Some Trading mistakes every beginner should learn from before trading futures:
Learn from this story ๐
Now that Binance square is open to all, you can share your trading experiences and mistakes for others to learn from.
Experience is the best teacher they say...
People can pick something from what you pass through and either try it (if positive) or avoid it (if negative).
Take a look at this case study :
Sharon started trading futures as a beginner with a 5x leverage and traded as little as 10$.
Meanwhile, she doesn't have trading experience then, and there was no Binance Square for her to always navigate and learn all the things you all are opportuned to learn for free right now which is trading education .
She decided to experiment...
As she opened up her first future position on long, with a margin of $20 and Leverage 5x and no stop loss ...(another mistake as a new trader)
So just within few minutes, Sharon saw that her PNL showed +$5 which she happily closed the position and made $5 gain (50%)
She was like wow! So if she continue like this, she would be making about 5$ every 30 or less minutes !!
Thus, Sharon calculated how much she could make in a day which is roughly $70 daily she became so happy and hopeful.
Sadly as she quickly entered another trade with same leverage but this time with $20 and within 20minutes fewwwwww!! she got liquidation calls and in the next minute everything disappeared!! ๐ญ ๐
She was so sad and full of regrets !!
Now, the lesson to learn are as follows :
* Don't be greedy
* Trade wisely
* Ensure to learn the basics of trades before trading
* Don't judge the other trades because of the first or initial trade because crypto market is volatile
* Always invest with some percentage of your portfolio but not all
*When you make interest in your trades, always safe the interest and continue to trade with same capital instead of investing all
You can tell me more things you learnt from the experience of Miss Sharon as shared.