The top 3 steps to avoid losses on Binance:
1. Use a 'Stop Loss' order:
This is like a safety valve. You set a price at which, if the currency reaches it, it is automatically sold to reduce losses. Example: I bought a currency at a price of $100, and set the stop loss at $90. If the price drops, it is automatically sold before you lose more.
2. Do not invest all your capital in one trade:
Distribute your investment across multiple currencies or projects. Diversification reduces risks, just like you diversify spices to achieve a balanced flavor.
3. Learn technical and fundamental analysis:
Do not rely on luck. Use analytical tools to determine entry and exit points. Follow the news, and learn to read candlestick charts.
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