Never risk more money than you can afford to lose
This is one of the best pieces of advice anyone can give to you if you are new to crypto and want to invest (buy or sell a coin or coins), and this advice is one you would need to listen to very carefully. Because it will help you avoid the emotional rollercoaster that will come afterward if you decide to just try your luck, crypto is not a gambling ground, if you like to gamble you can try sports betting sites, that is just my opinion.
let me break it down for us to understand, this is what is going to happen it's either you win big or you lose big, over-leveraging or more money you are willing to lose will make you emotional, and that my friends, is bad for the trading business be it forex or crypto, once you over leverage in your trade we both know that critical thinking is out of the window already and your emotions are gearing up to take over. Whether you are in a winning or losing trade, when you are in a winning trade greed takes over if your psychology towards trading is not strong, you might end up losing more than the profit you were making earlier because you feel invisible up till the market dips or dumps on you.
Now for the losing trade, when you over-leverage and your account can't hold it, from the moment the trade starts going against you, doubt, fear, and anger take over, you might either close the trade too early and it will later go your way, or close the trade too late because you are hoping that the price will reserve and if it doesn't, you lose your trading account or end up with a huge loss that you never expected or bargained for.
I am a living example when I started trading, I will use leverage I was supposed to use for a $1,000 account for $100 account, and the story was always ending up in tear or me losing, either am up $50 instead of me to close I would want it to hit $200 before I close trade and end up eventually closing the trade at a huge loss or breakeven if am lucky, then if am losing either I close the trade too early at a smaller loss and price eventually goes my way much later and I start regretting why I closed too early, or I hold the trade longer than I was supposed to because I want my money to come back.
Trading is supposed to be a well-calculated risk, after your analysis and all, you use a leverage your account can carry or leverage that when you lose you can take the loss without losing your sh*t. so my advice is best is to risk what you can afford to lose and save yourself the emotional rollercoaster and mental stress.
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THANKS GUYS FOR READING MY POST.
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The people doing V2K with remote neural monitoring want me to believe this lady @battleaxe is an operator. She is involved deeply with her group and @fyrstikken . Her discord is Battleaxe#1003. I cant prove she is the one directly doing the V2K and RNM. Doing it requires more than one person at the least. It cant be done alone. She cant prove she is not one of the ones doing it. I was drugged in my home covertly, it ended badly. They have tried to kill me and are still trying to kill me. I bet nobody does anything at all. Ask @battleaxe to prove it. I bet she wont. They want me to believe the V2K and RNM in me is being broadcast from her location. And what the fuck is "HOMELAND SECURITY" doing about this shit? I think stumbling over their own dicks maybe? Just like they did and are doing with the Havana Syndrome.
They are reckless and should have shown the proper media what they had before taking me hostage for 5 years.
What would you say while having a gun pointed at your head from an undisclosed location? Have people find it? My hands are tied while they play like children with a gun to my head. Its a terrorist act on American soil while some yawn and say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth? https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
https://twitter.com/VictorOnwugbenu/status/1504158862693355523
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That's a good recipe to stay poor.
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Why do you think so?
I have some money to invest (gamble) but I never have money I can afford to lose.
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Now I get your point, when I said money you can lose, I meant just in case you buy a coin and it is goes against you, you will not lose your cool and start making dangerous irrational decisions.
The title is the part that got me most. Infact it is the number one most rule in business and investing.
Thanks for this post.
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Thanks bro, I am glad it got you 😉
You're welcome
Nice advice for us investors but sometimes,greed which is part of human nature takes the best part of us.
Yes it does, that's why you need to be disciplined and have a trading plan and daily target.