Start with an amount you can afford to lose:
The most important rule in trading is not to invest more than you can afford. You must be mentally and financially prepared to lose it, especially since the market is volatile. Don't gamble with your essential expenses or necessary funds.
2. Learn technical and fundamental analysis:
Technical analysis teaches you how to read charts and predict price movements, while fundamental analysis teaches you how to evaluate a project in terms of its utility, team, partnerships, and future plans. Don't buy a coin just because it's rising; understand it first.
3. Diversify your investment:
Don't put all your money into one coin, even if you are confident in it. Diversification reduces your losses if one of the coins drops.
4. Use stop loss:
This is a very important tool that protects you from crashes. If you set that you can only tolerate a loss of 10%, the stop-loss will automatically sell the coin when it reaches that percentage.
5. Follow news and updates:
Currencies are affected by news, such as new partnerships, regulations, or even a tweet from a celebrity like Elon Musk. Always stay updated, especially on the updates of the currencies you are invested in.
6. Don’t be greedy and take your profits:
One of the most common mistakes is that traders get greedy, waiting for the price to keep rising, and suddenly the market crashes. Take your profits regularly, and keep a small portion for long-term investment if you believe in the project.
7. Don’t trade when you are stressed or affected by emotions:
Emotion is the trader's enemy. Don't enter a trade when you are upset or overly excited. The market requires a cool head and thoughtful decisions, not emotional reactions.
8. Don't invest in unknown coins or shitcoins without research:
Many new coins are tempting, but you need to do thorough research. There are many scams, and sometimes developers disappear after collecting the money (this is called a rug pull).
9. Be patient:
Get-rich-quick schemes are an illusion. Success in trading takes time, experience, trials, and losses to learn from. Don't rush to become a millionaire overnight.
10. Use a demo account or start with a small amount:
Before you invest heavily, practice on a demo account or with small amounts, to test strategies and understand the platform.
11. Keep your account secure:
Enable two-factor authentication (2FA), do not share your data, and avoid suspicious links. Many people lost everything due to a simple hack.
12. Learn from your losses:
Every loss has a lesson, don’t get discouraged. Go back and see where you went wrong, and adjust your strategy. Those who succeed are the ones who learn and continually improve themselves$XRP
