One of the most common pitfalls of traders in Futures Trading is the fear of missing out (FOMO). In this blog post, we’ll delve into the art of emotional control and how to overcome FOMO to make more informed and strategic decisions in your futures trading journey!
Understanding FOMO in Trading: FOMO, or the fear of missing out, is a powerful emotion that can cloud judgment and lead to impulsive decisions.
Trading futures is not as simple as it seems to be. Even seasoned traders with extensive experience in futures still get things wrong and make mistakes. Thus, for newcomers, it is important to proceed with caution. A single misstep could result in a substantial loss of investment capital.
As much as it is crucial for traders to know what to do, it is equally vital to be aware of potential mistakes that they’re likely to make.
Wallacy, a trusted cryptocurrency wallet provider, is excited to announce the addition of Futures Trading to its platform, enabling users to conveniently engage in cryptocurrency futures trading directly from their Wallacy wallet. With leverage of up to 100x, Wallacy’s Futures Trading covers over 140 trading pairs across multiple Ethereum-compatible blockchains.
Wallacy’s Futures Trading has been made possible through a collaborative effort between Wallacy and OKX, a leading cryptocurrency exchange and Web3 technology company.
Before starting to trade, you need to select a trading pair (eg: BTC/USDT) and determine your investment position: [Buy/Long] or [Sell/Short].
Buy/Long: You predict BTC price will increase. You buy BTC at a low price and wait to take profits when the price increases. Sell/Short: You predict BTC price will decrease. You sell short BTC (borrow BTC to sell to the market at a high price) then wait for the price to decrease to buy and return the borrowed BTC, profiting from the price drop.
The profit and loss (PNL) of futures assets is a core concern for every trader. At Wallacy Wallet, you can check and share the PNL to your friends by following these steps: 1️⃣ Open the Wallacy wallet App and tap on [Trading].
2️⃣ Tap on the Position History icon next to the Assets section.
3️⃣ Click on [Position History] tab, and you can view your orders and realized PNLs here
We’re thrilled to announce the Futures Trading feature is now available on Wallacy Wallet, aiming to be user-friendly with 141 trading pairs and a maximum leverage of 200x. Below is a detailed guide to help you get started to trade on Wallacy Futures.
Step 1: Create or Import your Wallet into Wallacy Download Wallacy wallet on Google Play store or App Store: https://wallacy.io/download/ Create your new wallet or Import if you already had an existing one Back up your wallet by keeping the mnemonics phrase/private key in a safe place!