Bitcoin trading calls

Quoting yuvasankar

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this is my chart, actually i have a concept to close trade, if my trade is goes negative take another combine both trade which mean average the trade close with profit, i placed too much trade in sell , now my closing point in 80145, there is possible to reach thiz target ... or else there is any resistence to reverse the market , which is help to get closer the yellow line... help me zappa and olu .. i now my english is too poor , kindly sorry.. help me to close thiz .. {image}

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Quoting Olu

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{quote} Hi Zappa, Well done on those trades. Indeed if this move is mega bullish it needs to be stayed in and taken advantage of. About posting I would say to all of us let's keep posting as much as we can there are a lot of quality thoughts on this thread. Like the song goes "things that make you go hmm..." I show my age here

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Quoting Olu

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{quote} Hi Yuvasankar, Welcome to the thread. I don't really understand your strategy. Have you been adding to shorts as price moved up against you? Ore are you cost-averaging as price moved against you? You know what the answer is. Get out if you are past you overall risk tolerance and close all price point for your strategy. I know some guy that has been short averaging as price moved and is holding the trade but he has deep pockets and he has a point (price) where he will take the loss. One good thing for you today, the market has given you a...

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Quoting Zappa

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Never risk it all on one trade. Start small and let the market prove you are correct. Give it some wiggle room, but try to get a stop to b/e as soon as market allows. Dont be too quick to add size. Give it some time first. Just like this counter move today. I haven't added anything yet. Market is still too close to my original entry. Want to start adding when I can at least ensure that I can safely move stop on entire position to b/e if all else fails.

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Quoting Zappa

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Never risk it all on one trade. Start small and let the market prove you are correct. Give it some wiggle room, but try to get a stop to b/e as soon as market allows. Dont be too quick to add size. Give it some time first. Just like this counter move today. I haven't added anything yet. Market is still too close to my original entry. Want to start adding when I can at least ensure that I can safely move stop on entire position to b/e if all else fails.

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Quoting Olu

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{quote} Good comments Zappa That said candle is retracing a bit now. At this point this is crazily bullish. About adding to positions, I too like to add when there is a lot of buffer from the existing trades and their stops can be controlled at the same time to the same level. Some actually count it a blessing when price retraces back to the entry point and they add more positions there but I don't. I am just not wired that way. {image}

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Quoting Zappa

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{quote} Hi Magiix, It sounds like you have a strategy, and the only way to know if it will really work is to try it. I wasnt trying to tell you what to do, just some things I thought should be considered. You are trading a demo account, correct? But I see you are factoring in fees, so that is good. As for stop placement, well you have an extremely tight SL, but if thats where your statgey says it should not go then follow the strategy. Was just saying that on a live account, you might get some serious slippage on a stop that tight every once and...

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