10 public crypto trades for the last month - statistics on TVHello colleagues!
Since 17 August 2023, we have changed the format of our ideas on tradingview.
Instead of medium-term forecasts, where we shared the main and alternative scenarios of price movements, we started publishing potential trades.
In addition, we backed these trades with specific amounts of money to show how cryptocurrency trading looks like in practice.
From 17 August to the present day, the price of bitcoin has not shown a specific trend:
Low volatility abruptly changed to high volatility and then subsided. For us, it was not a very pleasant time to trade. Nevertheless, we want to analyze 10 trades that we published during this period and share our financial results for the month.
Trade #1 is a short on Bitcoin:
In this trade, we tried to enter a short position on a rebound from the $29,000 range. However, the price of BTC fell without correction, without taking us with it. We allocated $5000 for this trade, but we failed to realize this drop. Therefore, we do not count this trade in our statistics.
Trade #2 Long SUI
In this trade, we entered at $10,000 and it was fully executed. Buyers were able to hold the range of $0.523 and take the price to our target of $0.6114.
Notice how high the volatility was on the SUI chart. After this top bounce, the price of SUI dropped by $0.4188.
On this trade, we took 16.84% of the price movement and earned $1450 . Why? We took profits in two places, at $0.58 and $0.6114. It was safer for us, as the other one does not always reach the desired target.
Trade #3 Bitcoin long
After the BTC price consolidation formed, we expected local manipulation to enter the position safely. However, sellers failed to update the local lows, and we again saw the BTC price move without a position. We had allocated $10000 for this trade, but again failed to jump into the trade. It's not good, the trade is not active, let's move on.
Trade #4 LTC Long
Since then, our understanding of the market has been failing us. However, the risk management did not let us down. The logic of the LTC trade was as follows:
There was a downward momentum, which could have been the culmination of the fall
A phase of position building began
There was a local increase in the LTC price, which could indicate the start of a new wave.
Understanding the market in this way, we expected to catch a 20% growth momentum on a local correction. The stop order was short - 3%. However, the price reached our stop order very aggressively and continued to fall by another 7.5%.
We allocated $10000 for this trade. Considering that our stop order was 3.82%, we lost $390.
Trade #5 Long C98
It was an experimental trade. You can probably tell by the target we set and the stop order. While Bitcoin was in consolidation, low-liquid assets began to make good waves of growth. By that time (2 September 2023), they had already risen by 100% or more:
#AGLD
#BLZ
#CYBER
#JOE
#NMR
And others
Analyzing the cryptocurrencies that started strong impulses, we selected several cryptocurrencies in order to calculate who might be next. That is why we set a short stop order and halved the size of the position to $5000.
The result was -$165. However, if the trade had been executed, we would have received $6000. Is it wise to get 20 stop losses at $165 to get one powerful trade? Write your answers in the comments!
Trade #6 Long INJ
The INJ trade is the second attempt to catch a powerful trade with low risks. At the moment, the trade is successful and shows +10% . We will record this result for the trade, as it is unclear how long it will take to implement this trade. Nevertheless, the chance of a retracement is quite high.
We allocated $10000 for this trade. Taking into account that we record 10% of the price movement for statistics, the profit on the trade is $1000.
Trade #7 Short OCEAN
This trade is the first one where the stop loss was triggered incorrectly. That is, the stop was triggered, but the price went in the right direction. Perhaps it is worth analyzing this trade in more detail. At the time of planning a potential trade, we saw some weakness on the buy side:
The price of OCEAN reached the $0.329 range and sellers became more active. Please note that the bulls have updated their local lows. And after a false breakout of the $0.329 range, they did it again. Given the weak wave of OCEAN's growth after that, we didn't expect the pair to update local highs, so we decided to place a short stop.
Could we have placed a longer stop in this situation? Yes, but the looping stop order would have had to be at $0.341. In this case, the ratio of potential profit to loss was incorrect. Therefore, in this case, we saved on the size of the stop order and suffered a loss. But as you can see, OCEAN is quite strong and has not yet reached the final target (only the first one).
We allocated $10000 for this trade and suffered a loss of $204
Trade #8 ANKR long
The same logic was used here as with the C98 and INJ trades. A short stop order and a calculation on the momentum. The result was the triggering of the stop order.
We allocated $5000 for this trade, so the loss is $120
Trade 9 - Bitcoin long
After two previous attempts to catch a trade on bitcoin in this situation, we changed our tactics. We still believed that without a false breakout, the price of BTC would not start local growth. However, in order not to lose our position, we identified two buy zones. This time, two buy zones worked and the price reached our targets.
We allocated $10,000 for this trade. Having caught about 6% of the price movement, we earned $601
Trade #10 Long CFX
This is the fourth experimental trade, which was aimed at catching a powerful upward momentum. In this trade, we moved the stop loss lower due to the growing level of volatility in the market. However, as practice has shown, it was in vain.
As a result, we got a stop loss of -7.96 %. We allocated $5000 for this trade. The loss on this trade was -$398.
Financial results of the first 10 public trades for the period from 17 August to 8 September
Trade #1 - short on Bitcoin: the trade did not take place
Trade #2 Long SUI: +$1450
Trade #3 Bitcoin long: the trade did not take place
Trade #4 LTC Long: -$390
Trade #5 Long C98: -$165
Trade #6 Long INJ: +$1000
Trade #7 Short OCEAN: -$204
Trade #8 Long ANKR: - $120
Trade #9 - Bitcoin long: +$601
Trade #10 Long CFX: - $398
Total result: $1774.
As you can see, having more unprofitable trades with proper risk management can help you make a profit in such a volatile market as we are in now.
What are your financial results for the past month? How is your trading going? Write your thoughts about our trades and our statistics in the comments!
P.S. All the figures we used in these statistics are publicly available on tradingview.
