TRICKS AND TIPS FOR TRADING FUTURES
In several posts about futures trading advice, there has been a lot of discussion about the basics of futures trading in formal language. Well, here I want to explain the tips and tricks that maybe fellow traders can get new insights in everyday language.
- Avoid trading on weekends. Because the market volume is smaller, it is prone to manipulation. Bitcoin is easy to pump and dump, let alone altcoin?
- Don't trade during big news/economic news announcements. Avoid trading during CPI announcements, FED chairman Jerome Powel's speech, interest rate hikes, etc. This is risky, even very risky. The market is out of control, namely it can soar up and then slam down as deep as possible, the opposite applies
- Always wait for a reversal candle, at least a 4H timeframe to be valid. Don't catch a falling knife during a deep correction, don't hold a flying rocket during a crazy pump. The candles that I usually wait for are hammer candles for Long, inverted hammers for Short, and marubozu
- Never think you can beat the market. Don't be arrogant, don't be greedy. Always be humble in trading, then the market will be in line with you. BTW this is more about psychology, and work on me
- Discipline. If you have been hit by SL (Stop Loss), just admit that your open position is bad. If you hit TP (Take Profit, not Take Picture), be grateful. If you hit TP but it continues to rise, accept that your fortune is only that much, be grateful and forget it
- Always monitor BTC.Dom before opening a position in Alt. If BTC DOM is high, it is better to wait for a correction
Futures trading is like a double-edged sword, the distance between being rich and poor is only in your fingers. Make the best and wisest decision. It is better to be sufficient but consistent, rather than gambling for very large profits, but one wrong analysis and everything is gone.
Open opinions and can discuss in the comments, other tips that are not common but related to traders.
Hopefully useful and hopefully entertained
Greetings rungkad, eh I mean greetings profit 😁🤘🏼
