Risk Management 101
Know Your Limits
Don't start a trade without knowing how much you're okay with losing. This number helps you set your 'Stop Loss' and keeps you from freaking out.
Don't Go All In
Never bet the farm. Keep each trade to a small slice of your total stash. The pros rarely risk more than 1-2% on a single trade. Be like the pros.
Stop Loss = Life Saver
This is your safety net. Set it at a price where you're sure the trade's gone sour. It cuts your losses so you can trade another day.
Mix It Up
All your money in one coin is a bad move. Spread the love across different assets to keep the risk low.
Lock in Those Gains
Set multiple 'Take Profit' points to cash in at different levels. It's like setting multiple alarms in the morning; one of them's gotta work.
What's the Risk-to-Reward?
Check the risk-to-reward ratio before diving in. If you're risking a quid to make three, that's a bet worth taking.
Keep Learning
New to the game or an old hand, never stop learning. Update your tactics based on what's worked and what's flopped.