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RE: Steemit Crypto Academy Contest / S7W3 - Understanding Crypto Trading

in SteemitCryptoAcademy2 years ago (edited)

Don't Panic
This is the most important management that you have to apply, if you have bought a crypto coin and suddenly the price drops you don't need to panic by getting out of the market right away

Well said!
Ideally it’s crucial to use risk management strategies. No matter how much research you’ve done for a particular cryptocurrency or token. Always determine your optimal entry and exit points. You can’t watch the market 24/7 so in order to avoid needless panic set a good exit point. I’m sure the Luna phenomena illustrates this well

If you have so much faith in the coin then there are zones you’d believe it shouldn’t have to touch down to. You can set your absolute exit at 30% drawdown to allow enough room for volatility. This is enough risk, further is playing roulette.

Also panic purchase and purchase are usually brought about by FOMO, another reason why your fundamental analysis shouldn’t be crypto tweets.

Nice publication my friend, it was quite a read.

If you have the time do check out my own entry
understanding crypto trading. Your feedback would be appreciated :)

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Thank you for your kind comments, I have learned a lot from your comments, I hope we will be successful in this contest

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