Post
Topic
Board Trading Discussion
Re: What factors do you consider when opening a trade position?
by
LogitechMouse
on 09/11/2024, 07:34:30 UTC
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There's practically one that intrigues me - "stick to what works for you".
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Right now, we've got the likes of Binance, Bitget and Bybit flexing top muscles with competitive fees.

Which do you prefer?
It only takes one strategy in order for you to become successful in trading. What works for you might not work for others but what's important is, it works for you. Stick to the strategy that works for you. As for me, I just started trading a few weeks ago, and currently, I'm in profit, but I don't know how long it will be like this, but I hope this strategy that I'm using really works for me.

As for what I prefer, I'm a bit bias on this one since I'm not using either Bitget or Bybit exchange. I'm only using Binance exchange when it comes to trading, and even buying and selling assets. As for your question though, I first look at the 24-hour volume of the coin and the popularity of it as well. Aside from that, I look at the 1D timeframe, 4H timeframe and the 1H timeframe to check if there's a good entry on it or not (either long or short). If I didn't see any good entry, I will wait for a few hours until I see a good opening.

Again, the strategy that works for me (currently), might not work for others, and vice-versa. What's important is we're profitable.