Everyone who has ever traded for more than a couple of hours have had episodes where their trades are wrecked because of bitcoin volatility reflecting on the whole market.
What tips do you guys have regarding protecting yourself from bitcoin sudden moves?
As a trader you should be making use of stop loss to avoid losing your money while trading because if youre not using stop loss you can end up losing a lot of money when the price goes against your expectation. Another important thing is that you should avoid trading with your emotion, seriously, thats not good.
I once read the story of a guy that gained $10,000 from Bitcoin in 2017, he sold on September and thats probably before the huge increase. Due to his friends holding till then they made millions, which is huge compared to the chicken change he got. So his emotions played out and he started buying Bitcoin despite the decrease in price in 2018 and thats how he kept losing. So avoid trading with your emotion.
He did not manage his trading well and become greedy so he lost all his earning. When you get in trading you will have to notice price movement and never rely on other people for gathering knowledge. Once he won 10,0000 $ its natural to go the same path again for making more money but we should know when to stop, when he saw market down in 2018 it was most important to hold and wait until it recovers.