1. Make good use of tools at your disposal
There is a powerful too Bitcoin Trader offers its user in support of their cryptocurrency trading journey. This powerful tool is the demo section. Use the demo section as much as you feel you should use it. Also, ensure you use it properly to fulfill its purpose of inclusion on the platform. Do not misuse the demo funds all in the name of trying out different methods. It is there to make you feel comfortable while making live trades.
2. Do not be over-ambitious
It feels good to have another source of income that is steady. However, many traders have blown their accounts due to over-ambition. Without giving all necessary details and complete thought, some users decide to enter a trade. They unreasonably set out to make money, seeing how easy it is to earn trading cryptocurrency. Do not let greed be your driving force while trading. It often results in significant losses.
3. Start small end great
Patience is a virtue, and it is a luxury many new traders do not care to afford. They only see the promised profitability and do not bother to go through it logically. Experts in the crypto and financial world warned never to start trading with a significant investment. Starting small was recommended. It is to minimize the loss in case one occurs.
4. Learn the basics first
Many traders attempt to enter the market without first understanding what they are trading. Before you get in and start studying a trading technique, you should take the time to grasp how the market works and have a strong understanding of all the rudimentary factors in operation.
5. Do not be overwhelmed
As a rookie trader, it is easy to become overwhelmed with information and trading tactics; experts have all been there. Finding a mentor, someone to learn from, and hitching a ride on your success is the unique approach to restrict or avoid this. You can learn many trading strategies from them.
6. Create and stick to a trading strategy
Switching trading tactics too frequently is one of the most common mistakes we see inexperienced traders make. Before going on to something else, if you are using a logical, rational trading technique, you should surely master and perfect it.
You are trading on hope and being illogical if you hop from method to method in search of the “Holy Grail” trading strategy, and you will lose money. Also, if you have lost a few transactions, do not change your plan. You cannot let a business loss get the best of you; trading necessitates a significant level of discipline.
7. You should avoid stress and emotions
Many traders begin trading in poor physical health. If you are sick or anxious at work, you should not perform any trade in the market. Similarly, you cannot finish fighting a friend and then take up your computer to trade. It is unwise. Try always to have a clear mind and healthy body because you need to be completely focused on trading.
You must avoid distractions as well. Trading in a distracting environment can be consequential. You will be liable to make wrong decisions. Trading is all about making money, and every trader wants to maximize their profits. As a result, you should concentrate solely on execution.
8. Make use of the customer service team
When trading, stay away from making assumptions about any unclarified information. The help provided by Bitcoin Trader should be your first point of contact, but research shows that many traders rarely use it until it is too late. Whether you are a rookie or a skilled trader, staying in touch with your support desk will go a long way in ensuring your trading objectives are achieved.
9. Keep yourself abreast of happenings in the market
This piece of trading advice is focused on the economic calendar and current market events. Any determined trader must be conversant with the economic calendar and financial world news. Any financial information, especially globally, always impacts the markets, regardless of its validity.
There are numerous resources on the internet that provide current and historical news. The precise time at which the information arrives is made public. Keep in mind that you can use these numbers to generate some trading strategies.’ Before engaging in any trading, it is highly recommended that you review the market situations. Because the market may experience significant fluctuations upon the release of new information
10. Do not position your stop loss too near to your profit target
This rule is a major one, and most traders do not realize it until they have lost a lot of money; you must position your stop loss a “safe” distance away from your entry price. If you place them too close together, your trading robot will stop your trade for loss because it will want to quickly cut your loss, not knowing if the market might be in your favor again.
In other words, your trading strategy may have been sound, but because you set your stop loss too low, you were unable to profit on the anticipated move.