Target and stop when starting a trade:
For each trade we must set a clear target level for taking profit and more importantly, a stop-loss level for cutting losses. A Stop-loss is setting the level of loss where the trade will get closed.
Here again, it is important considering a number of factors when choosing a stop loss level correctly. Most traders fail when they fall in love with a trade or the coin itself. They may say, “Here it will turn around, and I will get out of this trade with a minimum loss, I’m sure”. They’re letting their ego take control of them and unlike the traditional stock exchange where extreme daily movements are considered 2-3% in value, Crypto trades are a lot more riskier: in my life as a trader I’ve seen a coin dumping by 80% just in a few hours! And nobody wants to be the one who is left holding it.
personal choice to select Stop Loss Level
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Majority of the traders set a 5% and this generate classic domino effects in the exchanges... I always suggest to set a mental stop loss but never positioning that int he exchange.... if you want to trade daily you need to stay in front of the screen and work hard...
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Ive never tried this before. Will give it a try.
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Will try this out, hope it works for me
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