Trading can be the most profitable way to gain a lot of money in a certain time, but at the same time can be your most risky play as you can be at loss by so much if you didn't have a proper knowledge about it.
Most new traders, including myself, always look forward to be profitable in all my trades without even thinking about the other possibilities that might happen and more like using "predictions" all the time that can lead to losses.
So in this article, I will share to everyone a recommended way to start in trading including the amount that you take the risk with.
Set Your Target Profit.
I make this the first one for everyone to prevent the greediness in their selves. When you start with a small capital in trading, don't expect too much in being so profitable. Yes, there is a possibility that your small capital can be doubled, but you would be enough for more.
With a small capital, 30-50% is already good enough as a qouta and try not to be so greedy because as we know, trading cryptocurrencies is highly risky because of its volatility. When you think you that got your target profit for a day, take a risk and do other things and then trade in the next day.
Start With Demo Trading Account First.
Practice yourself on how trading works by using demo trading account first as this is safe and no real money included. You can use the free demo amount in trading to trade on the real market. Of course, because it is just a demo, you can't have real money in there if you win a trade, and you can't lost any too.
This is recommended to every beginners to have the experience of what trading looks like and you can practice all the strategies you want to execute whenever you wanted to start trading with real money.
However, this will not be 100% helpful with real trading because demo accounts take away your emotional sides where in real trading is important.
How Much Should You Start With?
Before going with it, you should ask yourself on how much money you should make in a month.
You can either decide if you just want money to be spend for one day, amounts that should pay your rent, a little extra money for your savings, replacing your monthly salary or for building your retirement fund.
Whatever your goal in trading is, always put value to it. For example, you just want to trade a little today for your expenses tomorrow. And when you have decided with your plan, you can now decide on how much money you should need to put to start real trading.
In Binance Exchange, you can start trading with as low as 10$ and you can buy cryptocurrency with it in a spot account or gamble it in Future trading.
Warning Before To Get Into Trading.
If you are really into trading, manage and control yourself on how much money you should into it. Never ever use your savings or take a loan just to start with it because there will be a possibility that you will just end up getting wrecked in trading and that might even broke you.
Whenever you have some extra funds, take some or a little from that extra use it as a capital. Start with little amount first, and when you have enhanced yourself, you can add more when you think you are ready enough for big profits and losses.
Helpful articles:
https://read.cash/@Kryptlook/the-5-crypto-investing-mistakes-that-everyone-should-avoid-3320feed
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Basta ako hanggang stormagain lang lalo na wala akong alam sa chart at puro hula hula lanh. Or kaya sa demo lang ako hahaha. Helpful to sa mga newbie.