Letter to crypto traders.

The crypto market is full of uncertainties at the moment, most traders are also losing money because they have not been taking necessary precautions.

With the FUD (Fear Uncertainty and Doubt) around, this is the right time for a trader to remain calm and not take rash trading decisions. This is the right time to go back to the drawing, especially when losing many trades.

The truth is that there are still many traders making profits, this is because they kept it simple and did not give themselves to pressure.

OKEx, a world leading cryptocurrency exchange, is always after giving its users a platform to carry out profitable trades. There are tips for traders to help navigate through

1. Always Use a Trading Plan
This is very important, it is proper to know when to get into a trade and when to exit. Trading without a plan makes a trader

2. Diversify your trades
Do not put all your eggs in one basket, this is applicable in trading. There is no point getting emotional and greedy over a single trade, spreading your profit and earning more on other trades is smarter.

3. Risk Only What You Can Afford to Lose
This is still a golden rule, best to stick with it. Risking more than a trader can afford will lead to trading with emotions, which is a bad strategy.

4. Know When to Stop Trading
Rule of thumb is to stop after a maximum of 3 consecutive bad trades, this is the time to sit back and stay away from the charts.

5. Use stop losses
This is very important and necessary, every trade ought to have a stop loss.

6. Use technical analysis
Everything a trader needs to know about when to enter a trade and when to exit is on the charts, with the right tools of course.

7. Pay attention to Fundamental analysis
This can change the direction of the market, just a news can disrupt whatever a properly analysed technical analysis has predicted. Remember the goal is to flow with the market and not to trade against it.

About OKEx
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

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