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Basics of crypto trading - part 1

 It has been a day and some hours, since I started crypto trading seriously. I tried a trade and ended up with a loss. Though the loss is not too much, still a loss is loss but seriously, it was only because I followed the basic step of trading. It was setting up target price/stop loss. Traders use TP/SL as the short form. Had I not set the stop loss, imagine what would have happened, best case being prices would have bounced back, and I would have ended up with a profit. However, what happens in the worst case, I would have lost all my capital, along with my opportunity of trading again.

It is only possible to have profit if you have an initial investment. Think what could happen, if I had not set up the Stop loss and met with a worst-case scenario. Being a beginner trader of crypto, I believe it is important to follow these basics.

After all, learning the basics and following them in whatever field you are is very important, as they are the ones that pave the way for you.

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