Always have backup when trading.
As a trader you might really be good at trading on the crypto market and luckily for you to tend to have alot of successful traders, well good for you..but the question is does the market always go in the direction which you predict it to go?? What will happen when the market move in the direction which is lkke an opposite of what you predicted or what you expected from the market??That is when backup becomes very important while trading..
What do I mean by backup in trading? Backup trading is when one have a strategy on ground to ensure they are able to reduce or cut their losses whenever the market goes against them, infact it is advisable that a person should not put all their eggs into one basket and they should always have a great risk management strategy in place whenever they enter into the market..
Some traders do experience over-confidence when trading and that has made then to ignore the importance of risk management strategies, it has made them to go into the market without any backup plans on how to save themselves from any surprises which occurs on the market, that is why it is important for any trader to always make sure they have a backup plan when trading in order to avoid total loss on their investments on the crypto market.
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