Bitcoin seems to be struggling to cross the $70k. Its price Is increased 3% which has turned the whole market as green. It looks like that this time Bitcoin would be unstoppable. The resistance at $70k sent it down multiple times already but i feel like this time if it gets broken then it will be going up unstoppable.
Bitcoin is a king as said many times because there is no crypto concept without it. A little pump in its price moves up the whole market which says it all about the importance of Bitcoin in crypto world.
As the Bitcoin is on rise again and market is looking green i could not stop myself from futures trading. If you follow my account and read my posts regularly then you may already know that few days ago i opened a future position on Bouncebit $BB and lost around $40 in a blink of eye because i did not put stop loss. I was disheartened because of the loss but as time passed i felt comfortable.
This time i caught Stargate Finance $STG which is a token of the Stargate Finance. Stargate Finance is a cryptocurrency swap as well as it provides the facility of bridging from one chain to other. Stargate is powered by the layerzero team which also preparing for the zero airdrop and is expected to happen within this month if im not wrong.
As market was moving up so as $STG , its price was pumped more than 50% and hit highest of 0.46 today. This is where i felt that it will drop now from this point as anything which goes up also goes down. So i opened a short position of $50 on $STG with 5X leverage and put a stop loss at 10%. Which means that the position should close when the price moves against my bet at the said price.
I left position opened and went on to do some important work without any worries because this time i did put a stop loss which kept my funds safe to avoid from wiped out. The trade closed after a certain set loss.
Well i lost $10 in this trade , if i would have not set stop loss then i could have lost all of the $50. This is why it is necessary to put stop loss when doing futures trade. Its always good to manage risk. Its good to lose certain amount than being wiped out.
Saying Friendly that futures never turn in my favour this is why i used to say that its not my cup of tea. I don't remember when was the last time i took profit from the futures trading. Perhaps i need to stick only to spot.
Bottom line is to invest only what you can afford to lose because crypto is risky. While doing futures trading always put stop loss.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.