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Re: My Crypto Trading Journey - Follow Me by Gosiso: 2:57pm On May 01 |
I'm returning back to my hedging plan to test it out enough so I can find an edge to this trading thing. Hoping for the best. |
Re: My Crypto Trading Journey - Follow Me by Maypatronicng: 4:27pm On May 01 |
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 1:40am On May 02 |
Day 12: 1/5/2024 Loss: 8% ![]() ![]() ![]() |
Re: My Crypto Trading Journey - Follow Me by owelle22(m): 1:56am On May 02 |
What strategy are you using? |
Re: My Crypto Trading Journey - Follow Me by guass(m): 3:16pm On May 02 |
Where are the crypto gurus? You guys should come and teach us how best to trade on binance because I have personally tried it too with $20 but I equally recorded only LOSSES. |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 3:46pm On May 02 |
owelle22: I'm trading with the trend but yet to decide on a permanent technique to use. The truth is, you'll have to test out your technique about 100 times to find one with a high win rate. Again losses are expected. The plan is to find a technique with a high win % |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 3:55pm On May 02 |
guass: There's no best way to trade and nobody will teach you exactly how to trade. You'll have to find your edge by yourself. There are many gurus out there trading with different strategies and they are all making it. This shows that the trading strategy isn't the common denominator. The key is the quality of the trader himself. So far, I've observed that your strategy is not the most important thing. Even the best strategies record losses. The market has no emotion and has one single plan of recking you. Heck, the market is often manipulated by whales and institutional traders. So, there's no best strategy or way to trade. Here's the most important thing I've observed. RISK MANAGEMENT. FINDING YOUR EDGE. If you can avoid greed, avoid revenge trading, do proper risk management, and find your edge, you'll make more profits than losses, thereby growing your account. I'm patiently building the trading capacity while putting my emotions in check. It's a lot really because I'm taking a lot of L's but I understand that THIS is the process. Nobody is coming to save me. I must dig deep to find MY OWN EDGE. |
Re: My Crypto Trading Journey - Follow Me by Stevengold(m): 4:28pm On May 02 |
E be like your losses plenty o |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 4:56pm On May 02 |
Stevengold: Yea, I'm testing a lot of things. So, that's expected. I'll be narrowing down as time goes. |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 4:58pm On May 02 |
Day 13: 2/5/2024 Will start trading strictly with max 25% of the account going forward.
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 4:59pm On May 02 |
Went short on the REI/USDT pair and hoping for a quick profit OR another loss. Timeframe: 4H
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Re: My Crypto Trading Journey - Follow Me by owelle22(m): 9:24pm On May 02 |
Gosiso: Try using smart money strategy |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 10:03pm On May 02 |
owelle22: I've tried it. The ICT concept can't be used ordinarily by itself so you need other confirmation biases. But most importantly, no strategy works 100%, you win some and you lose some. The goal for me right now is to become a high quality trader with good risk management and then I'll see what I can make out of it. 2 Likes |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 9:21am On May 04 |
The trade for day 13 took almost 2 days, as it was on the 4H timeframe. Loss: 20%
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 9:29am On May 04 |
I'm learning a lot about myself and the way I trade. I believe I'm improving in my trading skills, but some bad habits are holding me back. Some of these bad habits include not taking profits quickly and exposing myself to too much risk. Also, I sometimes trade just for the sake of trading and not because I saw a good opportunity for profit. I also believe that I have to lower my expectations for the short-term and aim for consistency towards long-term goals. Aiming for a 30% profit per day might just be unreasonable and unrealistic. After a critical look at my account, I believe a 10% daily profit on my segregated account(which is 25% of the total balance) is reasonable. This gives me a daily profit of 2.5% which could possibly make a 50% ROI per month. I'll have to consider this. |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 9:36am On May 04 |
I'm deeply considering trading futures. Currently testing out a few things to see if trading futures could give me the ease of trading I seek. I've observed that the futures platform on Binance is simplified than the margin platform. There's no confusion about borrowing and paying back after each trade, and the leverage is way higher. This makes it riskier though. With futures I could blow my account overnight and lose everything due to the overblown leverage. However, this vulnerability might just be what I need to create the right discipline and stick to a tighter risk management. We'll see. 1 Like |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 1:07pm On May 06 |
Day 14: 6/5/2024 Finally moved to the futures market.
