Trading is the act of exchanging goods or services for another goods or services. Trading has become versatile and has been used in different areas including crypto world.

Quite a lot of people have ventured into this business as it seems lucrative and has been hyped over the past few years. There is a very high risk involved in trading cryptocurrency because of its volatility, but people still tend to trade it.

Alot of novice are also going into trading crypto because they heard it's lucrative and forgot to have proper mentorship before going into it which makes them loose capitals and sometimes invest too much forgetting it is a high risk business.

There are somethings one much know before trading crypto. It prevents one from making mistakes while trading.

1. Greediness isn't allowed

2. Your emotions should be dead while trading to avoid loss.

3. Do not trade with your life savings.

4. Always use stop loss when trading live.

5. Always take profits when trading live (Ensure to set like 2 to 3 take profit limit, not too far from each other so as not to loose capital too much

6. Do not allow fear as a friend

7. Always do your own research
   Let's look at some scenario that can happen during trading and the right things to do at that time.

Scenario 1

You bought BTC a couple of days ago at a price of USDT 62K. Suddenly, you see that this situation of this chart is going on below:

Note this chart screenshots is from professor @fendit post

What would I have done before reading this class?

The first thing that would happen after seeing this kind of situation is the fear of loosing my capital, which makes me emotional and I will begin to act so irrational, especially in case where I paid to get the signal and it end up been bearish, forgetting the fact that I have been getting correct prediction from the person I will become very angry.

Firstly, I will try to wait for like 5 mins if there is sign of it moving up, if not I will try to look for a way to sell the BTC immediately so I don't incur more lost, especially when people are making noise about the drop and giving different speculations.

Secondly, I will call the person who gave me the signal and speak out, of anger and even insult the person.but if I was the one that decided to buy the token myself I will be very angry at myself, and say I will revenge by trading to make.more than I have lost.

What would I do now?

Firstly, I will try to remain calm and see how the market is trending. I would have understood that the market can be very volatile.

So when it's been bearish I will just keep holding the coin and watch the market. The more it dips the longer I will hold the coin. When it eventually rises because it will do but might take some days to recover or even weeks or months, then I will sell and take my profit.

Secondly if it doesn't rise to the level which I bought I will wait for it to get to a close range like 60k or 61k before selling so I can use the money acquired to trade another token, that way I won't incur much lost. But the most important thing is my patience.

SCENARIO 2

You're browsing Twitter and you see this:

Note this chart screenshots is from professor @fendit post

You see that whenever this kind of things happen, BTC prices rush.

What would you have done before reading a this class.

I would have immediately gone to buy BTC without hesitation atleast to have a fraction of it no matter how high it has become due to FOMO

What would I do now

After reading the study guide, i realized that it doesn't neccesarily mean that the price of BTC will sky rocket without coming down back.

So if I eventually miss the train I would wait for it to dip back before buying or rather not bother myself about it for now and look for something that can yield more profit than BTC at the moment, after then I can use the profit made to buy BTC during dip.

My Experience while trading

One of the mistakes I have done while trading is the fear of missing out called FOMO.

There was a certain token that was over hyped and because I didn't want to miss out I purchased the coin, one of the exchange was sure to be listing the coin which made it more appealing to me.

I bought the coin at a high rate and to my surprise after the listing of the coin, it dropped to the very minimum and I incurred a lot of lost.

Lessons learnt from this is never to buy a token because it is rising always wait for the dip and also do not buy a token Without making proper research about it.hyping or listing the coin doesn't mean its going to be bullish.

Also I learnt to always make my own research before trading or investing in any token.

I bought a token because I was asked to, after buying the token I realized that the liquidity wasnt locked within the blink of an eye there was rug pull and I lost my capital.

One of the things I find useful in the study guide, is not to over trade as a novice, although every other point got to me but the most important to me is not to over trade, thinking that when one doesn't trade one is loosing a lot of money or one must always have a trade open during every session which isn't true.

As a trader one must have season and time to trade the market after studying and making research well enough. Do not rush into any trade because the market is always there waiting for you.

Thank you for stopping by to read my article.

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@fendit

Written by @mandate

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