Remember To Follow These Step Before InvestingIn Crypto
Story: Divya Sinha
It is important to know that you should only invest as much as you can afford to lose. Follow the 1% rule, and risk no more than 1% of your total capital.
Secondly, one should always set Stop-Loss and Take-Profit Points.
A stop loss point can be defined as a pre-order to sell an asset when it reaches a certain price.
Whereas Take profit point allows the trader to set a predefined level to lock in any profits.
It's also important to have a diversified portfolio as it minimizes the risk of large losses.
DYOR refers to "do your own research". It is often used in cryptocurrencies to remind investors to make sure they are investing.
FOMO means fear of missing out. Investors should avoid making investment decisions based on FOMO.