When trading there are rules to observe in other to protect your margin, it's more like if you can't make more money, don't lose the one you have,
That's where risk management comes in handy.
The strategies are;
_ 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 think managing the risk part is not something newbies look at closely, and they totally should. They take more risk than a veteran and that's a terrible thing because they should be doing a lot better in that regard, if they are taking more risk without as much experience then it will be a loss in the end. Obviously they do not take it seriously and since they are newbies they think they are not taking too much risk when in fact they are taking it.
This is why it is quite important to be careful. I personally take as little risk as possible in the crypto world even though I have been here for over 10 years now. Because, it is hard to make money here, but it is very easy to lose it so I better be careful. I suggest the same mindset to all the newbies who think they are taking very little risk, you can take even less.
Newbies are actually the most needed persons to execute risk management as they are more prone to losses the moment they start entering the market without prior knowledge and experiences. The fact that it’s hard to make money and be profitable in your investment, then newbies should be more aware about that so that they will learn to be extra careful when doing such risks. And while risks are inevitable when trading or investing, but those newbies who