LIVEI want to provide more details about my strategy for my $4,000 to $400,000 challenge, especially after the recent questions.
First, take a look at the image below where you'll see "Open orders" marked. The red ones are "short" orders, and the green ones are "long" orders.
Currently, I have around $10,000, and the price of ETH is at $3,165. If it goes up and hits $3,175, my first order will execute, and I'll start shorting ETH at that price.
But what if the price goes even higher? Since I didn't invest everything, I'll continue shorting bit by bit, even if the price rises.
On typical days, ETH and BTC move within certain ranges. By studying past days, you can set up buy and sell orders accordingly.
If the price starts to drop, I'll start going long on ETH with a buy order at $3,150. If it falls more, I'll still have buy orders below to purchase more.
This way, when the price rises again, I can close my position and profit. For example, before going to bed yesterday, I set short orders at $3,175, $3,200, and $3,225, and they all executed overnight. When I woke up, the price was around $3,150, and I closed the position, making a profit without much effort.
This strategy works better on days with significant price movements. Remember, you don't need to predict price direction, just place orders correctly.
Managing risk is crucial, especially with leveraged trading. Always use stop-losses.
If you have any questions, feel free to ask! I'll also share the progress of the challenge in the third image. We're still early, but you'll see the growth potential.