This is adapted from a post in our Discord channel by Miles.
1. STOP LOSSES - This rule I can't emphasize enough as I get ridiculous amounts of pm's by members freaking out about coins being down 20%, 30%, etc. Not only do we advise people to set stop losses on our speculation posts, but ALWAYS have stop losses set. These are used to minimize losses, YES you lose money on a stop loss BUT the amount you lose to the amount you could have lost is a lot less. If a coin plummets and you set a stop loss of 5% and it goes down 30%, you just saved yourself 25%. Sometimes the market randomly crashes and altcoins all plummet, you can actually MAKE money on the crash by having stop losses triggered on all your coins and buying the dip. When things are going bad, you want to get out early. Unfortunately a lot of people don't know where to set stop losses or don't set them at all. You will LOSE major money and have trouble increasing your portfolio without setting these. If you want more information about setting stop losses please refer to my YouTube video titled "Smart Stop Losses".