Hello everyone, i want to start future trading and it is not actually my first time trading, but i have not really made anything from it and have wasted more than $2k on it. I went for classes and even took courses, but still not really getting what i should get in trading. I love SHORT alots and i do look for coins that just got listed so when people start dumping it i can start shorting, but most times it would end up going against me, what can i do now that i am back to trading? And also as a starter here is it possible to get merits?
You lost $2k? I'm baffled why you never stop at spot trading. I do think the general reason why people do futures is because they don't have enough liquidity for spot trading, so they go for futures instead but from your explanation, I don't know what to say anymore because $2k actually good enough to start something reasonable in trading with spot trading, the unforeseen circumstances and liquidation hunt in future is why I don't do it most of the time.
I will advice you to go for spot trading, master it and if you must do futures trading, please reduce your leverage, 5x leverage is reasonable enough for a start and make sure it's not isolated margin, make it cross margin in case there is a liquidity hunt between long and shorters, they can you use their fight to make you lose money and sometimes people has says and alleged some exchanges makes people to liquidate because it makes them makes money, these are the things you need to watch out.