Quote from: hyudien on June 02, 2023, 11:12:25 AM

Quote from: Kara3 on June 02, 2023, 07:22:47 AM

_ Don't risk too much money, start with what you can afford to risk. Focus on the risk not rewards.

_ Identify potential risk as;if it goes down, if you don't take profit, if you don't use stop loss and if the coin goes against your analysis.

_ Reacting to risk, use stop loss and always take profit.

I don't think this needs to be reminded anymore because everyone already knows that risk management must be done before playing in the market. However, does this idealism apply if you see a market rally in a relatively short time? Price fluctuations make traders more ambitious and unable to control the profit that has been targeted. It is true that we should make more money, but it will be more difficult for everyone to implement Stop Loss. Believe me, you are entering a trading area where the volume level is very high, so whatever the rules are, they are often forgotten.

Yes, having risk management is certainly a must but still newbies need to hear this more often so they won’t be mostly blinded by their greed, the only reason why they are very eager to trade and expect quick profits. However, I believe all traders are literally profit driven but we are using different strategies on how to achieve it. And when it comes to implementing stop loss, though most of us find it hard to follow especially if the price has still chances to grow and recover, but if we really aim to limit our losses and maximize our profits as much as possible, then we should stick to the rules even if most of us are already ignoring or forgotten it.