Stormgain Crypto Trading Challenge Days 5-6: Neither Fight The Bull Nor Believe The Ripple Fans!
Yesterday evening I opened three trades, but was only able to close one out in the black before shutting down for the night.
In two of the trades I went long, first on Bitcoin and then on Ethereum, remembering to run with the bulls, not to try and fight them.
Going Short On XRP's Dodgy Surge!
On the other hand, and this is my favourite trade so far this month, I noticed that our old friend XRP (Ripple) was trading at a heady $0.36, up from the upper teens and lower twenties of a couple of days ago.
Before shorting XRP I did a quick bit of research on Google, and the only bit of news I found about Ripple was negative - Bloomberg reported that an investor was suing Ripple to force a stock redemption. So I shorted XRP.
Red Alert... Red Alert... Red Alert!
Of course, I then watched as Bitcoin and Ethereum fell in value while the Ripple fans went into buying mode and pushed the price up.
Three positions instantly in the red! :0
But they were also three trades that I was willing to stick with. :)
When You Are Happy With Your Positions You Can Sleep Like A Log!
By the end of the evening Bitcoin had recovered enough for me to close out the trade on a measly $6.3868 profit, but the other two positions were still deep in the red. So I decided to leave them open for the night. I set both positions to "Auto Invest" with "Take Profit" set to "ON" and "Stop Loss" set to "OFF", went to bed and slept like a log. :)
The next morning I felt vindcated when I saw that both positions had reached their "Take Profit" threshold and closed out in the black. \(^0^)/
My long $100 punt on Ethereum made a $39.25 profit and my short $100 punt on XRP made me a nice $100.82, for a total profit today of $140.
I also gained an important insight into how to use the "Auto Profit" function, which I explain in the full version of this post on my blog at:
https://davidhurley.net/stormgain-crypto-trading-challenge-days-5-6-new-auto-invest-insights/
Exact total profit so far = $3,054
Come along for the ride as I try to learn how to trade my way to a profit! https://davidhurley.net
If you are an experienced trader, any advice would be welcome. Let me know where I’m going wrong, or post some tips in the comments below.
Check out Stormgain at: https://fwd.cx/WmUzkey5BqVp
Looking for a safer way to accumulate and store bitcoin? This is what I use:
https://freebitco.in/?r=37315680
David Hurley
Disclaimer: I am not a financial advisor and this is certainly not financial advice. Simply the musings of a rookie trader playing with pretend money…
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