Monday-Crypto Theme by Steemit Pakistan - Money management

aniqamashkoor (67)modMOD⭐/Prime Member⭐/Club75⭐in STEEMIT PAKISTAN • 3 years ago (edited)

I am Aniqa Mashkoor. Perfectly fine alhamdulillah, hope so you people will also be doing good and will be in the best of your health. Since the themes have started in the community and today is Monday The theme is crypto for today. Let's appreciate the efforts of the team of STEEMIT PAKISTAN for bringing out new ideas to boost the community.

Todays topic is Money management

I am not an old user nor do I have an extreme level of understanding of cryptocurrencies. But I have attended many lectures in SteemitCryptoAcademy and have made my concepts with these new terms. Today as this is the first week I'll be writing about money management. Why is it important? What benefits it gives us.

We all know that any trading can give you both profit and loss. It can give you a high amount of profit if done wisely and similarly you can face a huge amount of loss too. This is very important to make a plan and invest your money step by step.

MONEY MANAGEMENT:

As we can see from its name money management simply means management of your money or assets. This is a strategy for how the trader is going to manage his money for better outcomes and more profit. It's just a technique to invest your money. See no one knows about a crypto market but you have to make choices with ties and it is better if you do it with knowledge. The very first thing that you should have is a plan

AN STRATEGIC TRADING PLAN:

A plan that how you are going to enter a market. A trading plan is how you have decided to invest your money. Are you going to invest every penny of yours in a single currency? You should read the market before and for better. understanding that is it the right time, compare the market too.

Trading is never done on favoritism. Like you can't invest in my coin just because you like it or you have heard about it. Sometimes it's important to make technical analysis too by analyzing the charts.

AVOID OVERTRADING:

With overtrading comes high risk too. It is not prohibited but for the safe side, one should not overtrade. What will happen when you over trade if anytime suddenly the market drops you face a huge loss. And I believe whether it is a big loss r small. LOSS IS LOSS and hits us hard. So just follow your trading plan and move step by step.

DON'T INVEST AT ONCE IN SINGLE CURRENCY:

The best practice is to split your capital into chunks and invest them separately. Investment can be started from little amount too. And if you are bigger it's better to start from little amount. Take your time reading about different currencies then start investing. Why am I saying and emphasizing on investing in chunks and in different currencies that if the currency falls down so you may not lose your all capital? So invest in chunks.

INVEST THAT YOU CAN AFFORD TO LOSE:

In your plan y money management plan be careful to have a limit for you. There should be the threshold that you don't have to go beyond it. No one can predict the market. I can't guarantee you that after making a money management plan there is no risk. No, there is still a high risk. So always invest wisely. Invest according to your pocket.

So, for better trading my future money management plans are to make a good and strong trading plan by keeping all important points in my mind. I still have not invested in any currency so I'll try to start by investing in little currencies so that I have an idea about the crypto market. I'll never invest all my savings in a single currency. I have learned from professor stream4u that we should invest in different currencies for more profit and better outcomes. Money management I beneficial for us and sticking with our trading plan and having self-discipline within us is very important.

I personally liked this theme concept so much and I strongly support this. The team is bringing new ideas and challenges now it's all about its time for the members to support them in their initiatives. I promise to come with a better and detailed topic next Monday. Right now this is all from my side. Hope so this knowledge will be little help for you all whenever you people plan to invest. Take care of yourselves. Happy Steeming fellas!

Allah Hafiz!

from @aniqamashkoor