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The article causes you to explore the details of how to improve your online crypto trading skills.
Set goals in advance
When you do this, if prices start to rise to unsustainable levels, it will help you limit your potential losses due to excessive greed. Pre-set profit targets and stop losses.
Be disciplined and patient
In the vast cryptocurrency world, it is not easy to be disciplined or patiently treated. Your greatest enemies are greed and fear. Greed puts you in a long position, and fear makes you miss a trading opportunity. Create a plan worth sticking to. You don’t have to trade every day to be successful. If there is no business opportunity that meets your requirements, it is best to be patient and not force it.
Make a strategy and stick to it!
If you are using technical analysis, fundamental analysis, or any other type of analysis, then of course you need a strategy! Developing a trading strategy is like your navigation system is working well and can help you along the way. If you do not have a good strategy or a proven strategy, you may need to change it. I wrote a guide to trading strategies that I like to use every day. Check it out here: “Beginner’s Guide: How to Use Moving Averages for Day Trading.
Never risk investing too much money in one transaction.
You always want some fiat currency or BTC in your account so that you will not miss other trading opportunities in the market. This is why it is not recommended that you use the total portfolio size for trading, and only use a certain percentage for trading.
Don’t personalize the loss!
Instead, know that the loss is part of the game, and then start accepting the loss. Personalized losses will lead you to choose riskier traders to make up for your losses. Less loss is better than losing. The more you lose, the harder it is to get rewards.