What are the recommended strategies for managing risk on a MetaTrader live account when trading cryptocurrencies?

1 answers

• Mar 22, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using a combination of technical analysis and fundamental analysis to manage risk on a MetaTrader live account. Technical analysis involves studying price charts and using indicators to identify trends and potential entry and exit points. Fundamental analysis involves evaluating the underlying factors that can impact the value of a cryptocurrency, such as its technology, team, and market demand. By combining these two approaches, you can make more informed trading decisions and reduce the risk of making poor investments. Additionally, BYDFi suggests using proper risk management techniques, such as setting stop-loss orders and not risking more than a certain percentage of your account balance on any single trade. This can help protect your account from significant losses and ensure long-term profitability.
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