[Day 1] 7 Things To Consider When Trading: #1. No shortcuts
Trading has been a popular way of making good money. However, that’s not the case for most of the traders out there. So, what’s going wrong?
Every day this week I will cover 1 of my 7 Things To Consider When Trading. I know your attention is valuable so I want to keep things short.
Table of Contents:
- There is no shortcut to becoming rich
- Money Management
- Trading should be treated as business
- Capital is the key
- Protect your trading capital
- Continuous learning
- Keep going
1. There is no shortcut to becoming rich
Trading is often seen as a way of getting rich quick. Novice traders do make this mistake and lose a lot of money. They often buy at the top of a rally because they believe the price will continue to rise. If you’re a trader who has a trading plan, then you should know that any profit from 3-5% is good in traditional markets. On a normal day with cryptocurrency trading I often see a retracement after the coin goes up 10-15%. So you may want to consider selling after you’ve made that amount of profit and wait for the price to retrace slightly before buying back in. There are times that a coin will go much higher than 10-15% but nowadays that’s a rare occurrence.
If you would like to read all 7 tips now then you can check out my full blog post here
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