Nice article and thank you for taking the time to write it down.
However based on my Bitcoin trading I have a problem with points 4 and 5.
I am merely stating my view on your points based on personal experience.
I am a novice trader but have been trading cryptocurrencies for quite some time.
Do not set stop losses too low
In Bitcoin stop-losses are very dangerous. Reason for this is the high-volatility.
Set them too close and you get a guarantee that it gets stopped-out at a loss every time.
Set them too low and you still run the reason to get caught by a dump but losing a shitload of money in the process.
Yes having a stop-loss is generally a good idea in trading but with the pump and dumps in Bitcoin it will kill your account.
Big dumps are nearly always followed by a near equal pump (and vica versa) so waiting before getting out can save you a lot of money.
Instead of a stop-loss monitor your account vigorously.
Close unprofitable & leveraged positions within 24 hours
Stopping your posisiton within 24hours assumes high risk day trading. I would not advise this type of trading for beginners.
If you begin with trading, trade on the day charts and not the 1 or 5 minute charts.
Bitcoin has easy to follow long-term trends. For example a stochastic RSI combined with trading based on the long term trend (EMA) is a good and easy way to trade.
There are more easy to follow methods like Bolinger Bands and MACD.
Day trading (especially with a leveraged account) is not easy and mostly unsuccesful in the long term.
Leveraged accounts
Using leverage is not advised for beginner traders. You run the risk of getting squeezed and losing it all before you know what is happening.
Points I would recommend adding are
Risk/Money MANAGEMENT
When starting a trade you calculate your position based on what you are allowed to loose. Make sure you can lose no more than 2% on a single trade and have enough margin left so you don't get liquidated.
Take profits
High volatility can cause insane pumps. Having a take profit 10% to 20% above the current price is a good thing to have since you can catch these insane pumps before the dump happens.
You can raise these levels when the price goes up.
Great suggestions!
Yes I agree that monitoring your account is better than a stop loss. Just need to be careful not to over-trade when doing this. Sometimes it can be tempting to make a trade because you are bored, and not because it is a good decision.
I think we could perhaps make a future post on these easy-to-follow trends. A lot of the posts here assume people know this stuff, which is not always true.
Lastly, taking profits is vital. As the chart above shows, it is all to easy to become greedy when you are making a profit. I think there has also got some psychological effects of wanting to keep a profitable trade open for longer as it looks impressive / makes the trader happy to see.