The year 2021 has been a skyrocketing year for the cryptocurrency market as Bitcoin shocks its skeptics with a new record of $ 64,863 and the DeFi and NFT sectors are making headlines around the world.

Cryptocurrency traders should be wary of these times because the notoriously volatile nature of the cryptocurrency market can cause huge fortunes to disappear within hours or days as the trend changes.

According to Charlie Burton, an experienced trader and co-founder of Ezeetrader, this is when it is important for every trader to have a certain set of rules to follow when emotions hit because “we are all wrong, wrong people, especially in front of the markets”.

Burton said:

We are naturally influenced by greed or fear of a particular trend. So we really need some simple rules, but I can also say that a lot of rendering is good. ”
These rules can include things like the percentage of losses that investors set a stop loss, the maximum percentage of the portfolio that can be placed on any trade, and the existence of specific sell orders for investment.

Burton said:

“The point is to talk a lot with yourself.” If I take this deal now and it doesn’t work, will I regret it myself? “

Source: CoinTelegraph