You should know by now if you follow my posts that I mean a scalp trade, not a physical human scalp, I am not Creepy Joe Biden, lol.
A little humor in the morning, haha. But, I was really lucky to get online and a bit of funds back into my trading account and was able to grab a quick long trade on Bitcoin on 30x leverage that jumped my account up 10%!
The Power Of Leverage
The awesome thing about trading with leverage on an exchange like Apollo X is that you can turn a little into a lot! This comes with a lot of risk though. The more you win can also mean the more you lose. So be safe when trading with high leverage.
When I am trading with small amounts, I will pump up the leverage to around 30X which is what I did on this trade and set my stop loss at a -0.3% loss and my take profit at +0.6%, which hit like a charm! I actually hit the target on a pump so I was able to squeeze out a bit more due to slippage. Never a bad thing!
Making Your Money In The Middle
You will never catch the tops or bottoms of any move, so it’s best to take profits when you can. With this particular move, Bitcoin kept going and basically doubled it’s run, but hey, I took profits and was not mad about it! Catching the tops and bottoms of a move are extremely difficult and most can’t do it. That’s why it’s important to just ride the trends and take profits when you can. So never be mad at yourself for leaving a bit of money on the table because you can always catch the next run… That being said…
There Will Always Be Another Trade
One lesson here is that even though I left some money on the table with this trade, there will always be another. So now, the current move is going to top out and recorrect, which would be a great time to look at a small short scalp or even just wait for the correction to take place and ride another long in the uptrend. So if you miss the boat, don’t get mad or chase a price because you have FOMO.
Until next trade everyone, you know what to do…
Be Cool, Be Real, and always Abide!
Nothing said is financial advice.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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Originally published on my blog on the Hive Blockchain via LeoFinance: