Quote from: KupaCrypto on Today at 05:57:30 PM

Quote from: GreatArkansas on August 15, 2023, 01:09:12 AM

Quote from: KupaCrypto on August 14, 2023, 10:17:23 AM

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Sticking to the trading plan is also good to avoid unfavourable trade as changing plans in the middle of a trade Can really lead to a loss in trade.

This is a common mistake of new traders. They intend to lose money because they don't have 1 final decision everytime.
Best example is when they open their trade, they don't have a plan like how much is their willing lose on every trade, when is the stop loss, and what is target price.
Some don't have stop loss and they are hoping their entry will recover.

This comes down to greed , and you can also look at it as risking everything, most times they don't intend to loose the trade, they take the bold step of not including stop loss because they are aiming for something bigger and huge,

I once open a trade without the stop loss, I was ready to loose everything in that account, and I had a set target of winning, the trade went perfectly as planned and I made profits , so in this case I risked everything to profit something.

trading with stop loss is if in futures or forex aka trading with leverage because if without stop loss can MC and run out.
if trading on spot without SL is a normal thing. I never use stop loss at all. but yes, trading on spot if the price drops, just stake it waiting for the coin price to rise again.