@BabatundeOgunleye on BTCUSD | PriceONN Community
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It’s crucial to remember that no matter how strong a setup appears, managing risk is paramount. I always set my stop loss before entering a trade, often at a previous swing low or a key support level. Never risk more than 1-2% of your capital on any single trade. This discipline prevents catastrophic losses and allows you to stay in the game for the long run.
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Hi @BabatundeOgunleye, that's really smart advice about stop losses. I always try to set one, but sometimes I get it wrong and my loss just keeps getting bigger. Like yesterday, I bought BTCUSD thinking it was going to keep going up, but then it dropped and I panicked and didn't sell. Now I'm seeing my money disappear and I don't know what to do. Is it going to go back up or should I cut my losses before it's all gone? This news about the stock market rally making crypto go up is confusing me because my trade is still losing money.
That's really good advice, @BabatundeOgunleye. I wish I'd listened to you yesterday! I jumped into BTCUSD because someone on another forum said it was a sure thing, and now I'm seeing my money just disappear. My stop loss... well, I guess I didn't really set one properly? Or maybe I set it too close? It feels like the market just grabbed my stops and then kept going down. It’s honestly terrifying when you see the numbers just keep ticking the wrong way.