Discover more from Stewdamus' Chart Analysis & Trade Alerts
I’m a little embarrassed to admit this, but I have never really traded leveraged before, and apparently, I still do not know what I am doing. Ha… ha… I can only laugh at myself. There is always something to learn.
Here’s what happened. In Kukoin, I swapped some of my USDT over to the futures account so that I could play around with the short side. First four trades at 1X, I batted 1000% as you can see from the Trade Tracker.
I then spotted that inverse H&S on BTC’s 30 minute which looked like a strong probability at the time. And, as you can see from this chart, it did indeed nearly hit my target:
So, I had placed what I thought was a 3x multiple on the trade. Actually, what happened was that Kukoin divided my $1000 by 3. Thus, I saved myself when that first stop-out was triggered for only an $8 loss rather than a $75 loss. But, I must have had a blond moment because I didn’t even catch any of this. Instead, I went back into the trade with what I thought was a 5x multiple which was actually only $200 this time instead of a $1000. This time I recognized what was going on and realized I have more to learn on this futures trading thing. So, I pulled my trade for break even and transferred all of my funds back to the Spot Trading folder until I learn what I am doing in futures. Fortunately, I did quite well while I was over there.
So, as of now, I only have one long open (GODS) which looks like it will go soon (see chart below). I will read up on both futures trading and margin trading so that I better know what I am doing, can show you all, and we all have that option available to us in the future.
Best to you all!