Things to keep in mind while trading for the first time
Assalamu Alaikum
How are you? By Allah's grace, I'm doing very well. What I am going to share with you today is how you can profit from trading in the crypto market. Suppose you buy 10 dump coins, then start short trading with these coins, then you can notice that you are losing between 5-6 coins. As the bullrun is yet to start in the cryptomarket, the situation of the down coins is not so good right now.
We all need to keep an eye on the price of Bitcoin, as well as the major coins that follow Bitcoin. Now I will suggest you all an easy and convenient way for trading. First you trade in Bitcoin, second you trade Ethereum and finally you select and trade a coin that shows a lot of volatize. When you notice that the coin is pumping a little or the company is increasing the volume, you will trade in those coins. Now the question may come to your mind how to do all this? When do you? To control all this all you need to do is to see when the coin will pump but the problem is you don't know anything about when the coin will pump but this thing is sure after pumping the coin will surely down and when the coin dump then that What you need to focus on is where is the next support for the coin.
Then when you can see that the coin is approaching the support, then you will buy the coin but many times you will see the coin going up before it reaches the support, so you have to buy the coin a little earlier. Than from here the coin will go up a little bit, even if it is one percent. All you need to do after pumping the coin is to go straight to the sell option. Go to the sell option and use the OCU, put a stop loss in the price at which you bought the coin. You can put 10% or 15% take profit here or whatever you want. This will depend on the coin, according to the performance of the coin. By doing this, you will see that there will be no possibility of loss in the crypto market. What you need to watch out for is that you only need to buy at the support, because the coins pump a little bit from the support. If you want to trade for the first time, you can try small coins so that you can learn how to do it.
Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.
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Trading is something that can be easy or tough depending upon how we do it and this is why it is highly recommended to learn about it first before doing it else people can end up losing money in trading.