CryptoTip #2 : My journey of earning 5000$+ in one month
Target and stop when starting a trade:
For each trade we must set a clear target level for taking profit and more importantly, a stop-loss level for cutting losses. A Stop-loss is setting the level of loss where the trade will get closed.
Here again, it is important considering a number of factors when choosing a stop loss level correctly. Most traders fail when they fall in love with a trade or the coin itself. They may say, “Here it will turn around, and I will get out of this trade with a minimum loss, I’m sure”. They’re letting their ego take control of them and unlike the traditional stock exchange where extreme daily movements are considered 2-3% in value, Crypto trades are a lot more riskier: in my life as a trader I’ve seen a coin dumping by 80% just in a few hours! And nobody wants to be the one who is left holding it.
personal choice to select Stop Loss Level
Majority of the traders set a 5% and this generate classic domino effects in the exchanges... I always suggest to set a mental stop loss but never positioning that int he exchange.... if you want to trade daily you need to stay in front of the screen and work hard...
Ive never tried this before. Will give it a try.
Will try this out, hope it works for me
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