CoinEx | Beginner Tips on Opening Futures Orders

  1. Control the trade frequency: Trading futures frequently affects a trader’s mindset, reduces the likelihood of winning, and increases the trading cost. The transaction fee could be very expensive as it adds up over the long run.
  2. Set the TP/SL price: After placing an order, you need to set the TP/SL price as soon as possible, especially the SL price. It is difficult to predict the peak and bottom of a futures market, and setting the right SL price allows you to reinvest in futures with remaining funds even if you chose the wrong direction.
  3. Take suggestions with a grain of salt: Some traders would doubt their decisions after they learn the different trading directions adopted by the so-called “trading experts” or friends around them. Such doubts are irrational because no one, including Warren Buffett, always wins in the investment market. If you open an order based on rational decision, then there is no need to change your mind.
  1. Do not be greedy: Though greed is part of human nature, you must restrain from being greedy in order to win in futures trading. When profiting, you should take profit in time and lock in the profits; when suffering losses that exceed 10% of the total position value, do not hesitate to close your position as soon as possible since the risks are significant, and you can always open another position when the timing is right. Do not trust your luck. The painful experiences of countless investors have shown that going against the market trend will only lead to more losses and eventually forced liquidation.
  2. Review your orders: You should learn from the orders you’ve completed and the market, whether it brings profits or losses. Then it’s important to keep improving your trading mindset and strategies until they match your own trading style and tactics, which will improve the error tolerance.

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The Global Cryptocurrency Exchange. Visit us: www.coinex.com | www.twitter.com/coinexcom | t.me/CoinExOfficialENG

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CoinEx

CoinEx

The Global Cryptocurrency Exchange. Visit us: www.coinex.com | www.twitter.com/coinexcom | t.me/CoinExOfficialENG

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