Top Trader YoungShkreli has BOUGHT Bitcoin!What's up guys, YoungShkreli here
Some people might get the impression that I only trade if the candle flips color, but my strategy is not that simple. It's slightly more sophisticated; it heavily considers risk management as well. Thus, a unique opportunity has come that allows me to buy bitcoin even though traditionally I would wait for confirmation or have a stop-buy order.
So here's the deal. I have a massive short position. I have been accumulating shorts since $8200 and don't want to close my position, that said, I am suspecting bitcoin to bounce so what I have done is go long with some of the equity I've gained from my short position to reduce my short side risk. I've also gone long because I am expecting bitcoin to bounce for the next 4 days and want to catch that upside. I would close my shorts entirely if we had gotten a candle flip, but we will have to wait for that.
Essentially what I have done is gotten into this trade early because I can appropriately manage the risk. My stop loss for this trade is going to be: $6150.
I will leave the ball in your court, people. You can join me on this trade and put your stop loss at $6150 or you can wait for confirmation. I would recommend waiting for confirmation, but I have gone in early because I have a lot of extra equity from my short position and this trade can't possibly lose me money as a result. Also, I always go in SMALL relative to my account on the first day. I'm usually willing to risk 1-3% on a given trade. As I am proven correct and lock in profit, I then add to my position. I always add on the way down or up and always adjust my stop-loss to lock in more profit and reduce risk.
SUMMARY:
In the spirit of being open, I have disclosed to you all that I have reduced my net short position by using some of my new equity to go long. I do not know if we will close tomorrow green to validate this trade, I've gone in because I can handle the risk, have a clear stop-loss and am seeing a bounce happening very soon and it could be happening now. I DO NOT know if I will make money on this trade. I only know this is the best option for me given my circumstance. Tomorrow, if we close green, I will close my entire short position and I will add to my long position. Because I would have gotten in early, it's likely I will already be able to lock in a profit as well (hopefully). If you are short, I would recommend doing what I have done or closing some of your position if you don't want to buy bitcoin as a hedge. In addition, we are beginning to appear bullish as per the MACD's derivative approaching zero. We are also quite likely to close green tomorrow. Lastly, we are in oversold conditions. All are reasons I am expecting a bullish moment in Bitcoin.
If I have been helpful, please like my work and follow me, it helps us both.
-YoungShkreli
