Basic Tips for beginner traders

Tips for beginner traders

Finally, I would like to give a few tips that will help you avoid common mistakes made by most novice traders.

- The most important rule of any trader is not to panic in any case. No one knows how many erroneous trades were made under the influence of panic during a sharp decline or rise in prices. One thing is for sure - absolutely all traders have experienced this and the sooner you develop immunity to this feeling, the sooner you will earn your first substantial amount on trading.

- Never sell on a fall and do not buy on an increase, there is a high probability that the trend will reverse soon and you will close the trade in the red. An exception may be if you caught the beginning of a reversal and are sure of a good drawdown or rise.

- Allocate for trading only such an amount of money that you can lose relatively painlessly for yourself. You should never trade with money that you borrowed from relatives or took out on credit.

- Do not keep all funds on one coin, diversify your investment portfolio, allocate about 15-20% for one coin. So you can avoid large losses or lack of funds during a forced hold.

- Don't try to buy low and sell high, very often the trend will reverse before the price gets close to what you predicted. Here it is good to remember the proverb: better a titmouse in the hands than a crane in the sky.

- Keep track of trading volume. If it is small, try not to enter the market, then it will be difficult to exit it due to lack of demand.

- Never follow advice in chat. Very often it is used to mislead beginners. After all, for someone to earn, the other participant must lose.

- It is useful to follow the news that relate to the assets in your portfolio. Successful cooperation or a discovered vulnerability can significantly affect the price of assets.

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