I want to use this thread as a sort of journal to document my crypto trading efforts. Hopefully I can share my gains, losses and lessons for others to learn from.

At the end of each trading day, I will be posting my profit or loss, and maybe document whatever I learned from that trading day.

Capital: $30

Trading Experience: Beginner

Strategy: Trend trading

Platform used: Binance Margin

Risk: Moderate

The Plan
My plan is to compound the gains, that is, rollover whatever profit I make on the $30 and continue trading with it. At every month end, If I make a reasonable profit, I would pay myself some salary

PS: I could potentially end up losing my capital and going to $0 but I'm fine with that because this $30 is considered an investment in my financial trading education.

Cheers.

Will begin trading tomorrow 18/4/2024

Someone advised that I withdraw part of my profit weekly instead of monthly, so I will adjust to that.

Trading from Monday to Saturday, then make withdrawal if there's any profit for that week.

Day 1: 18/4/2024

I traded the range of the 1inch/usdt pair, mostly the last upswing and then the breakout. I had a 25% profit at one time but decided not to take profit (a big mistake). Thank God my trailing stop wasn’t triggered.

Profit: 11.3%

Day 2: 19/4/2024

Started at a loss today due to a false entry, missed the last uptrend of the 1inch/usdt pair and traded the ensuing range instead (a big mistake).

Loss: 18.4%

I’ve learned to avoid trading a range. Next time, I’ll use the ADX or EMA indicator to confirm that the market is trending before making an entry. Tough day.

Day 3: 20/4/2024

Started today at a loss due to another false entry via a range. I was too impatient and eager to trade instead of waiting for the EMA entry signal. Thankfully, I rallied back to a small profit.

Profit: 3.7%

Today, I learned that your entry is the most important part of your trade. How you begin your trade will most likely determine how you finish. Had to overtrade today inorder to cover for the losses.

It's better to have a no-trade day than to jump into any available trend and make losses. Hopefully, my trade entries will get better with time, as these losses are teaching me a few ways not to make a trade entry.

Day 4: 21/4/2024

So, I said I wouldn't be trading on Sundays, but I couldn't keep to that. Revenge trading is real guys, I wanted to recoup my losses and decided to trade on my free day. But guess what? I made further losses. Account now down to $26.

Loss: -8%

So, the losses have been discouraging, but I'm really learning a lot and putting them into practice. Hopefully, some of the things I've learned will help me start making profit soon.

For example, I never wanted to use indicators for my trades, but now I'm seeing reason why they could improve my performance and I'm willing to start using a few of them for my trades going forward.

Fingers crossed for today.

If you want to learn how to be profitable at crypto trading, kindly chat me on whatsapp 09039439745
I have a good strategy for it..

Day 5: 22/4/2024

Not a pleasant experience so far.

got caught in a range and had to leave the trade overnight with a stop loss. Got stopped out at the wrong price and lost over 30%. I guess the market will do whatever the market wants to do.

Loss: 36%

To be honest, I've been caught in the web of revenge trading. Everything I've done in the last few trades have been done with the plan to make up for my losses, which is obviously the wrong mentality to have.

I need to do better.

Also, the idea of finding the right trades every single day might just be an illusion. Maybe it's not feasible to trade every day since the market condition might not be in alignment with your strategy every day.

I have to stop forcing trades and just trade only on days where I see the right opportunities for my strategy. I guess.

Day 6: 23/4/2024

Been trade watching due to lack of opportunities in the market today.

Went short on the 1inch/usdt pair in expectation of a huge downswing. This trade could take a few days to complete (swing trading eh?)

So, fingers crossed.

I woke up this morning to see that my stoploss got triggered and I made some loss. The trend is however going downwards after taking me out of the trade. Maybe my stoploss was too tight. Lesson learned.

Loss: 12%

Day 7: 24/4/2024

I went short on the gal/usdt pair in anticipation of a downward movement. Fingers crossed.

My trade is going horribly wrong!

Got a margin call warning and had to deposit an additional $20 to avoid liquidation.

Loss: 45%

So far, I've commited $50 and have lost almost half of it.

Will I lose the remaining half and go to $0 ? or will I recover and turn my losses to profit?

Time will tell.

Day 8: 25/4/2024

I've decided to take on a strict money management for this trading. I'll be trading with only half of my balance and keep the rest as backup.

So, 50% of my balance will be in the cross margin wallet while the other 50% will be in the isolated margin wallet.

In profit or in loss, I'll have to rebalance both accounts before trading each day.

So, I went long on the gal/usdt pair on the 4H timeframe, and the trade took just over 24 hours to complete. Made a small profit after initially starting at a loss.

Profit: 6%

Over the last few days, I've been using different techniques in my trend trading strategy, some of which have been a miss as seen in the losses incured.

I'll have to stick to one technique if I want to be consistent with my trade. So far, I've observed that I'm having a higher RoR when trading with the higher timeframes. Maybe I'll have to stick with that.

Day 9: 27/4/2024

Made only one trade today which ended in a loss. It seems as if the market is set up to lead you in one direction and go the other way. Hmm

Loss: 4.9%

I like this experiment.

I'm following you religiously and learning.

Those who claim to have made it via Binance should come and prove it now before I call them KIDNAPPERS.

Gosiso:
So far, I've commited $50 and have lost almost half of it.

Will I lose the remaining half and go to $0 ? or will I recover and turn my losses to profit?

Time will tell.

I see you're doing a great job here by keeping journal of your trading activities even when the profits are still not evident for now. Howbeit, since you're not considering daily profit withdrawal but weekly target. I will simply advice you to keep extremely low with your risk exposure. By this, you'll actually learn the areas you need to concentrate more and patience required.

I wish you true trading success!

parkervero:
I like this experiment.

I'm following you religiously and learning.

Thanks. We are all learning.

guass:
Those who claim to have made it via Binance should come and prove it now before I call them KIDNAPPERS.

Lol.

Greatheight:


I see you're doing a great job here by keeping journal of your trading activities even when the profits are still not evident for now. Howbeit, since you're not considering daily profit withdrawal but weekly target. I will simply advice you to keep extremely low with your risk exposure. By this, you'll actually learn the areas you need to concentrate more and patience required.

I wish you true trading success!

Thanks. I'm working on a plan for this week that will put my daily loss at 2% max. Hopefully it works out.

Day 10: 29/4/2024

So, I’m testing this hedging plan that involves capping my losses to 2% max, though it involves trading with both my cross margin and isolated margin accounts.

And I have to be very accurate with my numbers, else everything will come falling like a pack of cards.

I hope to test this technique for the next 1 week to see how profitable it is.


Today’s result:

Isolated margin: Loss 5%
Cross Margin: Profit 8%
Net profit: 3%

Start by educating yourself about cryptocurrencies, blockchain technology, and how trading works. There are numerous online resources, courses, and forums where you can learn about different cryptocurrencies, trading strategies, technical analysis, and risk management.
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Day 11: 30/4/2024

Yesterday was so hectic and I planned not to trade, however, we know how these things go.

I eventually traded, howbeit being very distracted.

I ditched my hedging plan and resorted to the default market chasing tactics, which led to another loss!

Loss: 10%