I would like to share some of the rules that need to be followed for successful trading.I hope it will help you as well.
1: Invest only what you can afford to lose. (The most important rule)
2: Try hard to make sure you don’t lose what you have invested. (second most important rule)
3: Less profit is always better than the small/big loss. Do not dream to be an overnight millionaire. Compounding via frequent small profits can give great returns.
4: Never chase the peak. If a coin has gained significantly in last 24 hours or few days then stay away. Even if your friend has invested in it and you are afraid that he will earn more than you then keep calm. Do not invest.
5: Use pump and dump groups and trading signal groups carefully. Pull out on 1st target if there are multiple suggested targets, if the first target has been achieved in last 1 hour then stay away. Always assume that you will be the one making least profits following such groups, owners will make the most.
6: Never take a loan or a borrow money to invest.
7: Always be prepared for unforeseen events and 50–60% loss within few days.
8: Read and analyze a coin yourself before investing. Never ever invest based on suggestions from random blogs or internet posts.
9: HOLD is not always the best strategy, so is frequent trading. It all depends on the type of coin, current scenario, FUDs, events, trading exchange etc.
10: Do not translate your stock trading experience into the crypto trading experience.
11: Put your crypto profits to good use. Paying your fee, loans, dues, rent, reinvesting into safer options etc. is always better than buying things you do not actually need. Taking out initial principal amount should be your first goal.
12:If you are trading against BTC/ETH and not against USD/USDT then track your actual profits in USD/USDT.
13: Pay taxes, stay safe.
14: Always have at least two backup exchanges where you can transfer your cryptos if you find issues with current exchange.
15: Use stop-loss when you have earned profits.
16: A good team behind a coin does not always mean successful underlying product and huge profits.
17: Use cheaper and faster means of crypto transfer like LTC, XRP instead of BTC.
18: 90% of the crypto investors are just gambling and doing blind trade. They are easily influenced by FUDs, fake news etc. If 90% will dump after a fake news then your intelligence and common sense is of no use. You need to anticipate the response of this herd and act accordingly.
19: Do not put your money in any exchange not having enough account security. Minimum 2 factor authentication is must.
20: Try margin trade on price gap between exchanges. It is another good way of earning profits.
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