1. Start with an amount you can afford to lose:
The most important rule in trading is that you don't invest more than you can afford. You must be mentally and financially prepared to lose it, especially since the market is volatile. Don't gamble with your essential expenses or necessary funds.
2. Learn technical and fundamental analysis:
Technical analysis teaches you how to read charts and predict price movements, while fundamental analysis teaches you how to evaluate the project in terms of its utility, team, partnerships, and future plans. Don't buy a coin just because it’s rising; understand it first.
3. Diversify your investment (Diversification):
Don't put all your money in one coin, even if you are confident in it. Diversification reduces your losses if one of the coins drops.
4. Use stop loss:
This is a very important tool that protects you from crashes. If you set that you can only bear a loss of 10%, the stop loss will automatically sell the coin when it drops to that percentage.
5. Follow the news and updates:
Coins are affected by news, such as new partnerships, regulations, or even a tweet from a famous person like Elon Musk. Always stay informed, especially about the updates of the coins you are invested in.
6. Don't be greedy and take your profits:
One of the most common mistakes is that traders become greedy, waiting for the price to keep rising, and suddenly the market collapses. Take your profits regularly, and keep a small portion for long-term investment if you believe in the project.
7. Don't trade when you're stressed or influenced by emotions:
Emotion is the trader's enemy. Don't enter a trade when you're upset or overly excited. The market requires a cool head and well-thought-out decisions, not emotional reactions.
8. Don't invest in unknown coins or shitcoins without research:
Many new coins are tempting, but you need to do thorough research. There are many scams, and sometimes developers disappear after collecting the money (this is called a rug pull).
9. Be patient:
Quick wealth is an illusion. Success in trading requires time, experience, trials, and losses from which you learn. Don't rush and expect to become a millionaire overnight.
10. Use a demo account or start with a small amount:
Before you engage deeply, practice on a demo account or with small amounts to test strategies and understand the platform.
11. Keep your account safe:
Enable two-factor authentication (2FA), do not share your information, and avoid suspicious links. Many people lost everything due to a simple hack.
12. Learn from your losses:
Every loss has a lesson; don't be discouraged. Go back and see where you went wrong, and adjust your strategy. Those who succeed are the ones who learn and continually improve themselves.
