Post
Topic
Board Altcoin Discussion
Re: CRYPTOCURRENCY TRADE PRINCIPLE.
by
Chinocshyp
on 17/06/2019, 16:04:51 UTC
Nice principle. I have a couple of principles too. principles are important if you truly want to be consistent and trade the market the right way
some of my principles are as follows:

1) I never use leverage: leveraging in crypto trading is no doubt the largest killer of accounts. It's beyond a reasonable doubt that most the traders who use leverage in forex would lose eventually. I try to stay away from leveraging every single time. As I have said before, there are enough gains - enough to guaranty equal profitability, even without leverage.

2) I stick to my strategy every time. I never ever change a working strategy, no matter how lucrative it would have been to. the thing is,  usually spend 6 months testing a new strategy before I put it to play. but when I do get a good strategy, nothing can make me change it unless its's another strategy I tested for another 6 months that gave me a better result. I can't overemphasize the importance of getting a working strategy and sticking to it. the market is too random for you to change strategies every time. sticking to one strategy is your best bet to getting a good ROI long term.

3) I ignore a currency if it has news attached: rather than try to long or short the news. I simply ignore a currency that has any upcoming news attached. this has kept me away from a lot of bad trades. an example is BCH before the fork. everyone thought bch would moon just before the fork. but I stayed out. however, two weeks before the fork, bch went up over 70%. people felt smart for buying, but I knew there was a problem on the way. 5 days before the fork, bch crashed over 80% n bitfinex and the trading even had to be stopped. neither buy or sell the news. simply leave it as it is.