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Strict Trading Plan with $10
Since the capital is $10, this is a very small amount, so the plan must be very strict and aim for slow accumulation rather than quick wealth.
Here is a strict trading plan with a capital of $10:
1. Choosing a Suitable Platform:
Choose a platform that supports trading with small amounts like Deriv, Binance, or Exness.
Make sure that the leverage is flexible, but do not use it recklessly.
2. Type of Trading:
Scalping is the best in this case:
Quick trades (5–15 minutes).
Small profit targets (2–5% of the trade).
Small stop loss.
3. Money Management:
Risk in each trade should not exceed 1–2% of the capital (i.e., only $0.10 to $0.20).
Use a very small lot size (Micro lot).
Do not enter more than one trade at the same time.
4. Entry and Exit Strategy:
A simple example of a strategy based on indicators:
Use the RSI (14) indicator: Buy when it is below 30, sell when it is above 70.
Use Moving Average 50 and 200 to determine the overall trend.
Confirm entry with a candlestick reversal (like a pin bar or engulfing candle).
5. Time Frame:
Trade on a 1-minute or 5-minute frame.
Trading times: active market like the opening of London or New York.
6. Emergency Plan:
When reaching a 10% loss of capital (i.e., $1), stop immediately and review mistakes.
Do not chase losses.
7. Weekly Goal:
Profit from 1% to 5% daily at most.
Do not trade if a clear opportunity does not appear.