Five rules very important in trading

[chicnthin]

These are great advise. What I can add to this is set a limit on how much risk you are ready to take. The same thing goes with the amount you're going to invest. It should be the amount that you can afford to lose.

 

[Sake]

That's basically summarised everything a newbie needs to know before they start investing on a Cryptocurrency, however it's kind of hard to keep yourself sometimes from panicking when the price is falling even those whose not new in investing panicks when it happens.

 

[WhiteHouse]

Study old style optional sale market exchanging procedures and furthermore study present day algorithmic exchanging and join the two to build up a framework for yourself to arrange the orderflow.

A larger part of oneself declared Crypto exchanging and investing masters are advertisers and not expert brokers. Exchanging is a workmanship not a science so you need to become familiar with the essentials of exchanging and afterward change your framework for the present current algo driven business sectors.

 

[Adetayo100]

Never put more than 5% of your trading funds into one trade. Place multiple orders and do not buy all at once. Start by placing limit orders at 3%, 5%, and 10% below the current price. Write down your entry prices and sell prices

 

[Nicklas22]

Anyone who wants to become a profitable stock trader need only spend a few minutes online to find such phrases as "plan your trade; trade your plan" and "keep your losses to a minimum.
1. Always use a trading plan
2. Treat trading like a business
3.Use technology to your advantage
4.protect your trading capital
5.Become a student of the market

 

[Klashlly]

rules very important in trading​

Money management is probably the most important and most overlooked part of building a successful career in trading. Combined with a successful market strategy, it will enable the trader to take out the emotional and psychological aspects and to make money over the long term

 

[Adam13]

In trading there are rules that one has to live by if he/she wants to yield maximum amount of profits:
1. Always give customers the value they require and paid for. N\ever give value inferior to what you bargained for.
2. Do not panic if you do not have sales for sometime. You must not have sales all the time.
3. Always keep good record of trade history so as to avoid situations of uncertainty.
4. In the case of goos delivery, always deliver them on time.
5. Be patient.

 

[iamgroot]

This is one of the major challenge people are facing.
Knowing when to buy and sell at the same time is very important for a successful venture.
Always sell at the best stable price as well to avoid losing customers.

Very nice and easy to follow tip spexially for beginners who wants to explore the world of trading

 

[GIFTMICHAEL]

Very nice and easy to follow tip spexially for beginners who wants to explore the world of trading

Yes you are correct because where there is no rule plans fail.
Like you said beginners who wants to explore the world of trading have to follow tip spelt out for successful business.
I believe that for you to make it in business it is important to follow the rules of the business.

 

[Alexandoy]

Excuse me for this question. Your point number 1 makes good sense. Buy at a low price so that you can sell when the price goes up. But my question is how would you know that the price is low? For example the price yesterday is 1.50 and the price today is 1.40 it doesn't mean that the price is low if you will only base it on yesterday's price. That's the same thing with the high price that you have to determine if it is really high.

 

[BrolySSJ]

This is five rules i think are very important for anyone trading cryptocurrencies

1-Never buy a coin at high price always buy coins in the lowest price possible
2-Never buy a coin before you make a research about it
3-Never panic when a coin fall in price and don't sell it fast because it can rise at any moment
4-Never buy a coin with all of your invested money at least buy with half of your invested money or less
5-Don't trade in one exchange always use defferent and trusted exchanges

These are excellent points. To be honest these are ruels that you also pick up as you are trading. I myself have made some mistakes in rule number four where I have invested all my funds into a coin that I thought looked to be promising and as a result of this I then lost a considerable amount as well. Therefore, now I try to diversify my investment.

However, in regard to the last rule, why is it necessary to have different exchanges that you use? Is it not preferable to stick to a single exchange?

 

[Rashid]

Absolutely right, don't rush in investing on crypto currency.
Take little risk while investing
Buy with some portion of money you have, don't invest all
You should show patience and remain calm.
Invest in long term investment.
After keeping these things in mind you will smooth your experience about investment in Crypto Currency World

 

[Erik4150]

These five rules are very good. One of the rules I used when trading is to always listen to cryptocurrency analyst and predictions and stay alert to notice any price changes. I always buy when the price is small and I sell when the price is high, this is how I make consistent profit.

 

[Ltherman]

This is five rules i think are very important for anyone trading cryptocurrencies

1-Never buy a coin at high price always buy coins in the lowest price possible
2-Never buy a coin before you make a research about it
3-Never panic when a coin fall in price and don't sell it fast because it can rise at any moment
4-Never buy a coin with all of your invested money at least buy with half of your invested money or less
5-Don't trade in one exchange always use defferent and trusted exchanges

For your fourth advice i most time use what its called dollar cost average DCA which is using a portion of your funds to buy a coin when it dips a bit and you wait for the coin to dip further to buy more with a portion of your funds and you repeat the same process till you exhaust your funds.

 

[EMMANUEL]

Don’t Trade Too Big​

Another important rule: Never invest more than you can afford to lose.

You need to protect your capital. So only trade with amounts that you truly feel comfortable with.

If you can’t afford to take a loss on your trade, don’t make it in the first place!

When a trade goes wrong and hits you more than you can afford, it slams your confidence, and you won’t be able to take advantage of the next truly hot stock that comes your way — so play it safe.
Your goal is to continue trading over the long term, so protect your account.

Don’t Chase Your Losses​

I plan my trades ahead of time, considering each risk/reward ratio and keeping every single trade on a very tight leash. I insist on limiting my risk in every trade.

 

[Kehinde]

Always Use a Trading Plan.
Treat Trading Like a Business.
Use Technology.
Protect Your Trading Capital.
Study the Markets.
Risk Only What You Can Afford.
Develop a Trading Methodology.

 

[BTCBEE]

Don’t Trade Too Big​

Another important rule: Never invest more than you can afford to lose.

You need to protect your capital. So only trade with amounts that you truly feel comfortable with.

If you can’t afford to take a loss on your trade, don’t make it in the first place!

When a trade goes wrong and hits you more than you can afford, it slams your confidence, and you won’t be able to take advantage of the next truly hot stock that comes your way — so play it safe.
Your goal is to continue trading over the long term, so protect your account.

Don’t Chase Your Losses​

I plan my trades ahead of time, considering each risk/reward ratio and keeping every single trade on a very tight leash. I insist on limiting my risk in every trade.

hello there. wow you explained it very well and yes i can say you are good trader so tell me in what you do trade? in forex or any crypto currency. let me learn from you many things and i hope you will teach me .

 

[Shahid Abbas]

It is always should first in trading that it should be rules that if you check the price of the coin, if it is down, then it should be bought by and the coins should be read before buying because if you do not know them well then you will get loss.

 

[Henrywrites]

One lesson I always follow is never to buy a coin at high price, because the aim of going into FOREX is to make profit, so buying at high price will reduce the probability of making profit, unless the price continues to go high.

There are times that you should invest in crypto currencies even when the price is going high. I have seen those that bought Bitcoins at the start of December when the price was getting to $20k enjoy the benefits now that it is between $30k or more. So, buying when the price is rising can be beneficial when you do it early.

 

[Ltherman]

Also always use stoploss in your trades and this is best done in Binance where you can set your sell target and get your toploss in place which is the affordable loss you want to incur in a trade in order not loss all your funds.