When it comes to trading, there are so many little things We wish we had known sooner. These tips would have saved me a lot of money lost on “education” (a.k.a. costly mistakes) and helped reduce stress, improve focus, and increase my overall comfort.

These aren’t your typical “don’t FOMO” or “take profit” tips. Instead, you can immediately apply these actionable, often overlooked strategies to see a difference. Let’s dive in.

1. Use Multiple Crypto Exchanges

Open accounts on as many trading exchanges as you can manage. You don’t have to use all of them simultaneously; just keep them ready. This allows you to test different platforms and find the best fit for your trading style.

Each exchange offers unique benefits like lower fees, advanced charting tools, or better features. Multiple accounts also allow you to start fresh positions without doubling down on losing trades. This way, you can place a new position on another platform instead of adding to a losing one, helping to maintain a positive mental state.

2. Use Different Exchanges Instead of Subaccounts

While many exchanges offer subaccount features to diversify trading, managing these subaccounts can be inconvenient, especially during volatile trading sessions. Switching between subaccounts on the same exchange can be clunky and slow.

Instead, use separate apps for each exchange. You can easily switch between apps on your phone rather than fumbling through subaccounts. For example, some Android devices let you clone apps, making it even easier to manage multiple accounts. Even using two phones can be better than managing multiple subaccounts.

3. Keep Your Trades Tidy Across Exchanges

If you have open positions in one exchange, try not to trade other coins. For instance, if you have BTC trades on one platform, use a different exchange for ETH trades. This helps keep your trading clean and manageable. It’s easy to get overwhelmed if multiple positions run on the same platform, especially when using hedge mode.

Using different exchanges for different trades keeps things organized, making it easier to monitor positions without unnecessary clutter.

4. Use Your Referral Link

Whenever you create a second account on an exchange, don’t forget to use the referral link from your first account. Most exchanges offer around 10% cashback on referral trading fees, which can increase over time.

You might not notice trading fees daily, but getting a small kickback every time you trade is a nice bonus. Plus, this is how many traders and influencers in the crypto space make additional income.

5. Turn On Hedge Mode

Most exchanges default to One-Way mode, limiting your options to either liquidation or stop loss when things go south. Switching to Hedge mode allows you to hold both long and short positions simultaneously, offering more flexibility in managing risk.

Hedge mode can save you money and protect your trades during volatile market swings, making it a crucial setting to explore if you haven’t already. It’s a simple switch that can provide significant benefits.

6. Keep Your Ongoing Trades Private

One of my biggest rules is keeping my ongoing trades to myself until I’ve at least made some profits. Posting about your trades in real-time, especially if you have a social media following, can lead to ego-driven decisions.

You might feel pressured to defend your position when publicly sharing your trades, even when it’s not working out. This stubbornness can cost you more than money—it can mess with your mindset. Keep your trading private, stay flexible, and focus on making profitable decisions, not proving a point.

7. Master the Fibonacci Retracement Tool

Among all the technical analysis tools, the Fibonacci retracement is one we swear by. While it doesn’t predict market direction, it’s excellent at identifying potential support and resistance levels where prices might pause or reverse.

Drawing the lines correctly can help you find ideal entry points, even if you missed the initial move. Using Fibonacci retracement can significantly improve your trading by giving you a clearer picture of where the market might react next.

Conclusion

Trading isn’t just about big strategies and grand theories; it’s often the little things that make the most difference. By applying these lesser-known tips—like using multiple exchanges, keeping trades tidy, and mastering key tools like Hedge mode and Fibonacci—you can make trading smoother, less stressful, and ultimately more profitable.

Trading strategies evolve with market conditions, so always keep learning and adjusting. The key is to keep improving, even if it’s just small tweaks here and there.

FAQs

1. Why should I use multiple exchanges instead of just one?
Using multiple exchanges lets you find the best fit for your trading style, avoid doubling down on losing trades, and keep your positions organized across different platforms.

2. What is the benefit of using Hedge mode?
Hedge mode allows you to hold both long and short positions simultaneously, offering more flexibility and risk management options compared to One-Way mode.

3. How does using referral links benefit me?
Using your own referral link when creating new accounts can earn you cashback on trading fees, adding up to a nice bonus over time.

4. Why should I keep my ongoing trades private?
Keeping trades private helps you stay flexible and prevents ego-driven decisions. Public trades can pressure you into defending positions rather than making profitable adjustments.

5. How does Fibonacci retracement help in trading?
Fibonacci retracement helps identify key support and resistance levels, giving you a better sense of where prices might pause or reverse, aiding in finding better entry and exit points.