I Did It! Again!
I made a trade on 10x leverage, shorting 380 contracts at 8017.5, closing the trade at 7860.5 for approximately $10 profit.
Here's the trade below.
Firstly, after seeing a huge price swing on the upwards in such a short space of time, I was looking to make a move. Having got some kind of confirmation that the price wasn't continuing to rise, I entered my short of 350 (but later added another 30 to average up). I had decided that the price move was unsustainable and the RSI on the 5 minute chart was showing signs of being overbought.
As I held the trade open, I realized there was a channel and subsequently drew it, confirming my thoughts that I made the right call. Much to my dismay, a cup and handle was forming, indicating a potential breakout. I was at the ready to cut my losses if the channel broke, but as you can see from the chart, several candles had attempted to break through, ultimately failing to do so and creating long wicks on the upside.
I waited patiently for the move, and it came! I managed to secure a decent profit and this is probably the trade that I feel the best about yet. I'm learning to stay away from 1 minute charts and try to remain calm in slightly longer time intervals.
Unfortunately the market moved too quickly and I didn't manage to catch the optimal wicks on the up and downside, but these things happen.
Here's to more successful trades!
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DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.
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Nice trade, but that's really playing with fire. The unexpected can happen and I know a lot of people got their accounts blown up due to things that were kind of out of their control once the trades were in (can't exit a position if they lock trading, for one, and exchanges do that kind of stuff randomly and without notice or mercy).
https://twitter.com/BitmexRekt/
Also, I guess requirements for disclosing referral links aren't the same everywhere, but it would be nice to mention that it's a referral link you have there. Good luck trading!
Thanks, it's not really playing with fire when I've only opened my account with £30 though, it's an amount I'm willing to lose - so anything's a bonus. I appreciate a lot of people do get stung day-trading, that's why I'm very conservative with what I've put into my BitMEX account until I feel more confident and get better at it.
Ah yeah, sure, I'll change it to say it's a referral link, I never really thought about it, I don't get much traffic to my blog anyway and I thought it was obvious. But I'll change the wording anyway so it's more clear.
Thanks for stopping by :)
Coins mentioned in post:
I think these blog posts would be really popular if they were in video format. Nice writeup.