Bitcoin Wallet Protection
You need to have the correct bitcoin wallet, more on that in a future article. We also need to protect our crypto wallet by having a crypto trading system that we follow like a machine. We must not deviate from the plan or we revert into FOMO investing (fear of missing out). If we do that, then we will blow up our wallet. Never blow up your wallet.
In this article, we will cover the following topics:
Bitcoin Wallet Protection Formula
FOMO Investing Fails
Where to get the best crypto trading signals telegram
Bitcoin Wallet Protection Formula
The following formula is needed to grow your crypto wallet:
Initial Investment + Proper Risk Management = Increased Wallet Size
If your initial investment is 100 USD/AUD/YUAN, you should invest with only 3% of your portfolio at a time. You need to properly set a stop-loss, take-profit level and proper leverage.
A stop-loss is a an automatic pricepoint where you will close your position, at a slight loss, but no liquidation. A liquidation is where you will loss 100% of your entire trading position. With our crypto calls, you don’t get liquidated. You get a larger portfolio to trade with.
A take-profit level is an automatic pricepoint where you will close your position at a profit. The reason for setting this, is that you can be asleep and still make a profit. Also, you can safely trade crypto by setting a pricepoint. Most traders lose money because they don’t have a target and don’t get out of their positions. You must always take a profit, or the market will.
Proper risk management means you will only use a small amount of your portfolio and get many wins to build it. It’s not using all of your portfolio. Some advise that you use no more than 25% of your portolio. Most of our signals say you should only use 3% of your portfolio. In this way, you don’t suffer irreversible losses.
Check out our telgram trading signals group here.
FOMO Investing Fails
The following formula is how to decrease your crypto wallet:
Initial Investment + FOMO = Rekt
FOMOing in on a short or a long is doing the complete opposite of our risk management principles. We have the top crypto calls on the market for trading signals on telegram, and we want you to win. Have you ever been in a trade that has gone up but failed due to FOMO? Well, here are very real ways FOMO can cause you to LOSE. I will share moments from myself and friends.
- The bitcoin cash pump. Bitcoin Cash ABC (yes, the alphabet is back in style) was pumping from $88 USDT to over $153 USDT in December of 2018 and a buddy of mine practicing FOMO LOST money on his long…How? Because on a 1 and 15 minute scale, prices go up and down. She leveraged 5X on the trade, so a pretty safe trade. She messed up when she jumped out at a profit at $93, then jumped back in and put her entire portfolio back in at $98, then the price dumped to just over $90 and she panic sold at a loss. At the end of the day of doing this for 3-days in a row, she lost $64,000 USD. Wow…don’t be her.
- This one comes from a 100X leverage short I took out by experimenting on a momentum blind trade dump. I saw bitcoin drop from from 10500 to 10150 and THEN jumped in, but after that, it moved against me and hit my stop-loss. I lost $20 on that. It was an experiment for a friend, but never again. I experiment only with SMALL amouts of money, but never will I not follow my trading principles with my real trading portfolio.
Where to get the best crypto trading signals telegram
Before proceeding, check out our derivatives trading platform reviews on BitSeven, ByBit, and Bitmex, here.
Altsignals is the home to the top bitmex trading signals on telegram, and it won’t change anytime soon. Why? There is a team making a calls for the signal group, so we got you covered. There is also a bot that automically tells you the profits and losses in our groups. There is a free group to try, but we know you won’t be there for long.
Join BitSeven (the best bitcoin trading exchange on the market right now): here
Join ByBit (the hottest crypto trading exchange of the moment): here
Join Bitmex (the only thing here is to jump in and out of trades quickly): here
