1W oil contract, tripled in 7 days. If you learn these, you can do it too.
Here are my insights on contracts:
Stay calm: When I first started trading contracts, I divided 10,000 dollars into 5 parts, each worth 2,000 dollars, and operated one part at a time. At the lowest point, I lost 4 parts. I told myself that if I lost the last part, I would stop trading, and I must be cautious with the rest. A stable mindset is very important.
Summarize experiences: Before trading contracts, losing those four parts taught me a big lesson—do not be greedy. The first time I saw a contract's currency multiply by 5 but didn't sell, I ended up getting liquidated the next day. I regretted it, all because of that tiny bit of greed.
Take profit and stop loss: Setting goals is very important. I usually choose popular sectors or currencies in the top 10 by trading volume. When the price drops by 5%-8% at 10 o'clock, I go long and withdraw when it doubles.
Ensure sufficient margin: Contracts can get liquidated, so remember to keep enough margin. Generally, I reserve 1/3 of the margin to endure some small fluctuations.
Reasonable allocation of funds: About 3/5 of the profits I earn from contracts are used to buy platform tokens or other mainstream currencies, while the remaining is continued to be invested in contracts. Buying platform tokens is to increase risk resistance.
By doing this, I believe the risks of trading contracts can be better controlled, and the returns are more stable.