Stop loss is a must thing for every trade. The cryptocurrency market is highly
volatile and sometime the market plays against your analysis or expectations.
Stop loss will help to minimize the loss and open room for better
opportunities.
Always open the trades after trend confirmation. If you are in doubt than leave
it and wait for the next setup. Not every day is a winning day. The stop loss
must be placed below/above 7-9% of the trade. This is for normal trading (spot
trading), adjust your stop loss according to the leverage used (if you are doing
margin/futures trading).
Previous Resistance Become Support
The previous resistance line work as support zone for the market. Below is a
perfect example of this. Bitcoin is respecting the previous resistance line as
support. The same can be true for a support line. The previous support line will
work as resistance when the market start moving upwards.
Thanks for your time. That’s all for today. Hopefully you learn something
today.
Always remember trading is not a one-day game, it requires time and
patience to master. If you are in doubt try your setup on demo accounts or use
very small funds for trading for learning purpose.
Thanking you !
