In the past i decided to not touch futures trading because i lost $50 within minutes after setting a trade. But its my bad luck that i could not stop myself to stay with my own words. This evening i did short YGG on Binance and i got liquidated in less than an hour.
I had made a mistake to not set up stop loss. This proved to be the biggest mistake in my trades. One should take care the necessary factors when setting up a future trade. Most important is you must set up stop loss. Setting Stop loss is good as it helps you to avoid losing all your money.
Actually it was greed that forced me to get back to futures. I was thinking to take good profit by shorting YGG but that didnt work as a result i lost my money within minutes.
I have lost total $100 in futures trading which is a lot of money here in my country. I already knew that futures trading is very risky but wanted to try it again in hope that this time my luck will shine but it didnt happen.
For now i again decided to quit futures trading. I May try it again in the future if i will have enough funds to risk.
So what i will be doing ?
I will keep myself sticking to spot trading as it is less risky. I am trading spot since i joined crypto and i witness that it is best especially if you are a newbie.
In spot you just buy and hold assets waiting for the price to pump. You can hold for short period or for longterm. Your assets amount will not change. For Example If you hold 100 Hive, it will remain 100 no matter if the price go up or down. Only the worth in terms of dollars will change.
If you are a newbie then you should start your journey with spot trading. This is where you can start you crypto journey in simple understanding.
However you needs to understand one thing that crypto trading is risky no matter if you are trading spot or futures. Chances of losing money exist in both formats of trading. The only difference is spot trading is less risky than futures.
Trading results depends upon a number of factors. You should always do some research before buying an asset as it will help you to determine outcome for your trade. Make sure the project is well reputed and listed on top exchanges. Check the project has a solid usecase and not a random project. Invest in a project which has strong fundamentals.
Now that you have done your research about the project and invested in it. but it still didnt guarantee profit. Sometimes well reputed projects dont come true on expectations. However by doing your reaearch you have better chances of profit.
Thats it for today.
Thanks for reading.
What do you think about my today's topic? Let me know your thoughts in comment section.
In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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