5) Risk Reward Ratio
Your risk-reward ratio has to be 1:2 as a minimum, otherwise, you risk your money for nothing. as well do try to use “the too good” risk-reward ratio ex. 1:10, you may face the difficulty of even closing your position.
6) Buy Pullbacks
If the structure is bullish, do not be fearful to buy at support! and the opposite for the bearish structure, sell resistances.
7) Always keep learning
Read books and do courses which will help you to improve your skills. small advice here, always check the information in order not to learn from pseudo-experts.
8) Chart is your dictionary
Be familiar with candlestick patterns, formations, and reversal signals.
9) Compound gains
you won’t become an overnight millionaire. you will lose hard if you start to rush, increase your risks, and so on. Be patient and enjoy small gains.
10) Have a plan
At final you always need to have a plan before you enter any position Know RR, calculate your stop-loss, and know if you can accumulate more.
FOR MORE JOIN US ON TELEGRAM
