Still relatively green trading cryptocurrency but allow me to share some notes I have learned the past few weeks.
1. It may look very intimidating at first, trading 24 hours 7 days a week but allow me to tell you this, trading this market should adjust to the life that you want to live. Not the other way around.
2. Most brokerages are advanced compared to our local brokerages. Take advantage of the features of your brokerage. I mainly use Binance to trade, there are conditional orders and OCO orders which are more advanced.
3. There are two ways to participate in trading cryptocurrency in Binance, you can trade the spot market wherein you trade the virtual coin itself, the other way is to trade the derivatives (futures contract) in your brokerage wherein you can leverage and do shorts.
4. Local traders got hooked in trading cryptocurrency due to leverage, this is the shiny new toy that lured a lot of ph traders to trade cryptocurrency. Just imagine having a leverage of x20 and with just a 5% move you basically double your money.
5. Seeing a lot of my peers gaining this much makes you think that trading with leverage is easy and is the norm but I assure you trading Spot markets has it's own benefits.
6. If you want to focus on trading leverage, I suggest you find your time block on when to trade. Based on my short time in trading cryptocurrency the sweet spot is around 7 am - 9 am.
7. At the end of the day, risk management is still key to your success in trading any markets. One set-up at a time, one trade at a time and treat trading crypto as a journey not a one time jackpot trade.
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