Hello all! Thanks for following my personal challenge. Here we go Day 2! I am attempting to turn $1000 into $100,000 by the end of the year by day trading altcoins. Day 1 was a success:
Day 2 and here is trade #3
Starting Bankroll Day 1: 0.16 Bitcoin Starting bankroll Day 2: 0.168 Bitcoin I invested half of my bankroll into ADA on Binance. Bought 3664 at 2265 satoshi Total invested: 0.0829896 Bitcoin Sell target is: 2380 for 5% profit Stop loss: 2150
Your comments, agrees and disagrees are always welcome and appreciated.
Thanks for stopping by and have a great day!
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A little bit of a pullback here, this is ok as long as we can get a bounce up from trend here (ema8, blue line)
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ADA has been steadily increasing, slowly approaching the sell target.
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I just want take this opportunity to give out a suggestion that I often use. I entered this ADA trade at 2265 satoshi and soon after the price instantly had a run up. What I like to do in these situations is move my Stop loss up to my buy in price or a bit above my buy in price. I do this because: #1 If the current run losses momentum, more times than not the target will not be reached soon. I would rather use these funds to move onto another trade. #2 By moving the stop loss up to my buyin price, or slightly above, I risk none of my own money and still have potential to make profit. #3 I'm happier with a dead trade than a losing trade. My stop is now moved up to 2265
Trade closed manually
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My new stop was hit for no loss. It's a shame because I came so close to the target. Trade cancelled. I will look for a new opportunity tomorrow.
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ADA came back and hit the sell target. Maybe I should of not moved my stop? No regrets.
There is always another trade. Exactly, no regrets.
ChartWolves
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IF BTC breaks 6800 I'm positive you will hit your target.
redking75
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@KrisCarne, I agree
backwoodartistry
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i have been enjoying following redking. i joined his discord group, and im very glad i did, i would recommend that you all check it out! if you do join, let em' know that Andy sent yah! 1k to 100k, Lets Do It!!! :-)
yigitfatih
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You should use divide and rule and 2 day hodl strategy =)
CraftDGuy
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I can see the light! I was able to buy in a bit lower after the dip so my sell is 2357 sats. Using 3commas for the first time ever on this trade as well. what a treat.
Cheers and good luck!
Bradleyrb
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@CraftDGuy, I also use 3commas. Do you put a trailing take profit on?
CraftDGuy
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@Bradleyrb, Yes, first time doing that and first time using a trailing stop loss on binance. Slept easy last night
Bradleyrb
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@CraftDGuy, yeah man tell me about it. Just beware on smaller profit % trades. If you want to make say 5%, like on this trade and you set your TTP at 1%, it will initiate the TTP when you hit 5%. But that means your TTP is starting on 4%. If the trade goes up more than 1%, then you will get your 5% plus. But if it starts coming down, you will get 4% or less. And minus another 0.5% for the fee. Don't get me wrong, it works well most of the time. It just turns on you from time to time.