I just wanted to share a quick thing on what I did today. Recently I've been practicing and learning how to trade Futures on Binance. This has been a very fruitful journey so far, but not without it's ups and downs. It took a few weeks for me to fix the system that works for me, but I'm glad I put in the work. Now it's time for me to start working towards my goal!
Today was the first time I made a trade that lasted under 1 minute from buying to selling! I'm posting this as a souvenir! My daily goal is actually to earn more today than yesterday, and if I can't accomplish that, then the next best thing is to not lose more than I earned yesterday!
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This was recently released yesterday and it really was a place for me to study the behavior of a token that just recently launched on Binance. I kept thinking that there was a peak but I underestimated the demand. The best way to earn from this was actually just to sit tight and go long. If you did that, congratulations on the intense gains!
Why not go all in?
In hindsight, I should've gone big and let it multiply my money, but the thing is, initial release of these on exchanges are extremely volatile. There isn't much data to go around so it was difficult to make confident assessments. If I were to go big, that would be literal gambling, which I don't want to do. Now I've often been told to be careful with futures as it can really eff up the psych and portfolio. I always keep that in mind, and I make sure that when I feel emotional and no longer in the right state of mind, I stop trading. In any case, today was an awesome day of trading and I definitely learned a lot!
Futures only?
That's a no for me. I've diversified my portfolio and set rules so that I don't overextend myself. I hope this discipline will allow me to be a successful trader and in turn the money will follow.