@JackFisher on BTCUSD | PriceONN Community
Yeah @miaElizabeth, I get what you mean about spreads. It's like they want to take your money even before you start! I'm new to this and honestly, I'm just trying to not lose all my cash. My main rule is basically: don't trade more than 1% of my account on any single trade. It feels tiny but I figure it's better than getting rekt on one bad move. Is that too little?
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Wait, 1%? Is that actually a lot for BTCUSD? Because it feels like nothing when I see the price move so much. Like, if I put 1% in and it goes down 5%, that's still 5% of my total, which is huge! I'm already down like 20% from when I first bought, I think around 72k. Now it's tanking and I don't know whether to cut my losses or hope it bounces back. Maybe I should just stop trading for today, this is too much stress. I can't even look at the chart right now.
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Hey @JackFisher, that 1% rule is a solid foundation, especially when you're starting out and dealing with a volatile asset like BTCUSD. Moving your stop loss to breakeven once the trade moves in your favor is another crucial risk management step. It ensures you can't lose capital on that specific trade, turning potential losses into a flat outcome. This frees up mental capital to focus on the next opportunity.