"The 3 Golden Rules"
1. In trading/investing/gambling (whether forex, stocks, crypto, sports betting, etc): Invest only what you can afford to lose.
2. Don't blindly follow any expert's advice, do your own research. Only you will take responsibility for your losses, not the guru.
3. Your amount set aside for that risky biz (in number 1) should not be more than 10% of your total income. Let's say you have 1,000,000 savings in your bank account, your total budget for such risks is 100,000 max. You should effectively manage that 100,000 into such risky trades.
Risk taking is good but exceeding your max budget is like playing with fire.
Courtesy of KryptoSupporter.
Well said. In fact this is one of the problems of investing.
The actions of exceeding into your own limit then you eventually noticed that you lose more than you should gain. Its very important that we always remain calm and to avoid greediness. Always remember these 3 golden rule. Only invest in what you can afford to lose. Nothing more than that.