Arguably the best advice for traders (especially beginners) is to - decrease your risk/position size. Many recommend utilizing 2-3% risk per trade, but I'd say you can go as low as 0.5%. That's ok, lower your expectation and forget about "quick buck" mentality
Also, be down to earth and set realistic goals. 10% equity growth per month is a very good result. Don't get tricked by all these flash 1000% ROE screenshots on CT, most can't keep them at the end of the month. 10%/month but consistently will prob put you in top 10% of traders
A lot of new traders go through boom and bust cycle in the beginning. They double their account in a couple of traders, then give it back to market and even more. Or they make a consistent string of winners and then lose it all in 1 big loser caused by increasing their risk.
Absolutely all traders go through this stage, its inevitable. Question is: how long will stay in this stage before stepping up your game? Cause remember, you only have that much of an equity, if you lose it - game over. Decrease your risk.
It's actually alarming how many people still don't understand the "risk per trade" concept. I'd strongly recommend new traders to study this subject before putting on a trade @CryptoCred made a truly amazing article covering it, study it til you understand
medium.com/@cryptocreddy/…
medium.com/@cryptocreddy/…
