How to Become a Successful Trader
1. Secure Partial Profits Early: Always book 30% to 50% profits at TP1 (take profit 1), depending on your preference.
2. Adjust Your Stop-Loss: Once TP1 is reached, move your stop-loss to breakeven (no loss, no gain).
3. Watch Liquidation Levels: Ensure your liquidation price is well below your stop-loss. If not, reduce your leverage—ideally to 3x, 5x, or 10x.
4. Risk Management: Use only up to 5% of your total capital per trade. Invest only what you can afford to lose.
5. Profit Booking Strategy:
TP1: Close 40% and move SL to entry
TP2: Close 20%, SL at TP1
TP3: Close 20%, SL at TP2
TP4: Close remaining 20%, SL at TP3
6. No Re-entry After Target Hit: Once a target is achieved, consider the trade complete. Do not re-enter.
7. Disclaimer: I'm not a financial advisor. Always do your own research before investing.
