September 2023
Beginner to intermediate
322 pages
7h 41m
English
Content preview from Zero to Hero in Cryptocurrency Trading
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6
Money Management
In this chapter, we will delve into key aspects of effective trading strategy management. This includes understanding how to limit losses, the importance of position sizing, the benefits of keeping a trading journal, the necessity of a well-defined trading plan, and the decision between trading in dollars or Bitcoin.
The goal of this chapter is to equip you with vital risk management tools that are crucial to any successful trading journey.
Here are the specific topics we’ll cover:
- Limiting losses
- Position sizing
- Keeping a trading journal
- Your trading plan
- Dollars or Bitcoin?
Limiting losses
Martingale is a gambling system in which the stakes are doubled after each loss.
Figure 6.1 – Playing roulette
If you play roulette, ...
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