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2021 is a crazy journey for the cryptocurrency market, as Bitcoin set a new record of $64,863, shocking opponents, and the DeFi and NFT fields have become headlines around the world.
It is at such times that cryptocurrency traders need to be vigilant, because the well-known volatility of the cryptocurrency market, once the trend changes, you will see huge wealth disappear within a few hours or days.
According to Charlie Burton, a veteran trader and co-founder of Ezeetrader, it’s important for every trader to have a clear set of rules when emotions start to heat up, because “we are all error-prone and flawed. Of human beings, especially in front of the market.”
Burton said,
“We are naturally affected by greed or fear of one tendency or another. So we absolutely need to have some simple rules, but I also want to say that a lot of visualizations are good.”
These rules may include things such as the investor setting a stop loss percentage, the maximum percentage of the portfolio allowed to conduct any trade, and setting investment sell orders.
Burton said,
“The important thing is to have a lot of self-talk. “If I accept this deal now, but it doesn’t succeed, will I be angry with myself? “This is a good route to help prevent me from jumping into transactions that I shouldn’t be involved in.”
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.
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