Hello Hiveians! How's investing? Well Hive is not doing good. So, we're gonna play a different type of coin now. A trding coin. I believe that this thing is not for investment and only for speculation. I don't even know this thing lol. I just only read the chart and boom! let's buy it!
Initial Entry on: 0.0283
Position size: 25% of our Challenge money. ($460 * 20% = 4,945.82 XTZDOWN)
Type of Play: Position play.
Cut loss level: 0.01780 Anything below this level.
Trigger on entry: Accumulation and volume.
I will a Add position when price break out : 0.02806 level
Risk Management: Pyramiding. (Google it lol)
So, that's our conclusion on this trade. I just notice that in trading cryptocurrency, sometimes it's good to be first on buy when it's too low instead of buy high and sell higher. Although I'm still not sure about this kind of trade but! you don't know it until you trade it right? lol.
So we're learning thru experience here. The money I loss from this trade will be my tuition fee for trading the crypto market. I usually buy on things that are showing a strong momentum and break out on All time high > 52 Week high or 100 MA breakout.
But now, I'll like to try a position trade on this one since I'm quite busy this coming weeks or months. I don't need to monitor this trade since I can setup my stop limit trade on binance and just do my things in life. :) That's the beauty of Conditional order.
Keep note that buying on down trending stocks or All time low stocks is not a great idea as it's taking more risks since there's many people wants to cut their losses on this coin. Also usually, a stock/coin that's trading on All time low becomes lower and lower. We don't know the bottom yet, I just conclude that the big volume on the bottom is a good sign that many people buy on that level.
Trade at your own Risk guys! This is not a recommendation and I'm not a financial expert. Feel free to comment your suggestion and let's help each other to learn more about trading in Crypto market.
Follow me for more episode like this. The gambling on crypto market lol. I usually learn thru experience than reading books. So I choose to play instead of study.
HAPPY INVESTING! :)