Discussion in 'My Journey Discussions' started by littlemaster7272, May 14, 2020.
I also following this. Can you share that you use in this leverage trading.
Bitcoin guru’s gon be mad
Hi, What is your trading strategy. You are doing well. GL on the journey!
I am using 25 to 50x leverage with really really tight stop loss limit. when i grow some balance leverage will be decrease to 10x to 5x
may I ask what platform is that?
Good luck bro i've been thinking about doing the same thing. Any resources i can learn from?
Nice progress. Only few steps away from your goal.
Trading is so risky. I tried similar thing few months back.
Loaded exchange account with funds, intended to play very risky.
I traded ETHBULL and ETHBEAR fxt 3x margin tokens for few weeks, making 10% almost every day.
Chart was always changing direction when I needed it to, ending all trades the same day I started them.
Then March happened.
ETHBULL crashed from 2500 to 1700, well, good timing to get in i thought, expected the bounce.
But it didn't happen. ETHBULL crashed additionally, from 1700 to 100 while I was waiting for reversal.
So this is how trading accounts die. One big unexpected move.
You are doing well until absolutely crazy thing happens, and you're wiped out.
You can be right many many times, but since stakes raise along, one mistake and it's all gone.
Would be great title I admit: "My crypto trading journey from 10k to 50"
This seems like a nice journey but it will be very tough. I see that you're already making good progress. I don't understand the leverage concept though. I want to learn to trade, so YT here I come. Good luck, mate.
Just wait for a crash
Good luck on the journey dude all the best
Good luck, keep thread updated please
I'll try to explain what leverage or margin trading is.
It's a fancy word for trading with borrowed money.
Reason for it is to increase both risk and reward of trading.
Let's say you have 1k, and borrow 9k . This is total of $10k . Then you buy (open long position) something like bitcoin, and bitcoin goes up 10%, then you sell (close long position).
You end up with $11k minus trading fees. You borrowed 9k which you must return, and own $2k .
In the end, you turned 1k into 2k by guessing right 10% price change. Leverage was 10x - your buying power is 10 times your own funds.
But if the price goes down 10%, your 10k becomes 9k, and liquidation is triggered. Exchange doesn't allow you to risk borrowed money. All losses go from your pocket.
9k goes back to borrower, and you are left with nothing.
Thanks for the explanation. I think I understand now.
The day before yesterday, too, began to engage in trading, read a couple of books. Threw about $ 70 on binance, trading with x25 leverage.
it's better to use low leverage.
I was little ill last few days. I lost one of my trade. stop limit was hit and i lost 50% of my balance, now recovered with profit.
NEW BALANCE NOW 92.13$
I was in crypto a lot before than you, and i'm sorry that you are so excited. In crypto, hoping and believing in yourself is not enough to succeed.
At certain point you will stop posting in this thread i guess.
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