As expected, Bitcoin is moving along my support line so when can be a good time to get some Bitcoin?
The current price range on 1h timeframe is around 1% (if we look at it conservatively)
So if we set buy order at $28,200 on 10x leverage we can get 10% once the price goes back to $28,500 level but if the price goes to $25,500 we loose our trade.
Of course we can set stop loss but very often the price might go down just below stop loss and the trade is gone. So the risk and reward ration it is perhaps better to use the amount you are comfortable to loose and have it on the trade and the maximum downturn is the stop loss. That's how I think about it at least. e.g. if you want to set stop loss at 10% of your trade then use just 10% of your bankroll instead without stop loss. The risk of loosing is lower but of course you earn less as well. But if you have successful trades consistently it will accumulate over time. Please note that this is not a financial Advise but just my point of view!
Proper planning and execution at the right time is very important for successful trade. You will avoid the stress!
All The Best,
Aventurine!
