Need some advice on crypto trading

F

far2000

Well-Known Member
Joined
Nov 23, 2009
Messages
157
Reaction score
13
Location
CAPE TOWN
hows it guys, few years back i opened a Valr account and started buying some crypto, mostly bitcoin and a few top alts.
after the crash earlier this year i sold all and left them in usdc in the valr account, n started learning how to trade futures with Leverage (margin).
i hit a luck with my frist trade, i used 1.5k rands, and longed bitcoin with 20x leveragex at 101k, its now over 120k, im in good profit, around 10k, question is how long can i leave my trade open?my liquidation is at 99k. i think i got in at a nice low point and with only 1.5k, my thinking is just leaving it for the rest of the year to act as like a savings for me, cos im hoping bitcoin will be hitting close to 200k by end of year with the way its pumping..
any advice or thoughts about my plan?

kind regards
farouk
 
20x is not enough leverage. Can you get to 30x or even better 50x?
 
3WA said:
20x is not enough leverage. Can you get to 30x or even better 50x?
Click to expand...
hi , thanx for the reply, why wud 20x not be enough?
i already opened the trade , so i doubt i can change leverage, not evenm sure i can add more to the specific trade.
sorry if my qiuestion sounds stupid, im a beginner..
 
far2000 said:
hi , thanx for the reply, why wud 20x not be enough?
i already opened the trade , so i doubt i can change leverage, not evenm sure i can add more to the specific trade.
sorry if my qiuestion sounds stupid, im a beginner..
Click to expand...
As a beginner, more leverage is ALWAYS better. That's how you get from beginner to experienced trader.
 
3WA said:
As a beginner, more leverage is ALWAYS better. That's how you get from beginner to experienced trader.
Click to expand...
my question curently is , is there any issue or risk of me holding this trade indefinitely?
 
You're literally asking for advice about high leverage trading on a tech forum where maybe 1% of members trade crypto with high leverage successfully, yet everything thinks they know everything. You're better off putting it on black at the casino.
 
Since your liquidation sits at 99k, you might want to set a trailing stop or partial take-profit around 110k to lock in gains if BTC dips. On Prestmit, you can top up your USDT collateral instantly or adjust orders in seconds, so you’re not entirely exposed if the price reverses suddenly
 
Last edited:
far2000 said:
hows it guys, few years back i opened a Valr account and started buying some crypto, mostly bitcoin and a few top alts.
after the crash earlier this year i sold all and left them in usdc in the valr account, n started learning how to trade futures with Leverage (margin).
i hit a luck with my frist trade, i used 1.5k rands, and longed bitcoin with 20x leveragex at 101k, its now over 120k, im in good profit, around 10k, question is how long can i leave my trade open?my liquidation is at 99k. i think i got in at a nice low point and with only 1.5k, my thinking is just leaving it for the rest of the year to act as like a savings for me, cos im hoping bitcoin will be hitting close to 200k by end of year with the way its pumping..
any advice or thoughts about my plan?

kind regards
farouk
Click to expand...

Are you rich now?
 
far2000 said:
my question curently is , is there any issue or risk of me holding this trade indefinitely?
Click to expand...
Perpetual futures make use of a funding rate mechanism to keep the perpetual future price close to the spot price. "Normally" when the price has been increasing the long position pays the short position. this funding rate eats into your profits over time. This is on top of the risk of bitcoin price dipping causing your position to liquidate (losing everything), which I assume you understand.
 
Melch said:
Perpetual futures make use of a funding rate mechanism to keep the perpetual future price close to the spot price. "Normally" when the price has been increasing the long position pays the short position. this funding rate eats into your profits over time. This is on top of the risk of bitcoin price dipping causing your position to liquidate (losing everything), which I assume you understand.
Click to expand...
YES thank you i get what u saying, bitcoin has come down but i manage to exit trade on 11k profit. so made just u under 10k profit on that trade.. thanks for the response..using that money to trade more coins now that we going through a major dip.
 
Jan van Riebeeckstad said:
Could have just said you're not rich.
Click to expand...
lol, far from...just a side hustle that is working out quite well,
have taken afew more trades alredy, made aout another 5k profit on a capital of 3k trading.
nice n slow.. wish i started earlier... im not gna b greedy n go for big trades
 
far2000 said:
no lambo anytime soon, but at the moment i can b able to pay off a decent car with my monthly trades..
Click to expand...
This is where everything goes to poop.

The smart move is save all your profits and pay car cash...

Also don't forget to declare your tax etc you have just become a provisional tax payer.

Actually looking at our post history you likely missed the first provisional deadline if you sold before end Aug. That said just make sure your tax affairs are in order.

I hate paying tax etc and have properly declared crypto for years as Sars watches it closely if you step outta line.
 
Snyper564 said:
This is where everything goes to poop.

The smart move is save all your profits and pay car cash...

Also don't forget to declare your tax etc you have just become a provisional tax payer.

Actually looking at our post history you likely missed the first provisional deadline if you sold before end Aug. That said just make sure your tax affairs are in order.

I hate paying tax etc and have properly declared crypto for years as Sars watches it closely if you step outta line.
Click to expand...
i hear u, and agree, but i needed a 2nd small car for myself as my wife uses main car for rhe school runs, its been costing me abit on uber, so now im getting a cheapie and paying it off in years.. got a few year old kwid on HP,plan to pay it off with my profits asap (pplan is within 6-12 months depending on profits.
 
My 2c advice is this. Stop trading and hold. Investigate real world use altcoins with actual technology and application behind it. Safest bet is obviously Bitcoin and the next few altcoins like ETH, XRP, Solana, Hbar. You invest in those, hold it for the next 5 to 15 years and you'll rep benefit. The curve for these over time is up, it's just fact.
 
I've been cautious. Threw in 60k 3 yrs ago. My portfolio as of today is worth R533k. Yes, if perfect trading was an option I could have made a bunch, but I'm going the safe route...sit and wait.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X