before opening any position:
1 transfer funds to the account
2 choose the appropriate leverage x1-10-20
*if you are a beginner and do not have a teacher, experience, mentor, then learn the difference in leverage by reading all the rules of use and differences VERY CAREFULLY (as this is very important)
3 never enter the entire possible amount of a position or the whole deposit, as the market, although it has a lot of information, remember exceptional situations. Leave for yourself besides Plan A, Plan B, and in extreme cases Plan C
4 trade with limit orders (this will help reduce slippage, lower fees, and optimize the entry point or averaging and adding to the position and improving the entry point)
* if you trade correctly, then you will have no liquidation price (then you trade like a professional)
→ the best and safest choice is Long (just don't open Long at the very top of the price, because if the price has reached a maximum and has nowhere to grow, then your position will not bring you profits because the market is cyclical and may soon pull back)
5 open positions only after confirming all factors of your trading system
6 after the position is opened and the price moves in your favor, set the stop loss in the green zone, set the take profit and prepare to take profit
* if you want profits faster, then trade between support and resistance levels in the trend or counter-trend
↑ enter Long from the support level
↓ enter short from the resistance level
if the position has a higher %pnl than your leverage size x1-10-20, you can close the position by pulling the stop loss maximally up to the candle that moves in the opposite direction of your position but already with profit, and then open a position for the same amount
→ if you apply averaging, then place the limit order below the wick or the body of the candle of the opposite color to your position.
For example:
-if you are in a long position- averaging on the red candle
- if you are in a short position- on the green candle
**** if you entered a position with a large amount, it is best- immediately when the price movement entered the green range of your direction, immediately cut (close) part of the position - this will help you add additional and better opportunities for averaging and optimizing the entry point
After all, it's better to make profits than losses.
Always deepen your knowledge, understanding, and experiment if possible (but carefully)
p.s. after you understand the market dynamics and learn to exit any losing position into profit- it means you are on the first step of all possible ones