Trading in the crypto world could be very dangerous because of its nascent nature. But, we are all aware that like every generation before us had an asset class which made them wealthy, we are blessed with crypto.
All we need to make sure is that we don't lose money while trading & give it the respect it deserves.
But one can never know it all by him/her self. That's what mentors are for. A good teacher will always like to share everything he/she knows. Like our D Man. Love you, Bro.
The following are the best pieces of advice I have received from all smart people I have asked - about how to make sure I never lose my bet while trading in cryptos.
1. Distribute your funds properly and don't go all in for one coin.
2. Reserve 10% of your total investment in BTC always. We can buy a dirt cheap coin when the market crashes.
3. We lose when we hop in from one coin to the other because we don't have more funds to buy the active signals.
4. You should make a habit of taking a 10% profit on every coin until and unless I say you to hold for long or take high profits.
5. Keep patience. Slow and steady your funds will grow with time if you be persistent.
6. More greed with fewer funds is a slow death.
7. Never buy in a fear of missing out or by listening to signals of a pump-and-dump group or just because your instinct says so.
8. If you miss a train, don't try to catch a running train. You will meet an accident which will cause severe injuries.
9. Don't dream of becoming a millionaire overnight - that's the illusion we all had.
10. Don't expect any profit overnight. It may be quick or it may take some time depends on the market.
11. Always remember to go with some set of Stop loss which will help you when the market crashes really bad.
12. If you are holding for long and funds are stuck, cut your losses from shitcoins. (take advice first)
13. No profit is small. Consider 5% profit every day and you have fucking 150% in a month.
14. Most important. Sell 50% in a coin after it doubles where you have invested Fiat. This way you will never make a loss.
15. Follow all the above rules and enjoy making money.