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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 for the possibility of losing it, especially since the market is volatile. Do not risk your essential expenses or necessary money.
2. Learn technical and fundamental analysis:
Technical analysis teaches you how to read charts and predict price movements, while fundamental analysis teaches you to evaluate the project in terms of its benefits, team, partnerships, and future plans. Don't buy a coin just because it's rising; understand it first.
3. Diversify your investment:
Do not put all your money in one coin, even if you are confident in it. Diversification reduces your losses if one of the coins falls.
4. Use stop loss:
This is a very important tool that protects you from crashes. If you set that you can only bear a 10% loss, the stop loss will automatically sell the coin when it drops to that percentage.
5. Follow the news and updates:
Coins are affected by news, such as new partnerships, regulations, or even a tweet from a famous personality like Elon Musk. Always stay updated, especially on the coins you are invested in.
6. Don't be greedy and take your profits:
One of the most common mistakes is that traders become greedy, waiting for the price to keep rising, and suddenly the market crashes. Take your profits regularly and leave a small portion for long-term investment if you believe in the project.
7. Do not trade when you are stressed or influenced by emotions:
Emotion is the trader's enemy. Do not enter a trade when you are upset or overly excited. The market requires a cool head and well-thought-out decisions, not emotional reactions.
8. Don't enter unknown coins or shitcoins without research:
Many new coins are tempting, but you need to do thorough research. There are many scams in the coins market, and sometimes developers disappear after collecting money (they call it rug pull).
9. Be patient:
Quick wealth is an illusion. Success in trading requires time, experience, trials, and losses that you learn from. Don't rush to become a millionaire overnight.
10. Use a demo account or start with a small amount:
Before you dive in, 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 do not click on suspicious links. Many people have lost everything due to simple hacking.
12. Learn from your losses:
Every loss contains a lesson; do not get discouraged. Go back and see where you went wrong, and adjust your strategy. Those who succeed are the ones who learn and continuously improve themselves.
