🔥 7 Golden Rules to Become a Successful Trader 🔥
1. Take mandatory profit at TP1:
When the first target (TP1) is hit, close 30% to 50% of the position (as you see fit).
2. Make it risk-free:
As soon as TP1 is hit, move your stop loss to 'No Loss No Profit' — that is, set it at the entry.
3. Keep an eye on liquidation:
The liquidation price should always be at a considerable distance from the stop loss. If not, keep the leverage low, like: 3x, 5x, or 10x.
4. Use capital wisely:
Only invest up to 5% of your total capital in each trade. Use only the amount you can afford to lose.
5. Profit-taking strategy:
TP1: Close 40% of the position, hold the rest with SL at entry
TP2: Close 20% more, shift SL to TP1
TP3: Close 20% more, shift SL to TP2
TP4: Close the last 20%, shift SL to TP3
6. Do not take re-entry after the trade is complete:
If a target is hit once, consider that trade finished. Re-entering can be risky.
7. Disclaimer:
This is not financial advice. Do your own research before investing.