Trading crypto will be addicted because of the excitement that we will feel when we are having positive PNL and more green in our trade but the opposite will happen if we didn't he careful. They said that “Market will never sleep” it will continue to move even you are dead as long as there are people who invest on it.
This is why it is amazing to hold an asset that has a genuine project, but we, and other crypto-enthusiast will always try to learn something new and try to enter in new world out of curiosity such as trading with leverage.
In my opinion, leverage trading or future(s) trading is like a gambling, it depends on your luck and technical analysis where the price will go—is it the time to open a “short” position? Or maybe a “long” position?
Well, in my experience, I opened a short position but then as what you have read on the title, I slept! The worst? I slept unintentionally while trading! In the end, the profit that I am working for three days was gone.
In the end of this article, you will encounter the following:
Learn to control your emotion
Make your own analysis
Plan and follow your trade
Disclaimer: This content is based on the author's experience and point of view.
Learn to control your emotion
We always heard this line in professional traders and even in YouTube videos, learn to control your emotion. It is too bad to be true that our worst enemy is ourselves. When you are trading with leverage, always remember that you are taking risk and when you are taking risk, there are only two possible outcomes, it is either positive or negative.
When I lost my margin when I slept, I got mad to myself and opened a position without proper analysis because I am thinking that I will gain again what I have lost. In the end, I had a loss again. Conversely, if you are having a good trades, be contented on what you have it is either take the profit or you will continue the risk.
To make this short, you need to learn how to handle your emotion. If you have a loss, the best thing to do is to forget it and plan a new trade, there is no benefits if you will throw tantrums and if the worse became worst, you will have an another loss like me! On the other hand, if you are having a lot of gains, don't be greedy! Be contented as long as you are satisfied on it. Remember, gain is gain!
Make your own analysis
The best feeling in trading is when you had your own analysis and the things became well. In short, you gained a profit. On the contrary, if you have a loss, then it is okay! At least you tried your best.
In trading, it is like investing in one asset that has a good fundamental. You will need to do your own research and analysis. Again, ask yourself, “Is it good to open a long? Or maybe a short position?”
Analyze the market, the candlesticks and the chart pattern. Is this a bullish trend? Or a bearish? If you have your own analysis, you will be confident in your position. Nevertheless, you cannot blame anyone if you have a loss.
Plan and follow your trade
Planning your trade is a great move especially if you are a new trader, nah, even professional traders, they are doing it. Everything needs a plan to be successful after all. “What is my target price?”
At this point, you will need to follow your trade. Once you set a target, it is a wise decision if you will follow it—take the profit if it is needed. Remember, don't be greedy! In addition, don't forget to put a stop loss to avoid a high risk trade.
Also, keep in mind that you will only invest what you can afford to lose. As what I have said, leverage trading is like a gambling—it is more on luck and analysis!
Conclusion
They said that successful people knows how to take the risk—and you, as an individual, you also learn how to take it. However, you should also know how to manage it so you will have a successful trade.
Trading is for everyone, but how about the luck? Well, learn to accept your loss, think of it as a charge for experience. Trading needs a vast knowledge in analyzing the market. If you can't trade for now, better to hold your assets first and study hard for trading. I would recommend to do a demo trading first. It is available on different platforms such as Stormgain and Bityard.
In the end, you are the only one that will make a decision. Always remember to trade at your own risk and do your own analysis!
If you want to learn some basic indicators, you will find it here: Secret combination of indicators.
Don't forget to:
Published: June 16, 2021
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