Risk management is necessary to avoid loss, especially in cryptocurrency trading.
1. If you are a day trader then always trade with a stop loss.
2. Never spend more than 5% of your total capital on crypto.
3. Instead of buying all at once, consider averaging.
4. No emotional trades.
5. No FOMO trades.
6. Take losses and don’t try to cover them.
7. It is better to avoid losses than to miss out on gains.
8. Keep an eye on volume.
9. Buy derivatives instead of actual virtual coins.
10. Learn technical analysis.
When it comes to cryptocurrency trading, the more you read is better-