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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.