5 things beginners should know to never burn their account.

After 5 years participating in the cryptocurrency and forex market, I have learned 5 things that beginners should know to never burn their accounts.

The fifth will help new investors invest more safely and will greatly reassure them.

1. Understand the rules of the game you are participating in. The most basic is that you also need to know what spot is, what futures are. What are the differences? Advantages and disadvantages of each type. From there, based on your personality assessment, choose the right topic for you. You are someone who likes to eat fast and earn quickly, has plenty of time to research, takes big risks, and has little capital. Then futures seem suitable for you. And if you have little time. You are someone who likes to eat constantly and can endure long-term without worrying about the account. If your cash flow is good and the money invested does not affect your personal life, then spot is for you.

2. Study and practice. After choosing a topic you believe is suitable, take the time to study it, research and experiment a lot. The time should be measured in years, it is impossible to achieve it in just a few weeks or months.

3. Manage personal finances well. At this stage, you need to clearly know how much your expenses or income are each month. If your monthly income exceeds your expenses, then it's fine, you can think about investing. If you haven’t done so yet, stop investing temporarily. If you are not full, how can you worry about investing? If entering the market is not as favorable as you think, will you survive well?

4. Choose a suitable trading strategy or system yourself. If it's spot, what is the right DCA strategy? If the price goes up, what happens when the price goes down? What have you prepared for it? If you do not plan ahead, you are planning to fail. If it is futures, what indicator should the trading system be based on: rsi, macd, Bollinger bands, ichimoku, etc. To succeed, you should only choose one system, practice it a lot and regularly? One more small note: plan the TP and SL points very specifically. And always follow it like a robot, don’t let emotions get in your way. Remember to read the last sentence again.

5. Finally, I would like to share a simple strategy that I have been applying for the last 5 years to help me make profitable spot investments even in a bearish market, help me earn front x15 or wemix x5, and many others. So far, after 5 years, my spot investment remains profitable and is regularly withdrawn. I do not sell courses, nor do I have group calls for private bets to pay fees, so you should not be afraid to attract chickens. I have a community chat group for everyone to learn and share with each other. And that’s how I make money with spot.

Step 1: You must clearly know how much capital you are spending at the moment, how many shares you want to buy, and what your profit target is. If the capital is $1000, you can divide it into 5 children with $200 each. This part depends on your personality. In the past, I started with a capital of only $10-20.

Step 2: select a list of coins to monitor. For example, the trend of new coins listed on Binance Exchange, coins according to whose trend, the current trend, memes,... after selecting, don’t forget to compare market capitalization, as well as total supply and total circulating supply of them to make a decision on which product to seek potential. This step requires writing down your thoughts and measuring them carefully. You can join the group and ask people to comment on the product you want to buy. This is a great way to save time.

Step 3: Once you have chosen the products, buy half or the total or divide them as much as you want depending on your initial capital. Always leave money for dca, with altcoins dividing by 2 and dividing by 3 is very normal, so choose specifically how much to add. And know clearly where to take profits. As for BTC, maybe 10%, 20%, 30% can gradually disappear. You are not a saint to know where the bottom is. After finishing all products, move to the last step.

B4: Wait patiently. If you are in a bullish trend, you only need to wait a few months. If you are in a bearish trend, waiting 1 or 2 years is normal. Remember to calm down and wait for the opportunity to come.

B5: always maintain cash flow from other jobs, do not let investments affect your life.

Futures:

https://www.binance.com/vi/futures/home

The difference with spot is that spot consists of buying and holding that coin or token as your own, it will never burn your account and futures mean that you will not hold any coin or token long-term, moreover, you will also use floor leverage to lend which will result in burning your account.

For futures, beginners should only trade with BTC with one line being more than enough, choose a moderate leverage, the maximum I believe should only be x50, I usually use x30. Choose the right trading strategy, like the number 4 above, experiment a lot. The amount of money spent on futures should not exceed 30% of the total amount of your investment. Disobey orders calmly, do not disobey orders continuously. It doesn't matter if you win or lose, you must know how to rest. If you have profits, remember to close them, if you have losses, remember to cut them.

Each trade order should not exceed 5% of the capital. If applied this way, your account may take a bit longer to burn.

And above is my experience and enthusiasm that I want to share with you in the hope that you find it valuable. If you like it, please give me a like. Thank you!

Wishing that you always have a pure mind no matter how the market is.$BTC >#Write2Win >#bitcoin#binancefuture