Post
Topic
Board Trading Discussion
Re: What factors do you consider when opening a trade position?
by
shield132
on 08/11/2024, 11:51:24 UTC
I've seen quite a lot of guides out there that literally sounds like fiction when getting down to the real deal.

Some referencing a long list of "to-dos" and "not to-dos" which are practically impossible. Other shares varieties of market indicators to monitor; mostly not doable too.

There's practically one that intrigues me - "stick to what works for you".

But that's not all. We'll still need to:
1. Choose an exchange with high liquidity.
2. Choose an exchange that is cost-effective in terms of trading fee.

Right now, we've got the likes of Binance, Bitget and Bybit flexing top muscles with competitive fees.

Which do you prefer?
Stick to what works for you is a good approach. There are people who make money from opening short positions and fail in long position trading, I personally always fail in short trading and day trading, so I changed my approach and now I stick to long-term holding. I try to catch the best moments instead of every moment.

You are right, that's not all and we need to choose an exchange with high liquidity because it means that you can easily buy and sell your coins without affecting their price. Btw I wouldn't care much about trading fees unless you trade with lots of amount of money because if you trade with some thousands, then the difference between 0.01% and 0.02% won't significantly affect your capital.