Phase 1: Setting Foundations
1. Set realistic goals: Break down the journey into smaller milestones ($100 to $200, $200 to $500, etc.)
2. Track progress: Maintain a trade journal to record wins, losses, and insights
3. Strong risk management: Limit risk per trade (1-2% of capital)
Phase 2: Building Momentum
1. Practice position sizing: Increase position size as capital grows, maintaining consistent risk percentages
2. Master trading patterns: Recognize key candlestick patterns (doji, engulfing, hammers, shooting stars)
3. Technical analysis: Use indicators (RSI, MACD, moving averages) to identify trends and reversals
Phase 3: Scaling Up
1. Diversify portfolio: Spread risk across multiple assets
2. Stay informed: Continuously update knowledge on market trends and analysis
3. Adapt and refine strategy: Adjust approach as market conditions change
Additional Tips
1. Start small: Focus on growing account gradually
2. Discipline and patience: Avoid impulsive decisions
3. Continuous learning: Stay updated on market insights and analysis
4. Risk management: Prioritize preserving capital
Resources
1. TradingView (charts and analysis)
2. CoinMarketCap (market data)
3. Crypto news outlets (CoinDesk, CryptoSlate)
4. Trading communities (Reddit, Telegram)
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