Bitcoin Thread

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SaiyanZ said:
Missed out on some good profits today. Bought that pullback at $9900 50x, expecting the $9800 area to hold, but got stopped out on that wick just below $9700 before it pumped.

NyjOcdOm
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Is there any Youtube videos and/or articles online you can recommend for leverage trading? Are you doing manual trades, or do you have a bot/program to execute your strategy when you sleeping ;)
 
Tjoker said:
Is there any Youtube videos and/or articles online you can recommend for leverage trading? Are you doing manual trades, or do you have a bot/program to execute your strategy when you sleeping ;)
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Not really. I don't use bots. Have been learning and adapting my trading strategy on my own as I go (with some pain). I use a stop loss at entry for high leverage orders and then move it a bit as it becomes profitable.

For normal trades (10x) I'm trading ranges and taking profit only if 5%+. Once in 6% profit I place a stop loss at 5%. Then if in 7% profit I move stop loss to 6% and so on to maximize return on trade. If I'm closing a long I also swing short in the opposite direction and then open a long on another account. Or if I have already have a long close by which is open on another account then I close it and reopen at the same price.
 
SaiyanZ said:
Not really. I don't use bots. Have been learning and adapting my trading strategy on my own as I go (with some pain). I use a stop loss at entry for high leverage orders and then move it a bit as it becomes profitable.

For normal trades (10x) I'm trading ranges and taking profit only if 5%+. Once in 6% profit I place a stop loss at 5%. Then if in 7% profit I move stop loss to 6% and so on to maximize return on trade. If I'm closing a long I also swing short in the opposite direction and then open a long on another account. Or if I have already have a long close by which is open on another account then I close it and reopen at the same price.
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So you always have a long and a short open from a certain price until one of them gets stopped out?
 
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Knyro said:
So you always have long and a short open from a certain price until one of them gets stopped out?
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Yep. Multiple accounts and multiple longs and shorts spread at least 5% apart. Trading a small portion of each account (25%) at 10x and use the rest as margin so liquidation is about 40% away.

It's just volatility trading with a little bit of risk management.
 
The people I follow suggest sell at 11500 and try buy back in at 8500. I am going to give it a try because they called the 13400 perfectly.

Else I might just hold my btc and throw a few thousand bucks shorting it with leverage in that range. What would u guys advise?
 
blah99 said:
I know that, saw it before. Although the card works fine on other bitcoin exchanges for me. Just dont know why cex does not want to work.
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Which other exchanges?
 
Seems like it can fall a long way from here. Rejected twice today from the top, creating a channel. I've cranked up the leverage and gone in with a bigger short. Liquidation above $11500.

EfWkPK1O
 
SaiyanZ said:
Seems like it can fall a long way from here. Rejected twice today from the top, creating a channel. I've cranked up the leverage and gone in with a bigger short. Liquidation above $11500.

EfWkPK1O
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Down to 8500 the gurus tell me.
 
Ta guys. Caught that short nicely. :cool::p

/tfw when listening to strangers onna innernet literally pays off. :cool::cool:
 
SaiyanZ said:
Seems like it can fall a long way from here. Rejected twice today from the top, creating a channel. I've cranked up the leverage and gone in with a bigger short. Liquidation above $11500.

EfWkPK1O
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BTC has been too bullish these past months that shorters have felt the full extent and wrath of its sporadic pumps.
 
SaiyanZ said:
Seems like it can fall a long way from here. Rejected twice today from the top, creating a channel. I've cranked up the leverage and gone in with a bigger short. Liquidation above $11500.

EfWkPK1O
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Redraw that, looks like we broke to the upside
 
Trying out a different trading method for a little while. Using a stop loss to enter position and then immediately placing a stop loss again (to close) once entered.

Reason is that using a stop loss to enter gives a much high chance that the price is already moving in the direction you want. So it's easier to set up a closing stop loss at break even or slightly in profit immediately.

So very low risk and high reward if you catch a move. Limit orders have no fees or rebate but there's always the chance that the price goes way past your limit order and you have to set up a stop loss well into a losing position.

I get stopped out like 4/5 times but losses are low (because at break even I just pay fees) and one good ride is worth a lot.
 
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SaiyanZ said:
Trying out a different trading method for a little while. Using a stop loss to enter position and then immediately placing a stop loss again (to close) once entered.

Reason is that using a stop loss to enter gives a much high chance that the price is already moving in the direction you want. So it's easier to set up a closing stop loss at break even or slightly in profit immediately.

So very low risk and high reward if you catch a move. Limit orders have no fees or rebate but there's always the chance that the price goes way past your limit order and you have to set up a stop loss well into a losing position.

I get stopped out like 4/5 times but losses are low (because at break even I just pay fees) and one good ride is worth a lot.
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May I ask what type of amount are you waging typically for this strategy to pay off?
 
Countcrypto said:
May I ask what type of amount are you waging typically for this strategy to pay off?
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20% of an account. Testing it with a 1btc account so 0.2btc per trade = 10btc at 50x leverage.

Stop loss in case I can't place it at break even is at 1% away. At 50x leverage a 1% price move is 50% return. So if I make profit on a 1% move it is 0.1btc profit from 0.2btc traded. As soon as I'm in 1% profit I place a stop loss there to lock in profit. Can always re-enter with this method so no reason not to take profit often.

Got stopped out several times today at break even but made profit on two trades. So the 1btc is now 1.2btc.

This method takes a lot of time and as you have to constantly watching the market to place orders. So it's hard to do and also do your day-job.
 
SaiyanZ said:
This method takes a lot of time and as you have to constantly watching the market to place orders. So it's hard to do and also do your day-job.
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I think just in general if you are margin trading, it will require most of your attention. I had to stop as the time away started costing.
 
acidrain said:
I think just in general if you are margin trading, it will require most of your attention. I had to stop as the time away started costing.
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Sometimes the market also does not allow one to trade with this method effectively. Today for example, the price has been breaking levels like $11000, $11100, $11200. Not one was a clean break though where it just kept going up. It broke and then went below the breakout price and then back over again a few times before continuing up. So would have just gotten stopped out immediately on each long. Just watching today so far.

I did 1x short my entire balance before bed last night though. Woke up to 8% more BTC. Think this is the safest thing to do on Bitmex when not going to trade for many hours if the focus is to increase USD/ZAR value.
 
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