Okay, so it didn't exactly go to plan. Getting a position at x25 is not so easy when one is feeling a sense of impatience to get in. Regular meditation as a trader is highly recommended!
Quoting my plan from 3 days ago:
I am expecting the correction to be a decent one (around 30%) so when I believe it to be done I will use $2000 worth of BTC and $2000 worth of ETH to buy long positions, using a leverage of x25. newbie optimist
In reality I managed to lose around $200 worth of BTC attempting three times to second guess the breakout and chart pattern after the bounce.
But with only two directions to choose I had to get it right eventually!
The catch is that at 25x leverage (which obviously is preferable to x3 leverage) you don't have much breathing space to go in the wrong direction, meaning that you can quickly end up with a small loss when it deviates too far from your chosen direction (short or long) and your stop losses are triggered.
CAUTION ADVISED
This can happen again and again if you have an addictive character like me!
It is possible to create limit or conditional orders so that your computer does the buying and selling for you at set points, but I prefer the method which makes my heart beat like I'm on drugs.
If you intend to increase your profits by 25x your entry point will have to be strategic. Those crazy BTC candles are violent and fast with their wicks in both directions. Especially while locked inside a triangle like this one 24h ago.
I was able to get my 25x position at around 35K (when it confirmed a break from the above triangle) and now that the price has moved far above this level the lost funds are back and I can continue making profits all the way up to the top, selling some at pre-set moments.
The first of which is now set at $52K for BTC (which I believe will be reached before the end of the month).
It will be hard for me (now that I've tasted this very addictive feeling) to not trade the bounce I know is coming. Especially as the price may yet drop below my entry points, taking me back to square one!
I also bought contracts for 1.8 ETH at 6am this morning, with a 30x leverage.
Having had some practice with BTC (learning the hard way what not to do) I was able to enter ETH first time without getting stopped out. You can see my entry point below at $1112 (green line) with my stop loss (red line) set just beneath it at $1100.
In the bottom tab it shows my 'unrealised profit & loss %' (since this morning) as 0.1429 ETH ($172).
Finally I was also able to jump in (around lunchtime today) with $425 worth of EOS contracts at 30x.
The green line is the entry point (2.744) while the red line is a rather generous stop loss set at 2.693. The further away from the entry point, the more expensive your mistake if your stop loss is triggered. Though you are of course less likely to get stopped out when your stop loss is set far from the entry point.
I have 5.6 EOS ($15) profit in the bag... so far.
UPDATE!
I couldn't help myself and have sold everything in profit at the top, looking to buy back my long positions on the bounce. The move is going exactly as I anticipated and yep, this drug is addictive.
Bybit
You can leverage up to 100x on Bybit but obviously it ain't so easy to enter the game with such tight margins and I don't recommend this for anyone except experienced traders.
Bybit also supports XRP for leverage trading but I sold all mine a few weeks back when it had a FUD dump. No stress, I never felt good about holding it anyway.
For those of you looking to start leverage trading, please use my referral link when you sign up with ByBit.
Once you set up your account, transfer the funds you intend to use (BTC, ETH, EOS, XRP) into your Bybit wallet within 48h of signing up and get a $ bonus of some kind. I missed this opportunity by 5h! That's why I'm telling you and that's why I expect you to use my referral link ;)
My intention with these posts is not to show off. My goal is to encourage you to take the plunge as I have done and benefit at this time when only a few people understand how to get rich in a way which is really quite relaxed (if you're not an adrenalin addict like me!)
Big love from a south of france currently submerged in global warming x
