Blog

Jun 22

2020

Best 10 trading decisions you should make this week

We have all heard the life-changing stories told by big traders of how they turned $100 to $100,000 in a single trade. Quite exciting isn't it? You instantly want to know how they did it so you can make the same decisions they made. Most times, you'd realise that what worked for Peter may not work for Paul and by then, you have already sustained a loss difficult to forget in a hurry. 

Many traders have quit trading and others not only quit, they left the crypto space entirely. They just couldn't handle the volatility of the market. Their emotions got the better of them. A lot of observers see cryptocurrency as a sure way to get rich quick so they dive into trading without knowing the basics. It usually ends in a large pool of tears. 

Have you been making the wrong decisions that have led you into countless losses? Have you tried copying crypto influencers and their "style" did not work for you? Here's the thing. The market is always available but it doesn't mean you should trade all day long. Traders with this idea end up exhausted with a lot of FOMO (Fear Of Missing Out). You only need to make the right decision at the right time and close the day with profit. It is not as easy as it sounds. In fact, it is proven that 95% of traders fail within a few months of venturing into trading so before making the big decision, have it in mind that you are going to encounter a few losses along the way especially if you are a beginner. 

The problem is that a lot of beginners lack the patience to carry out technical analysis on a project before investing in it. Trading reports, road maps, whitepaper and other documentations should be properly analysed before making a decision. 

Below are 10 trading decisions that have effectively changed trading experience for crypto investors in the past. If followed judiciously, it should work for you too. 

  1. Have enough savings and use only spare cash for trading. 

  2. Equip yourself with an analytics tool. There’s the Candlestick Trading Bible and Onchainfx

  3. Learn to use Stop Loss and Take Profit Order. This ensures you don’t miss huge pump opportunities.

  4. Allow yourself to be mentored by experienced traders. Bitfxt Technologies has one of the best trading mentorship programs. Join the community to find out more about our Learn and Earn and Anyone Can Trade trading classes.

  5. Purchase a crypto card. Banks are failing so be ready for the future

  6. Invest in boundless pay and subscribe to Trade4me. Sometimes, you'll need an experienced risk taker to trade for you to ensure profit.

  7. Subscribe and Join a reputable signal group. Don't be deceived by crypto avatars you see on the internet. Trading is hard. This is why you need real life trading partners that will help you make decisions on when to buy and when to sell. Leave the twitter loudmouths alone. Most are only after their personal gain; fame. 

  8. Stay updated with current cryptocurrency news. These information will help you to make decisions while trading 

  9. Trade on an exchange with low fees. Try Bitfxt. 

  10. Forgive yourself for previous trading decisions and move on. This will help you focus on current trades and make better decisions. Remember, mistakes are bound to happen. Only ensure your losses are less than your profits.

 

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