Hey everyone I have set a new personal challenge for myself. I currently have 0.73 BTC to play with and my goal is to increase it to 5 BTC by the end of the year. My strategy is rather simple as I will be making many trades with small profit margins, generally between 1 and 2 percent. I am trading on Binance only, and I have set aside 0.07392059 BTC in BNB to pay for the trading fees and to avoid collecting dust. That leaves my with 0.65573028 BTC for trading.
This first trade is interesting as there was a massive spike in volume 4 hours ago and I have the feeling this little baby is going to be pumped today.
Current balance: 0.65573028 BTC
Entry: 0.00000216
Soft Target: 0.00000220
If it breaks out of the channel above 220 I will be trailing it to see how far we get. My stop loss will be 3 sat below the bottom of the channel.
This first trade is interesting as there was a massive spike in volume 4 hours ago and I have the feeling this little baby is going to be pumped today.
Current balance: 0.65573028 BTC
Entry: 0.00000216
Soft Target: 0.00000220
If it breaks out of the channel above 220 I will be trailing it to see how far we get. My stop loss will be 3 sat below the bottom of the channel.
Comment:
To put my challenge in perspective: For me to reach my target of 5 BTC by the end of the year (100 weekdays) I need to average 2 trades per day, with 1% profit. Sounds doable, but it's easy to get hit and lose a few percent in a day, and the more BTC I enter into a trade, the higher volume the coin needs to be in order for me to know I can also exit the trade when I want to. This limits the coins available to trade, and there may be days where I see no possibility for a transaction at all. I will also be spreading the risk over multiple coins when I see the opportunity.
Comment:
LEND just pumped and I exited the trade:
Sold 90% at 235
Sold 10% at 228
Profit: 0.0572508 (+8.73%)
New trading balance: 0.71298108
Sold 90% at 235
Sold 10% at 228
Profit: 0.0572508 (+8.73%)
New trading balance: 0.71298108