These are terms a newbie trader had to consider before embarking on a trading journey notable among them is STOP LOSS a very important tool to minimize risk in trading, personally I always plan my trade with a stop loss once the price hits my stop loss I move on.
It is quite disastrous to trade without it especially when margin trading or trading future with a high leverage, a portfolio can be rekt completely within a short period of time thus setting up a trade with high reward to risk ratio while setting up Take profit and Stop loss is very important.
Topic: Learn before Setting up trades (Read 101 times)
Actually nothing in trading science is 100% accurate in my opinion, because it still depends on luck too.
but if we have trading knowledge, we can minimize the huge losses. That's why I often visit this forum to the trading section to learn how to trade properly and not be misleading, and not be swayed by what people say from any side.
but if we have trading knowledge, we can minimize the huge losses. That's why I often visit this forum to the trading section to learn how to trade properly and not be misleading, and not be swayed by what people say from any side.
If you want to trade especially in crypto. You have to set your own rules. Like money management, risk management and profit taking target. Every person have his own strategy and can not fit to other user. Trading is about mentality and management risk. Not like gambling.
Firstly, your friend has to understand that there is a clear difference buying low and selling high (i.e trading dump and pump tokens). Your friend was literally buying and hoping during the bull run (without a strategy) which was why he got profits, Trading involves understanding when to buy, how to buy, where to set stop loss, when to sell, and the strategies with which you use to set up your trades.
I advise your friend to take time and learn and the principles and psychology guiding trading crypto currency and also find a suitable strategy for himself.
I advise your friend to take time and learn and the principles and psychology guiding trading crypto currency and also find a suitable strategy for himself.
It's okay though, if you just have basic knowledge in trading only if you're in a moderate trading, low risk, lower profit and lower loss.
But as for the idea/plan of your friend he really needs all from basic to technical knowledge if he really wants to share his knowledge to his/er future students. Give him insights, guidance or give him books/article to read since you sounds like you have more knowledgeable than him.
But as for the idea/plan of your friend he really needs all from basic to technical knowledge if he really wants to share his knowledge to his/er future students. Give him insights, guidance or give him books/article to read since you sounds like you have more knowledgeable than him.
I got a friend who started trading during the bullrun and as we all know, a lot of magic tend to occur during bullruns like 100%, 300%, 500% up to 1000% within a short period. He bought a coin with market order after I guided him and when it was time to sell, he sold after making some profit. He used this pattern to get buy calls and sold as he made profits. Trading was fun, he enjoyed a lot and made money. At a point, he wanted to open an academy to tutor people and this is so hilarious because he had zero idea about trading.
One day he bought a coin and was giving take profit zone and stop loss zone, to my greatest surprise he never set the stop loss because he did not understand how it works and when he went to check back as usual to see his profits, he came back to see his worth diminishing. At first he thought it was an error, network issue and he had to switch off his internet connection and reconnected again. He tried several times and got same result and had to raise alarm his account has been hacked. Lo and Behold, when he told his friends and he narrated his story they started laughing so hard and this was when he realized that he has messed up. It was so funny and painful at the same time because he had lost huge some of money as he was scared and had to close the trade.
His friends started making fun of him and asking him, is this how you would have led or taught your students. He angrily left but they had to call him and apologised for laughing so hard but then told him that never joke with acquiring the right knowledge. You need to learn lots of terminologies and techniques in the crypto space and he had to shun the idea of opening a trading academy and had to learn about market orders, limit order, stop loss and OCO.
Sounds hilarious right but this happens to lots of noobs in this space and kattana is here to solve this by providing you with a trading terminal and specialized tools accompanied with 3 limit order types that will teach lots of people and avoid them making same mistake my friend did.
Learn and then you can earn without making grave mistakes
One day he bought a coin and was giving take profit zone and stop loss zone, to my greatest surprise he never set the stop loss because he did not understand how it works and when he went to check back as usual to see his profits, he came back to see his worth diminishing. At first he thought it was an error, network issue and he had to switch off his internet connection and reconnected again. He tried several times and got same result and had to raise alarm his account has been hacked. Lo and Behold, when he told his friends and he narrated his story they started laughing so hard and this was when he realized that he has messed up. It was so funny and painful at the same time because he had lost huge some of money as he was scared and had to close the trade.
His friends started making fun of him and asking him, is this how you would have led or taught your students. He angrily left but they had to call him and apologised for laughing so hard but then told him that never joke with acquiring the right knowledge. You need to learn lots of terminologies and techniques in the crypto space and he had to shun the idea of opening a trading academy and had to learn about market orders, limit order, stop loss and OCO.
Sounds hilarious right but this happens to lots of noobs in this space and kattana is here to solve this by providing you with a trading terminal and specialized tools accompanied with 3 limit order types that will teach lots of people and avoid them making same mistake my friend did.
Learn and then you can earn without making grave mistakes
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