If you are one of the people who do not follow a good plan and management for trades, for example, I find many people trading without setting a stop-loss.
I would like to share with you some things I have benefited from my experience in trading futures.
First/ If you have a new trade but you haven't set a stop-loss limit, I advise you to make the limit initially 40% because if it exceeds this limit, you will lose your money.
In short (when entering a trade without planning for a stop-loss limit, set it at 40% or less, then take your time to think about the appropriate stop-loss limit).
Secondly/ New currencies or currencies listed on the same day are a double-edged sword. If you follow the news of this currency before listing, you will multiply your profits; otherwise, stay away from it as much as possible.
Thirdly and most importantly/ Do not rely too much on analyses; you may ask why?
I will tell you that I learned technical analysis, harmonic analysis, Elliott waves, and Fibonacci lines. In the beginning, I traded in the stock market, and these analyses were useful for me. Additionally, fundamental analysis is dominant there, which relies on the economic news of countries. However, when I moved to crypto, I found that the price does not respect these analyses except in a small way. The reason is that it is a confined market, and thus market makers are the ones who control and manipulate (market makers are individuals who have large amounts; if they decide that the price of a currency will rise, they can raise the price of this currency by buying large quantities of it until traders are convinced it is rising. Unfortunately, as soon as the price reaches the planned target, this maker sells everything he has of this currency.) Here, the victim is the ordinary traders.
And finally/ If you enter a trade that you see as good and set a stop-loss and take-profit limit, I advise you not to sit and watch the price move too much because your emotions will cause you to lose. As Mark Douglas said in his famous book, Trading in the Zone, your mind is your biggest enemy.
This is some of what I was able to summarize, and I hope it benefits someone so they do not go through the losses that I went through until I learned.