Tips on keeping funds and mental state
Before starting to trade, one should determine for themselves:
First of all, it is necessary to determine which cryptocurrencies have sufficient liquidity, while considering the minimum trading volume of the asset over the last 24 hours when the market is calm.
Entry Rules for a Position
First of all, one should determine the size of the entry into the position, calculate the potential stop-loss order for this position and the maximum possible loss in a single trading situation.
Position Management
A thorough approach to one's own risk adjustment system is deserved, which will allow for the decision to move a losing stop-loss order to profit or to open an opposite position, preventing the loss of potential unrealized profit.
Closing a Position
This point involves determining the number of parts in which a position is closed for profit. It is also important to choose the method of closing – a profitable stop-loss order or several limit orders in different liquid zones.
Tips for Beginners
First of all, it should be remembered that one can only identify their strengths and weaknesses while trading
for training, allocate no more than 10% of one's own funds – treat it as a tuition fee and do not be afraid to lose; the main timeframe should be at least 4 hours, as the higher this indicator is, the less possibility of market manipulation;
it is essential to keep statistics on trades and record one's weak and systematic mistakes, which will allow for their correction;
it is important to try to avoid a total loss of more than 10% in a month;
do not invest more than 2% of the deposit in a single operation (especially during training);
it's best to accumulate a new position or adjust an already opened position 'laddering'
with Bitcoin or 'Ethereum', that is, a 'strong' asset;