Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.
I told him to stop and close the entire position he had just made. I want my friend to stop for a moment to calm his mind and emotions so as not to add to the existing losses.
And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.
Investing in bitcoin carries risk as well, but I refer to the risk in bitcoin rather than altcoins because, no matter how long my money takes, I won't lose it. With certain altcoins, however, we cannot ensure that their price will rise when it falls. Using the $150 that your friend used to purchase altcoins. Even though the price of bitcoin is high, it's still not bad for him to use the money and invest in it. We can buy what we can afford to buy, not the entire bitcoin. Since then, if he decided to take the risk and invest his money in bitcoin, he wouldn't have lost it because the risk associated with altcoins is greater than that of bitcoin. What will he do with the $12 that remains? You should keep trying as best you can and advise him to stop investing in altcoins for the time being. He should try bitcoin and see how it turns out; I think he'll like it.
In trading, it is best to use the coin with the largest trading volume, namely Bitcoin, because at least price manipulation can be minimized. but unfortunately in trading we have to have complex knowledge to be able to survive in the market, indeed by trading you can quickly make a profit, but we also don't forget that it also contains big risks. Now with $12 left, if we invest in Bitcoin, it will be difficult to get BEP, it's different if we do short-term trading, so the impossible can happen.