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 1:15pm On May 06 |
Looking to trade the 1000SATS/USDT perpetual on the 1H timeframe. Missed the recent upswing even though I've been following the trend. Actually, I used it to backtest and finetune a new entry strategy I've been working on. But now I'm following this trend bumper to bumper because my analysis shows that the market is about to pump if price can break the larger downtrend. I expect to trade this perpetual with a X50 leverage using 25% of the account. Honestly, it is very difficult trading with a small account, but you get the chance to make mistakes and learn a lot of lessons without losing much. The standard way is usually to risk 1% of your account or $1 whichever is greater. In my case, if I used $1 which is the greater amount, it would take me years to make anything reasonable from my trading. So, I've resorted to using 25% of the account (A big risk I know). If I'm lucky enough to grow the account, then I can revert back to the standard procedure. Hmmmm.
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 5:48am On May 08 |
Day 15: 7/5/2024 I'm getting absolutely recked here. I became complacent. Overleveraged and traded with a lagged stop loss. The market is brutal! Loss: 225%
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 10:13am On May 08 |
I've observed that my analysis are often correct but my execution is poor. My mindset is more of that of a gambler than a trader, and that makes me enter trades before the right setup or try to predict where the price will move without any strong bias. I need to do better. |
Re: My Crypto Trading Journey - Follow Me by guass(m): 11:14pm On May 08 |
Gosiso:Crypto trading is gambling |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 11:29pm On May 08 |
guass: I don't think so. Virtually all of the analysis in my last 10 trades have been right, but because I overleveraged, I get taken out with just a small drawdown. I'm beginning to think that it is impossible to become successful trading with a small account. You'll have to take too much risk if you want to make a reasonable return and that will fvck with your trading psychology. Becoming a successful trader is possible but you need a sizable account else you'll either lose motivation or overexpose yourself to unnecessary risk. That is why there is a market for funded accounts with prop firms. |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 11:30pm On May 08 |
Finally got liquidated. Account blown! This might not be the end.
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Re: My Crypto Trading Journey - Follow Me by Gosiso: 12:22am On May 09 |
Some insight from Babypips experts: The only danger with a small account is exposure risk. And if all the percentage relationships remain the same compared with trading a large account then actual position sizes will inevitably be very small and the earnings equally small, which for many people will, at some stage, lead to frustration and the temptation to take larger risks via higher leverage, for example. |
Re: My Crypto Trading Journey - Follow Me by DXYY: 7:20am On May 09 |
Gosiso: My advice, just focus only on trading btc , btc controls the crypto space hardly will you see any coin pumping while btc is dumping. |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 8:37am On May 09 |
DXYY: Yes, BTC controls the market. But the volatility is still there. My observation is that you can't make money trading any instrument with a small account. BTC, Forex, Indices, whatever For me, the purpose of a small account should be for practice, to backtest strategies and to show that you are able to be consistent with your trades. The moment you try to make money with a small account, you get taken out! |
Re: My Crypto Trading Journey - Follow Me by Gosiso: 8:39am On May 09 |
I don't have $1000 to put into this, but if I would do it again with a small account, I wouldn't pursue profit. I would use the small account to demonstrate that my trading strategy works. And that's it. |
Re: My Crypto Trading Journey - Follow Me by DXYY: 10:54am On May 09 |
Gosiso: You are very right , but in crypto even when you get the direction right sometimes btc might alter the direction unlike forex where Individual pairs direction differ. |
Re: My Crypto Trading Journey - Follow Me by jakeschafer: 12:27pm On May 20 |
My crypto trading journey has been a rollercoaster of learning and growth. I started with minimal knowledge, diving into the world of cryptocurrencies out of sheer curiosity. Initially, the volatile market was daunting, but I soon realized the importance of staying informed and developing a solid strategy. One of the pivotal moments in my journey was discovering automated trading tools, which significantly improved my trading efficiency. Among these tools, Gunbot stood out for its reliability and versatility. With Gunbot from Gunbot.store, I could automate my trades based on various strategies, reducing the emotional strain and enabling me to capitalize on market opportunities more effectively. This tool has been instrumental in helping me refine my approach and achieve consistent results in the ever-evolving crypto landscape. |
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