yes, i am rich, i buy Bitcoin Cash at standard price and i receive profit from market. OMG, I'm poor because I paid dearly and the price keeps dropping. I had to hold back.
From those two statements, do you enjoy the market every day? Whatever it is, sometimes we have to be grateful to the market.
The main mistake of new traders is paying crypto in full, or all in. Without sufficient knowledge, new traders feel the heartbeat is faster than normal. New traders look at the market every minute, every hour, from morning to night.
When the price drops, new traders will be disappointed and cry. When the price is higher than what is paid, new traders are happy and laugh.
However, we don't have time to see the market all day long. Unless we are full time traders. For those of us who play in the market with time left, being disappointed is as common as we feel happy. So, new traders should know how to play in the market for beginners.
How to Determine the Best Time on the Market
Trading does not know our time, on the contrary we are the ones who determine when it is time to buy and sell. Each of us has a different time. With small capital, we must pay attention to the right time.
How do you determine the exact time?
From my experience and the experience of my friends in the market. This crypto appears to be active for 24 hours. So, no time is really right unless we set the time for it.
We have to manage our time to play on the market price. Because market prices are unpredictable. Sometimes, time can't tell how we pay and sell at the market price.
For new traders, we have to look and read the chart for 15 minutes. So, every 15 minutes, we see how buyers and sellers are and how much volume is trading. What we have to pay attention to, the market price is always more expensive because there is a volume change every second and every minute.
So, the market price will be very helpful when you see the profit percentage above 10%.
How to Stay Profitable Even When You're Sleeping
Like I said, we have time to shower, eat, work, study, watch videos, play, enjoy time, shop, cook, meet up with friends and so on. There are many activities that we do every day.
And, all of us know that the market never bids our time.
Therefore, apart from reading prices from the market, we have to rule the market. Yes, we are the ones who are in charge of ruling the market, not the market that rules and governs our time.
But how can we rule and regulate the market?
We are not market owners. We are not the ones who determine when the market opens, when the market closes, and when the profit is on our side. Don't joke, we are the traders and the market decides.
What we can do is think like how the rich think about the market. New traders have to create time to trade.
If you read the previous article, the trader mentality is the main capital to get rich in the crypto market. That mentality comes from good time management, you control the market.
Use Tools to Receive Profit
I'm not promoting what is the best app for exchange wallets. You can choose one application and use that application to its full potential. All you have to know is to determine how the app helps trading. Because the application was not created to stress you. The application was created to make it easier for traders, including you.
My advice, you should know two main things:
1. Limit Order to Buy
2. Limit orders to Sell
Limit Order to Buy
The order to buy it is the first step. There is a difference between paying at the time of using the price from the market in the app and paying by limiting the best price to buy.
That's very different.
You can pay by setting the right price. Example: $100 is the price for 1 Crypto. This is just an example. There is a price change from $80 to $110.
When you don't have time, new traders will use the market price. It could be that the market price is at $98 and you only make $2 profit when you sell at $100.
Therefore, you use a tool that is buying on a limit order to buy. You determine that you buy at the lowest price. Then, you close the application and carry on as usual.
When the price reaches the lowest point according to what you ordered. The crypto will move to the crypto balance automatically.
Limit Order to Sell
Like a limit order to buy, so a limit order to sell is a tool for you to determine your profit. We learn from the example above. When you buy crypto by paying $100.
Would you use the market price to sell the cryptocurrency? An advantage like this has no choice unless you are in the best position.
The wise choice is to use limit orders to sell. Whatever the market situation. Nothing controls your feelings. The stressful pressure went away.
However, you must have a strong mentality like a warrior mentality. And, you have to be patient no matter what happens.
Limit orders to sell are very helpful for day traders. We can determine the profit of 1%, 3%, or 5%. Then, we just wait for the market to work on its own. When the selling price reaches the set point, the crypto will be sold automatically.
The manual system for determining limit orders helps new traders to learn to read charts every 15 minutes.
Conclusion
When you use a tool that is limit orders, you have to determine how much small profit you should receive each day.
This step will force you to learn about the market. The next step, each limit order works at the same time you have to be patient.
After you determine the limit order. Once you have patience. After that you have the mentality as a trader who knows the risks and opportunities.
The next stage, you are the trader who determines the market for buying and the market for selling. You are the king of your own market, not someone else's.
If the market doesn't bring happiness, the only way is to hold back and that's patience. Endurance and Patience are like currency, one side and the other cannot be separated.
When you are patient, you can add investments to other assets. Never go all in on the market unless you believe in yourself.
Friend, in the first 5 paragraphs you described my newbie experience in trading. I have never felt so much pressure, chest pain and my heartbeat increase to unbearable levels, than when I have traded or tried to trade. I've always ended up buying high, selling low, and I look at the price literally every 5 seconds. I have realized that it is not for me.