Hello guys, I have decided to change things a bit and push this blog forward.
I am going to be taking risky trades. You see the thing is, to be able to trade on leverage with low risk we need around $5.76 bankroll.
As things have been rather stagnant due to the other project delays (I won’t even mention the name) I have been fooled into believing in imminent launch and have been loading on their token, in result didn’t make any other trades!
Back to the risky trade!
I am going 25x here, 15min candles, limit order.
Trade nr. 4
Publish0x withdraw added to bankroll: $1.19
Previous trade profit or loss: $ Still open on “Like” $4.71 (value at the time of writing $3.24) (Mount if LIKE tokens $628.9)
Bankroll: $1.19
Coin: BTC
Leverage: 25x
Entry price: $28,184
Take profit: $28,060 (11%)
Stop Loss: x
Liquidation: $29,170
As I said this is very risky trade but let me share with you my reasoning and why I have decided to open this trade!
I have noticed Bitcoin forming a descending triangle on a 15min time frame with a price target of $28,800
And as we are at a resistance level on higher timeframes it makes perfect sense to open a quick short position with 10-20% profit!
You might have also noticed that I have not placed stop loss and my liquidation price is at $29,170 I just think my price target of $28,060 will be reached before BTC goes to $29,170
Big Blow!
I got liquidated!
Where did it all go wrong???
As if something read my mind and said: “Hey I am going to go just above your liquidation price to liquidate you and then will go to your price target!”
Absolutely bizarre!
The Mistakes That Resulted In Failure.
I have made a few critical mistakes!
1. I have walked on the street while setting up this trade.
2. I waited too long to open the position. I have noticed the descending triangle at around $28,370 - that was the moment to open the trade. Instead I have opened during break-down, and in a rush!
3. I have failed to look at the higher timeframe to see where the actual support might be!
Things I have noticed while in the trade.
While in the trade, at first I thought I have had a confirmation of a breakdown on the 4th red candle that you can see after the triangle line got broken.
But then, on the following candles, I have begun to grow negative emotions - I cursed, shouted profanities!
I still had a chance to close at small loss, but I didn’t! I kept watching the chart while walking and then…
My phone battery died!
That was it, I couldn’t do anything any more and had to leave it to whatever the market was going to do next.
This lesson had cost me $1.16 - that was my weekly PUBLISH0X payout.
But for you, you can treat this as a message from a time traveler:
1. Make sure your trade is properly set up!
2. Do not enter a trade in any kind of rush! If it happens that you did and you know you did it - just close it, it is most likely a bad trade!
3. Always check higher timeframes to confirm actual support for the price target!
4. If you begin to feel negatively emotional while in the trade, it is to tell you you are in a bad trade - just get out!
As for me, I’ll wait for my next Publish0x payout and will apply to practice what I have just written!
Follow my “$0.50 to $100 Bankroll BOSTER” Blog where I trade Publish0x payouts on KUCOIN to increase earnings!
https://www.publish0x.com/050-to-100-bankroll-booster
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1. Kucoin (for Publish0x payouts and gem tokens)
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