Simple but useful tips for beginners and experienced traders

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You may have seen many articles with tips for beginner traders. But what about professionals? Don't they need advice? Of course they do. There are many tips that are suitable for both beginners and experienced traders, and we are going to share them with you.
A few tips for cryptocurrency traders
Firstly, we want to highlight recommendations that are more relevant to cryptocurrency traders, although they can be used by other traders as well.

# 1 Be realistic

Whether you are a novice or an experienced trader, you have to learn how to assess your options.

First, you must understand that not every trade will be 100% profitable. There are many cases where traders only partially succeed in their trades, like 50-60%. But this does not mean that the trade is unsuccessful. In fact, your earnings from such profits may exceed the losses from unsuccessful trades.

Secondly, you should not set unreasonable goals. This applies mainly to cryptocurrency traders. When bitcoin skyrockets, some traders run into the market expecting it to reach unrealistic levels. It would be better if you keep your composure in such situations. The market cannot go up all the time and eventually a correction can happen. Thus, you must evaluate the amount of your funds and the current market conditions in order to set achievable goals.

# 2 Don't trade with emotion

The cryptocurrency market is one of the most volatile markets. Thus, it is important to stay cool and never overreact when the price fluctuates. If you are not prepared for high volatility and don't know how to behave, avoid trading highly volatile and expensive coins.

A reliable trading platform will save you the hassle that cryptocurrency trading can cause. Exness Forex, for example, run by industry veterans, provides a high level of security.

#3 Have a plan

As mentioned before, high volatility in the cryptocurrency market can cause panic, especially if you don't know what to do next. You should have a strategy or plan for every trade. If you analyse market conditions and are confident that the price will rise/decline, don't change your mind about open trades and don't replace Stop Loss and Take Profit orders if it's not a winning trade.

Tips for all types of traders
Below you'll find tips to help you trade, even if you've just started trading or are a pro in the market.

#1 Diversification.

Diversification is one of the ways you can reduce your risks. With diversification you choose assets that move in a different direction in the same market conditions. So if one trade fails, the other is successful. This way, although you will lose some money on one position, you will be able to get it back with the other.

However, if you are a novice trader you should not choose too many assets for diversification in one trading session. With many securities, it is difficult to track down and find opportunities - just 2-3 assets will suffice. As you gain experience, you can gradually increase their number.

#2 Time Management

Before you start trading, you need to fully understand how much time you can allocate to stay in front of the monitor and catch as many opportunities as possible.

If you have a full-time job and can only spend a few hours trading, then long-term investment is for you. You should consider high timeframes such as daily, weekly and even monthly. If you work part-time or are even willing to consider trading as your main activity, you can afford day trading. This will take up most of your day, but will allow you to open more trades as you will be constantly monitoring market conditions. You should choose low timeframes, such as 5, 15, 30-minute timeframes, for this purpose.

#3 Money Management

You should always know how much money you have and how much you can risk. There is no trader who has never lost their trades. However, how they recover makes a difference. You should never invest all of your money in one trade and never risk all of your money. Trading is speculation, so there will always be risks.

To sum up
And the most important tip is to keep learning. If you learn from past trades and master new tools, you increase your chances of success. Also, beginners can always try out new strategies with paper money and without risk.

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