Intro:
I'm not a full-time trader, I just do it for fun on the side of what I call my "real" investments which are far more long-term plays in stocks and crypto.
Trading is a hobby of mine. It's proven to be profitable and definitely viable. I love doing it but I know that short-term trading like this is both risky and unpredictable!! That's why I don't rely on it for my main income stream.
I look at trading as being something for fun and profit (with the right mindset) - if you're as unemotional as possible and always look to take profits early and then take profits completely off the table, then I think long-term success is definitely possible.
I've trade for years on both the traditional stock market as well as the options market and now the crypto markets. Trading is high risk/high reward. It's similar to poker bankrolling if you're familiar with that practice/skill.
It's a skill to know how to manage your funds. It's a skill to be able to shift money in and out of the game and then take profits off the table. Seek to cultivate that skill, and I think you can see massive upside over the long-term. Stay curious and stay cautious!
Tripto Trade Log Entry 5:
I opened a new position yesterday in ETH and then I managed to close the position a few hours after at my preset sell level of 225.48!!
This is an important note: ETH went up another 2% above my sell level, I could've made 2x the profits, right?
I don't like to look at my trades in this way. I'm very mechanical and meticulous about this. I use preset sell levels to take 2% off the table and I don't look back. I don't look at how I could've made more money. I feel like that's just toxic thinking!!!
Open and Closing Positions:
- Underlying: ETH
- Buy Price: 221.06
- Expected Sell Price: $225.48
- Actual Sell Price: $225.48
- Expected Profit: ~2%
- Actual Profit = 2%
I already have the next buy order set for 221.06 again. This range continues to have disproportionate success!!! I believe this is my 6th or 7th play in this range that has sold in under 72 hours in the last week or so. Incredible!
Disclaimer:
Nothing in this post or in any other post I write about my own trading/investing should be read as financial advice. All information in this post is simply for entertainment purposes only.