Pleas For Noobs..... And i stand to be corrected by the Guru Traders... We are all here to learn
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1. Don’t FOMO (Fear of missing out)
If you missed a trade and the train already left the station, let it go. There will always be another trade. If you jump on a Trade after my entry point, you’re putting yourself at risk.
2. Don’t Panic Sell!
We have seen it many times guys. The market cycle goes up and down! It’s awesome when it’s up like today! But days like today aren’t possible without down days! During down days, everything is ON SALE!!! That’s when we take advantage and strike! This is why I always say to keep at least 40% of portfolio in BTC.
3. Keep a STOP LOSS on ALL TRADES, unless otherwise stated!!!
I can’t stress this enough guys. I’ve said it many times before but I guess I wasn’t clear enough for some people. On every single trade I share, ALWAYS set a STOP LOSS!!! Again... ALWAYS SET A STOP LOSS! Stop loss I personally use is 10-15% depending on the trade risk. Again guys... ALWAYS USE A STOP LOSS!
4. Always readjust your stoploss!
So the stop loss on trades will stop us out on trades that don’t go our way. But how about the ones that do? We readjust our stop losses every 10% gain guys! Everytime we gain over 10% readjust your stoploss by 10%! So that even if it drops before reaching all targets, it stops you out with profit!!
5. DIVERSIFY!
Diversity is the name of the game when trading to minimize losses and maximize wins. This is a starting point on how you should be trading.
High Risk trades: 1-3%
Medium risk trades: 3-5%
Low risk trades: 5-10%
That’s how much of your portfolio you should be investing into each trade. If you go over those numbers you are putting your portfolio at risk if one of your coins with the majority of your portfolio goes down.
6. Have Fun!!!
Most importantly guy, have fun trading! This shouldn’t make or break you! Investment is risk! If not it wouldn’t be called investing! So don’t invest anything you can’t afford to lose! This is a rollercoaster of a ride so just have a good time riding the waves! On down days I don’t even look at my portfolio, I only look for coins to buy!
I hope this helps you guys out!