Experienced trader explains when is the best time to get out of the market

2021 is a wild move for the crypto markets as Bitcoin shocks its opponents by hitting a new record high of $ 64,863 and making the DeFi and NFT sectors headlines around the world.

At times like these, crypto traders need to be on their guard as the notoriously volatile nature of the crypto market can result in huge fortunes being wiped out in hours or days.

According to Charlie Burton, veteran trader and co-founder of Ezeetrader, it is important at this point that every trader has a set of rules that they must follow when emotions heat up because “we are all fallible people. Beings, especially in front of the markets. “

Burton said

“We are naturally influenced by greed or fear of one tendency or another. So we really need a few simple rules, but I’d also say a lot of visualization is fine. “

These rules can include things like the loss at which an investor will place a stop loss order, the maximum percentage of a portfolio that one will allow a trade to execute, and the placement of a sell order.

Burton said

“It’s important to talk to yourself a lot. ‘If I took this trade now and it didn’t work out, would I be mad at myself?’ This is a great line that is keeping me from jumping into jobs that I shouldn’t be in. “