27 June 2024, 7:05 pm
Hi Friends,
This article is insight to how I traded on Binance and learnt through loss and came to a winning streak. I will show you the pics of my trade from 19 June till 27 June.
I started my Crypto Journey from $100 in April this year. Lost it all. Again started with $500. Again lost about 80% of it. Only then I realised after 2-3 weeks that there was something wrong in my trading. The wrongs were:
1. I was impatient and wanted to earn thousands of dollars over night - Not possible unless you buy a new coin at the right moment and then overnight it is up by 100% and your 100 dollars become 10000. But itsca life time chance and beginners don't get it.
2. After buying whenever price dropped I became nervous and panicked and sold in loss.
3. In that state of nervousness many a times I made profit of 4-5 dollars, became itchy and sold it then without harvesting the actual rise which resulted in 2-3 dollars of profit in the end.
4. Made lot orders buying and selling and changed these hundreds of time before being executed, not realising that fee was being deducted for every order I made which lead to my 4-5 dollars profit in to negative.
5. This all made me frustrated and lost my assets plus my sleep and my time.
Then I started analysing every move and trade. Watched lot of videos related to trading, tricks and principles. Let me tell you, most of these are promotional videos. But some knowledge and explanations are there which make you understand about the market and these are necessary to watch and retain the knowledge. You must know what are main coins, what are other coins linked to these andcwhat are tokens because if the major coin dips, most of the time, the related and linked coins also dip with that. You need to see that before hand. Some of the other factors of down market are weekends, various US SEC or Government policy announcements regarding crypto etc etc. I have talked about these in my previous posts.
What I learnt:
1. Be patient because your movements will come.
2. Analyse the market, indicators and announcements. You may like to follow certain platforms for crypto news.
3. Be attentive all the times to take step if something goes left or right.
4. Be careful but take some risks.
My Strategy
1. I look a coin which is losing or has lost its value over a period of time with one principle that every falling coin will rise.
2. I aim low say I use around 600-800 dollars and have in mind to get a profit of 40-50 dollars in a sitting. My investments are short and quick.
3. I only order once and only sell once. How?
Well when I see a coin that is of say 1.200 dollars, I place an order of 50 dollars for the price 1.190, that's 10 oints down. Mostly it comes down to eat, I say that way. I have a total of 1800. So when it goes down the 1.190 say at 1.188 I press the buy button. Only 1 order executed.
4. Now I wait, if it goes further down I place and buy after every 20-25 points down. If it goes up I buy after every 5-6 points up the graph. I spend my 600-800 dollars.
5. Now I select a sell price above my first purchase which was 1.190. So I select about 50-60 points up say 1.260 or 1.299 according to the profit I want to gain but I don't execute the sale order.
5. Now I watch, it starts crawling upwards that is a good sign. If it goes down I buy more but with longer intervals and less amount. At 1 point it starts going up. Keep your eye on PNL or total value to understand and know how much you are going up.
6. Now luck factor also comes in. Most of the time it goes up but sometimes it goes down. If it goes down I make up my mind to accept a certain loss and then I sell at once. And if it goes up I wait till my price stop and then I sell.
7. Another trick, if I analyse and see that bar will go even further on sell price, I do not press sell button and let it go. Sometimes you fear that it will drop down quickly. That's why I say you have to see it all the time. In this case I change the sell mode from Limit to market, place an order to sell all assets short of pressing the execution button. Since I am already above my sell price so if the market sell charges more fee doesn't matter because this way I can go up to the peak of profit of current streak. At the top when I feel now uts going down because you see red candles repeatedly I execute the order. Only 1 sell order.
8. My 8 out of 10 attempts through this strategy are successful.
Now let's see my last 8 days starting from 19 Jun.
Total balance 1662, pnl -3. I buy IO with same strategy and sell when my pnl is+18$.
Similarly other attempts were
In the pic 6 I had to sell as assets started going down and I realised it was best to sell and accept the loss of 6 dollars. Similarly lost around 50 dollars in pic 18.
This is how I earn now. You can ask any question you feel like and also press like if you really liked my article.
Good luck.