We are talking about people who bought cryptocurrency before five weeks ago, or in other word in the beginning of market crash.These people have lost more than 35% of their money or maybe more.
For example: assume you bought $1,000 to buy ether. 1 month ago when ether price was $1,200, wihle you can buy 0.83 ether. after that when ether price was $900, you can buy 1.11 ether with the $1,000. after that , with ether price being as low as $570, you can buy 1.75 .
After losing a large amount of your trading account capital you may feel like you want to compensate insanely and without an awareness of the risk , and even more may be indifferent . This sentiment is felt by many traders and may end of there future in cryptucurrency trading early.
The most important thing is to realize that you must stop all what you do to trade immediately. if you continuie the same way you will turn you into a person addicted to loss as a gambling game.. We will discuss 5 steps you can take to recover the loss and start trading cryptocurrency correctly.
Step 1 Ask yourself what are the reasons that led you to loss a large amount?
First stop trading and review the method of trading and it is best to stay away from the currency market for a while until the elimination of a sense of revenge or compensation for loss. The reasons for the loss are known to most traders. The first thing is the lack of interest in managing the risk. In other words, the loss rate is not calculated. The worse is the trader's assumption that the loss will not be lost. Unfortunately, the trader ignores the seriousness of this matter despite his internal feeling that he is making a mistake. The second thing is trading too often for simply wanting to make quick profits and investment without awareness and study. Thirdly, traders often lose their accounts as a result of not following a trading strategy or a strategy without considering the basics of trading.
Step 2 you should be aware of the Risk
After you discover the resons that cause loss and change the trading method, you must pay attention to the loss ratio in the one transaction, which increases in the importance of calculating the percentage of profit, and you must also be convinced that the cryptocurrency market as any market with loss and gain, As something natural to happen. There is no doubt that its 100% success is treated as such. To be more realistic, the loss will be a slow process because you have lost a large amount in a very fast time as a result of the risk of opening large positions and we will trade deals in a smaller quantity to avoid further losses. By adhering to a specific and clear trading plan, you will increase your profits and thus increase the volume of the deal later to become a crocodile in the cryptocurrency market.
Step 3: Trading when there is a clear signal to buy or sell
Do not trade unless you know what you are doing or how to trade in a clear strategy. And follow the sound sound of confidence with the knowledge that there is no plan to ensure success continuously and by 100% and therefore should not be long search for strategies that come to profit large and fast because they do not exist. The only thing that is guaranteed for him to succeed and continue is to stick to his fixed line with managing and calculating the risk ratio in each deal taking into account the stop loss situation.
Step 4: Learn and read all the new thing in cryptocurrency
I would like to focus more on learning the principles and fundamentals of cryptocurrency market than the big profit without knowing or having experience, plans and strategies Many traders focus on profit, . I still emphasize the importance of learning and reading. If you trade in cryptocurrency and lose large amounts in deals you are going in the wrong way and stop trading immediately.
Last step: Replace your old habits with new ones
Finally, if you want to continue trading currencies you must change your trading habits. Learn to control your feelings and accept loss, and pay attention to developing your performance by knowing all the new and learning the principles and fundamentals of the currency market.
Many people know what is right in many things in their lives and do not do so please think calmly and positively and change your trading style to get the profit you wish.
