20$ Challenge! Week 3 - Profit of 1.21$
Hello and welcome back to a 20$ challenge update!
Week 3 has been uneventful in terms of trading to say the least considering two out of three trades took less than an hour each from opening to closing them, both because my stops have been activated. The third one was a position with BNB which I have opened some time ago, but not seeing it move where I wanted it to, I decided to close part of this position at roughly break-even level as I was no longer comfortable with holding that particular amount of coins for any longer. In general BTC/BNB seems to not be moving in line with the overall cryptocurrency market trends. For this reason it is probably better to sit on the sidelines and observe what happens. It is worth mentioning, I have not sold all of my BNB mainly because I use it to pay trading fees but I might sell a little bit more if I can get a slightly better price.
On the contrary, the market has pulled a few tricks this week with a pretty sharp dip on some major coins which in my opinion presented opportunities to grab good coins at good prices. We have already seen some recovering over the last day or two so I am positive next week the target will be smashed.
Coming back to the challenge, this is my second week in a row where I failed to reach my 20$ target, but on the other hand if I was able to make an equivalent of 4%/week considering my initial investment was around 500$ I'd be sitting with 3843$ after one year which would mean a 669% profit in one year which is absolutely insane.
As usual, below are the stats:
Trades:
Stats:
Links to trades of the week:
https://steemit.com/cryptocurrency/@andrius1/live-trading-7-bqx
https://steemit.com/cryptocurrency/@andrius1/live-trading-8-knc
Follow me @andrius1 for updates on the 20$ challenge, feel free to re-steem and upvote! Would you like to join me and do a 20$ challenge of your own? Let me know in the comments below so we can set something up.
If you find you get stopped out a lot it's probably because your stops are too tight. You need to speculate to accumulate... and that means taking bigger risks for bigger profits.
Don't put stops on 'obvious' places either, they'll hit get 9/10 times. A lot of pros use at least 2 or 3 * ATR as a stop level, and then crank it in as volatility drops for example.