As I said before margin trading can be very risky, using leveraged margin means that if things go really wrong unlike regular trading you can loss 100% of your money, and there is the ludical factor, for first timers it can feel like a casino, an all or nothing game, I mean you technically could double or triple your money on a single trade, and there is people who does it, but not everybody.
Talking on personal experience I lived that experience when I first tried my hand at margin trading, I made incredible profits (I believe the highest was 340%) but at the same time made bigger losses and at the end lost all my balance.
And yes I have sort of an addictive personality and that doesn't help, but im aware of it, so I had to figure out a method where I wouldn't make the same mistakes (so much fomo)
First of all I had to improve my TA, I took a couple months out of trading just some ideas testing and I end figuring a way that work for me and even code some indicators cut to my taste, but im not here to talk about the indicators, but to let you know about the guidelines I imposed myself in order to come back to margin trading.
First of all master your TA and stick with it, if you had decided your movement, don't let any idiot talk you out of it, unless he has a really Good TA to back what he is saying, remember if you are trading on the low time frame charts, don't let daily charts worry you, you are no talking of the same trade opportunities.
You don't need to trade every single day, if the market its no Good according to your TA you can't force things
You don't need to make a double digit profit en every trade you open, if Price doesn't seem to go anywhere just take whatever profit you can.
You always set a stop loss on everysingle trade, let your TA tell you where, but don't go too tight, you need to give the Price line some room to move before hitting you targets, the bigger your expectations, the bigger the risk you might need to take in order to reach them
Don't use more tan 10x leverage, unless you have some Good TA to back up your decision to go higher.
As to how much money to put on a single trade, I personally like to use 1/6 or 1/5 of my balance, and I aim to make at least 12% (but if I see things starting to look risky I have no problem in taking whatever profit or small loss I have at the moment) that way ill end with about 2% profit on my overall balance, if you manage to do that daily you could double your balance in 34 days
Do your best to try to open your trades using the �post order� option in limit orders so you get a fee rebate, but if things are moving fast, don't limit yourself, if you have to use other kind of order just do it
For closing.. Ideally you should use a limit order with the post only option to earn the fee rebate, but unless you do it on a calm period, the odds its that it wont execute due to the chaotic nature of xbt movements, because trend changes usually happen with large movements which are also really quick�. So quick that most of the time your limit Price Will be long past by the time the order is issued, so better use stop market orders even if that means you wont close at the Price you had thought, but at least it Will close for sure
Also always have an stop order to close, during a pump or a dump servers get saturated and wont take new orders, it Will execute first the ones that are already there
Always have a cup of coffee before starting trading
And don't do drunk trading (thought 90% of my drunk calls were spot on�.. but they were followed by fomo trades that were not�.)
Hope you find this useful, have a happy and profitable trading
Source: bitmex, binance and two smoking trades