What are the common mistakes to avoid when it comes to position sizing in cryptocurrency trading?

1 answers

• Janaki ChennaSep 03, 2023 · 2 years ago
  When it comes to position sizing in cryptocurrency trading, it's crucial to avoid the mistake of not setting realistic profit targets. Setting unrealistic profit targets can lead to greed and potentially result in missed opportunities or significant losses. It's important to set achievable profit targets based on market conditions and the risk-reward ratio. Another mistake to avoid is not regularly reviewing and adjusting your position sizing strategy. Market conditions and your risk tolerance may change over time, and it's important to adapt your position sizing strategy accordingly. Lastly, traders should avoid blindly following others' recommendations or signals without conducting their own analysis. It's important to do your own research and make informed decisions based on your own analysis and trading plan.
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