This Is It!
I have often said that when entering a position, I only allocate a portion of the funds that I have set aside for that particular trade. Whether it is a trade or long-term position, I always average in and also prepare for the bloodiest, worse case scenario. This current BTC dump has created a beautiful opportunity for my existing BTC and ETH trades. This is still a reasonable drop, according to my trading strategy and I am prepared for a drop below well below 16K. I am not saying that the price is headed there but rather that I am prepared, if it does. In order to enjoy success, I have to prepare for the best, the worst and even the unthinkable. Only then can I have confidence and not be consumed with thoughts of desperation.
Ensuring that I am in a position of strength and am not desperately needing the price to move in a certain direction has been the most important art to develop for my trading psychology. If you desperately need the price to move in a certain direction, it is most likely that you are over leveraged or are risking more than you can afford to lose.
If you are new to trading, I would suggest getting in as much time as possible on practice accounts. This can help you learn without losing any of your own money. Though your approach is likely to be different once you start trading with your own money, it definitely helps to get some experience and grounding.
My opinion is always to gain as much experience as possible and put in a decent amount of time studying the markets before risking any capital. However, this is not financial advice but what I have found to be the most practical and beneficial approach.
A Great Place To Practice
I find ByBit to be the best place to trade BTC and ETH, with modest leverage. However, Stormgain offers users the opportunity to "mine" BTC via the app, which can be withdrawn after reaching $10 and utilized to trade. Although you are unable to withdraw your "mining" earnings to your own wallet, you are able to withdraw any profits you make trading with the mining earnings. The mining feature has to be activated every 4 hours and earns approximately $1 a day, provided it is activated.
This provides $30 of free capital to trade with every month. This is perhaps the perfect opportunity for newbies who are wanting to learn the ropes. An opportunity that has zero cost with the possibility of earnings, provided you execute successful trades. This is also very useful for those traders wanting to hone their skills at zero cost, as well making a bit of profit!
It is important to note that this is not CPU mining and that you are not actually mining on your device. This is an additional feature that has been put together by Stormgain in order to keep users engaged with the app and to attract new users.
Please note that this is not financial advice or an endorsement of the services mentioned. Please do your own research and exercise caution when trading with your own funds. If necessary, consult a financial advisor.