Trading Challenge: Watch me trade 100 USDT to 50,000 USDT.
Updated
Introduction:
This is a personal log of me trading from 100 USDT to 50,000 USDT, strictly trading cryptos. Each trade I will be explaining the grade of the trade, the reasoning behind why I’m taking this trade and the techniques I am using. THIS IS STRICTLY NOT FINANCIAL ADVICE.
Trade number 3
Grade: B
Reasoning Behind the trade: Aiming to hit horizontal resistance. Have support and EMA's
Technique Insight:
Stop loss management. When trading with ‘normal’ risk management I’m a firm believer of letting profits run and having a static stop. It’s a solid way of teaching yourself to not take a position out early and wait for your target to be met.
However… In a scenario like this making sure a trade doesn’t reverse and wipe out 24% of my capital I will strictly follow a rule that if we get to 50% of target I will move my stop to +5% (to take into account fees and slippage). Then once we get to 75% I will aggressively trail to the target this way we are locking in profits on these small ratio moves. Unless.. I see a scenario like trade number 1 where there is resistance above the stop (i.e. it’s going for a retest).
This is a personal log of me trading from 100 USDT to 50,000 USDT, strictly trading cryptos. Each trade I will be explaining the grade of the trade, the reasoning behind why I’m taking this trade and the techniques I am using. THIS IS STRICTLY NOT FINANCIAL ADVICE.
Trade number 3
Grade: B
Reasoning Behind the trade: Aiming to hit horizontal resistance. Have support and EMA's
Technique Insight:
Stop loss management. When trading with ‘normal’ risk management I’m a firm believer of letting profits run and having a static stop. It’s a solid way of teaching yourself to not take a position out early and wait for your target to be met.
However… In a scenario like this making sure a trade doesn’t reverse and wipe out 24% of my capital I will strictly follow a rule that if we get to 50% of target I will move my stop to +5% (to take into account fees and slippage). Then once we get to 75% I will aggressively trail to the target this way we are locking in profits on these small ratio moves. Unless.. I see a scenario like trade number 1 where there is resistance above the stop (i.e. it’s going for a retest).
Order cancelled
Closed at breakeven - serious lack of volume
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