The last few days I don't really feel like writing posts. Dunno why, maybe it's just a phase everyone is going through...everyone that has been active consistently since day 1 I guess...and little or even big breaks from time to time sounds like a good option at the moment. The funny thing is that it was unthinkable for me to not write my daily post and "contribute" with my casual way to the ecosystem all this time.
This doesn't mean that I am not active of course. Reading interesting posts, curating and engaging works just fine to be honest. As a matter of fact when one is not entirely concentrated on their blog comes across some very interesting posts whose authors definitely worth to be followed. Those little gems...ya, the hidden ones.
Anyway, this is the reason why I spend most of my time when I am not reading, in discord channels. Like it or not discussion in real time is what I miss most these days...you know...the Corona days. So...
That being said, I had a really interesting talk with @nealmcspadden in a discord channel yesterday afternoon. I've always wanted to try "futures" trading - hadn't tried this one out - and when there are unanswered questions regarding trading / economics etc, then usually Neal is the guy who has all the answers.
I thought that "futures" would be pretty simple to understand. Besides I've been trading stocks for years and I also possess 2.5 years of experience trading cryptos. So how difficult could it be?
How difficult...?
Well, in the beginning I didn't understand wtf was he even talking about. No shit. Then he started using terms such as "value of time..." and things went out of control...
I had questions. Like tons of questions. What's this and what's that and why not to use 32x leverage instead of 15x ... I am sure that for a moment he must have felt like he was trying to explain rocket science to a 5 years old kid...
But he's a really patient guy and tried to explain to me everything from scratch...more than once.
After 30 minutes or so, I had finally - I thought I had - understood everything.
Was that all? I am gonna be fuckin' rich baby...whooooha!!!
-Ok so I'll send 0.1 BTC worth of usdt to my futures wallet on Binance and place my orders. OK Neal?
-"Are you sure? That's a lot to start with. Send 0.01 BTC or even 0.005 BTC just to see how it works."
-Hmm, you're probably right...
Get rich or die trying...
I converted 0.01 BTC to usdt, sent it to my futures wallet chose the BTC / USDT pair, leverage 20x bought at 8875 I think.
Could have been easier.
But then again..."Yo Neal, what does "liq.price mean"?
-Oh, that? It just that the market will automatically sell your order if BTC hits that number...
"Oh that's all?
-Ya.
"OK, thanks buddy."
Long story short. The top blue line was my entry point. The bottom blue line was where I was gonna say goodbye to my money.
Well, I think you understand how things played out. Just look at that damn red candle...
I thought I was kinda safe because a few hours ago BTC had reached $9.5K and a relatively big correction had already been formed.
Never underestimate how volatile BTC is...ever. $800 - $1000 in either direction is normal. And who cares, right? As long as you trade in the old fashion way.
I am telling you...that's adrenaline rush...
Lessons learnt...I've placed a new bid regardless...that's what a proper crypto junkie would do, right?
So, do you use futures? If so, what's your experience so far? Are you broke yet or what?
Have a great month ya all...and stay safe!
Cheers.