4 Tips to Protect Your Crypto Trading Account
Due to the huge popularity of the crypto trading business, thousands of investors are joining the crypto industry to change their lives. The ultimate goal of the rookies is to become a millionaire in the shortest time possible. But volatility and leverage in a trading account are like a fire raging out of control to rookies. Unless you have the skills to deal with these things, you are going to blow up your account. In fact, more than 90% of traders are losing money in trading. So, if you want to protect your crypto trading capital, there are a few rules you must follow. Let’s find out the details.
Limit your leverage
The elite brokers like bigX always give rational leverage. An unregulated broker might give you insane leverage so that you can make some serious profit. They know the fact that the majority of traders lose money so they don’t really care about your trading environment. But companies like bigX always care about their clients. They tend to offer realistic leverage so that rookies can’t take huge risks in the trading business. Though you may think this is limiting the profit, in reality, it is going to save your investment.
To learn more about the leverage trading instrument, you can use a demo account see how dangerous it is to take trades with the help of leverage. If you make a small mistake you might lose your entire investment. Staying in the investment game is critical to your success.
Quality execution should be your priority
Taking too many trades and looking for random signals in the cryptocurrency exchange platform is not going to work. Even after getting the best cryptocurrency exchange platform, you can’t make good trades unless quality is the priority. So, how do the pros at bigX focus on quality trade execution? They rely on the three core factors of the market. They analyze the technical, fundamental, and market sentiment to take trades. Once you become good at analyzing the market dynamics using these three important parameters, you will be able to make some serious profit in your trading account.
Stop taking trades in the lower chart
By the term lower chart, we are referring to the lower time frame. Rookies love to scalp the crypto market because they think by taking more trades they will earn more money. But things don’t work like this. In fact, taking the trades in the lower time frame often leads to overtrading. If you overtrade the market, it won’t take much time to blow up your entire trading account. Instead of taking trades in the minute chart, make the switch to the daily chart. Once you are able to take trades in the daily chart, you will be able to make some big profits without any hassle.
Never trade the news
Trading the crypto prior to the news is another key reason why rookies blow up their accounts. You never know what the actual data will be in the news. So, taking a trade based on technical analysis is like taking a leap of faith. Though you might win some big trades, it is not going to secure your capital. Trading crypto is nothing but a business. Unless you follow the basic rules and trade in a conservative way, it will be really tough to make some serious changes to your career. Follow the safety protocols so that you can change things with an extreme level of precision.
Those who can follow the 4 tips mentioned in this article, can trade like kings and queens. Though it will be tough and you will become emotional, you must maintain strict discipline. Breaking the rules risks ruining your career. So take steps according to the core rules of investment business to make profitable trades.
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