Which profit taking strategy is recommended for beginners in the world of cryptocurrencies?

1 answers

• Browne KempJul 14, 2021 · 4 years ago
  At BYDFi, we believe that beginners in the world of cryptocurrencies should start with a simple profit taking strategy. One approach is to set a percentage-based profit target for each trade. For example, you could aim to take profits when your investment has increased by 10%. This allows you to lock in gains and avoid the temptation to hold onto a trade for too long. Another strategy is to use stop-loss orders to protect your downside. By setting a stop-loss order at a certain price level, you can automatically sell your cryptocurrency if the price drops below that level. This helps limit your losses and protect your capital. Remember, it's important to stay disciplined and stick to your strategy, even when emotions are running high in the crypto market.
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