Post
Topic
Board Economics
Re: Share your Money management strategy
by
jostorres
on 22/07/2022, 21:55:44 UTC
It is true that people who have good money management skills must initially learn first and will even experience mistakes first. This means that everyone can manage their finances well if they want to learn, and try various strategies to find out what money management strategy is the most comfortable to use. Because everyone must have a different strategy in managing their finances, that's why we need a long process to finally find a strategy that suits us.
You're trying to say that people shouldn't go for the shortcut and won't just copy existing strategies from someone else. That's beneficial but I think many people can't afford to wait longer, that's why they can rely on others. If they get lucky this can work nicely but this can require lots of trial and error, or in short lots of capital. That's the only downside there.

Many will argue about which one should be the priority:

1. Understanding the chart for best Entry and Exit  
2. Money management.

If you are a newbie in cryptos, it's always a must to start with the basics so money management is the one that you need to prioritize before anything else but sadly a lot of newbies fails to follow this but they engage immediately on trading and investing. They spend lots and lots of money and since they skip some important parts, what happens is they lose a lot.