Free Tips for First Time Traders

 



No one makes all successful trades. Many people make just 3 good trades in 10. But the key is to make significantly more money in those 3 than you lose on the other 7. 
The challenge of putting in a few successful trades and proving oneself is particularly pressing for new traders. While we can't create a fool-proof strategy for you (no one can), the least we can do is give you a few pointers if you're new to the game:
1. don't use leverage that is too high: more than 4x is suicide on most trades
2. don't trade when you're emotionally vulnerable or tired or too happy
3. never trade without setting a stop loss
4. a good stop loss is no more than 10% in total acceptable loss, meaning at 4x leverage, no more than 2.5% price dip in the 'wrong' direction is to be tolerated
5. if you can't be attentive 12 hours a day, set a Take Profit as well at a realistic percentage (it is the opposite of Stop Loss)
6. don't put all your money into one coin but don't put them in a dozen coins either
7. don't trade immediately after taking a loss: revenge trades are the worst
8. don't trade 2 hours before sleeping or after waking up
9. don't take profits so low that transaction fee turns out to be greater than your profit
10. always transfer money to uniswap in bulk because transaction and gas fee can be ridiculous
11. always check VWAP and RSI indicators to double check the validity of your trade
12. don't buy a coin whose fundamentals you don't know about or believe in
13. don't invest when the market seems like it can go either way
14. always set your stop losses in alignment with supports and your take profits in alignment with resistances
15. learn from failed trades: like if you could have set your stop loss better, or if you failed to read a pattern
16. have fun

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