A friend opened a short position on Bitcoin around 91000 and has been holding the position without wanting to cut losses. Yesterday I suggested that she close the short position when it retraced to around 93000 or 92800, but she thought it hadn't dropped to her desired level of 91000, so she didn't cut her losses! Today, after dropping to around 92750, it started to rebound, and now the Bitcoin quote is 94740, resulting in a floating loss of about 15000u.
Therefore, when trading, it's essential to learn to set proper take profit and stop loss levels. If you're wrong in your direction, you must decisively cut your losses; remember not to hold positions! Holding positions will only lead to greater losses and a deadlock!
If your trading strategy has issues, you must reflect and adjust your mindset! Adjust your trading strategy! Additionally, you should strengthen your learning of trading techniques in your spare time! This will help improve your profitability and reduce losses!
Before opening a position, it's advisable to prepare a trading plan in advance, placing orders at support levels and building positions in batches, avoiding chasing prices or panic selling!
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