Stop Loss Strategies on Binance for Begginers..
1. Begin with a Small Investment
Invest only what you can afford to lose.
Start with minor amounts.
2. Implement Stop-Loss Orders
A stop-loss will automatically liquidate your cryptocurrency at a predetermined price to cap losses.
For instance, if you purchase $BTC Bitcoin at $40,000, establish a stop-loss at $38,000 to prevent larger declines.
3. Avoid Using Leverage Initially
While leverage can enhance your profits, it can equally amplify your losses.
New traders should adhere to spot trading rather than engaging in futures or margin trading.
4. Diversify Your Investments
Refrain from concentrating all your capital into a single coin.
Distribute your investments across several different projects to mitigate risk.
5. Steer Clear of FOMO and Hype
Avoid pursuing coins merely because they are popular at the moment.
Conduct your own research before acquiring any assets.
6. Utilize Binance's Features
Experiment with options like "Auto-Invest" for dollar-cost averaging.
Look into "Earn" for low-risk opportunities to generate passive income.