How does Shiv Madan recommend managing risk when trading cryptocurrencies?

3 answers

• Dec 27, 2021 · 3 years ago
  One strategy recommended by Shiv Madan for managing risk when trading cryptocurrencies is diversification. By spreading your investments across different cryptocurrencies, you can reduce the impact of any single coin's price fluctuations. This can help mitigate the risk of losing all your investment in case one coin performs poorly. Additionally, Shiv Madan suggests setting stop-loss orders to limit potential losses. These orders automatically sell your coins if their price drops below a certain threshold, helping you cut your losses and protect your capital. It's also important to stay updated with the latest news and developments in the cryptocurrency market to make informed trading decisions.
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• Dec 27, 2021 · 3 years ago
  When it comes to managing risk in cryptocurrency trading, Shiv Madan advises traders to only invest what they can afford to lose. Cryptocurrency markets are highly volatile and unpredictable, so it's crucial to have a risk management strategy in place. Another recommendation from Shiv Madan is to use technical analysis tools and indicators to identify potential entry and exit points. This can help traders make more informed decisions based on market trends and patterns. Additionally, he suggests setting realistic profit targets and sticking to them, as greed can often lead to impulsive and risky trading decisions.
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• Dec 27, 2021 · 3 years ago
  As a representative of BYDFi, I can say that Shiv Madan recommends using BYDFi's risk management tools when trading cryptocurrencies. BYDFi offers features like trailing stop orders, which automatically adjust the sell price as the market price increases, allowing traders to lock in profits while still benefiting from potential price increases. Additionally, BYDFi provides real-time market data and analysis, helping traders stay informed and make better risk management decisions. It's important to note that risk management is a personal responsibility, and traders should always do their own research and make informed decisions based on their risk tolerance and investment goals.
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