Quote from: Gladitorcomeback on September 13, 2024, 04:26:29 PM

Quote from: irhact on September 11, 2024, 04:39:21 PM

I don't get how some individuals are losing all.their profits that they have made for the day, don't you know what stop loss are, and you should be using it to prevent this from happening. I believe you were still new to trading and didn't think something like that could have happened to you but I hope that you have learnt your lessons and next time when you're trading, you should put a stop loss on every trade as it'll help you in risk management and you wouldn't be losing too much anymore. Your stop loss should be at the price that it shouldn't be more than 10% of your capital and if it gets triggered you won't lose more than 10% of any amount that you have used in your trading order.

Those newbie traders and investors who are always chasing profits and because of that they are trading meme coins or newly launched altcoins, tend to incur more losses because they don't understand the movements of the market very well, so they make entries at the wrong points and when the price starts dropping, they panic sell and lose money.

So the best practice for new traders is to only trade famous cryptocurrencies and keep learning so that they can understand the market better and be able to broaden their trading horizon.

Newbies chasing profits somehow because they want to rich at overnight even when they trying to trade against in market trend, newly meme coins sometimes increase highest as per as wif,shiba inu, pepe coins, so they are rush to invest in meme coins to increase their money 5x to 10x, but end of the day their mission will fail. Newbies should trade with big coins which will be safe always.