Hey all
Today marked the beginning of the predicted crypto recovery and day 2 of the 100K challenge.
As you know by now
Many of the popular coins made some nice gains
(Euro Charts )
From the headline you've probably guessed it , I made a play on Dash today.
This is the chart that prompted the move.
All moving averages in a straight upward trajectory is generally good enough for me to open a trade.
(Moving averages green /red /orange lines - they represent 7day /21day /77day moving averages )
The Move
I traded my BTC (0.48517) for Dash (6.0) (I had a little change )
The trading plan was to hold until the green line crossed the red (first sign of weakness )and then exit the trade for a tidy profit.
A few hours in and the move was going quite well, with everything progressing in the right direction.
At this point my second deposit of €1.5K hit the exchange.
I decided to trade the new deposit for BTC to have a total of €2.5K in play.
This is when the coins momentum just started to die down a little... I think I was too slow to react..... I could see the exit point .... but just held on too long..... not very long ...... but too long.
Generally this is a good strategy as we want to let our profits run. I just pushed too hard on this occasion.
Dash, which had been up 20% earlier in the day was now starting to turn around.
The big players were starting to take their profits for the day.
Eventually (maybe 30 minutes too late) I traded my Dash for cash (BTC) .
This left me with 1.37 BTC ...
BTC then dropped by a couple of percent which effectively killed my profit for the day.
So a bit disappointing to turn a profitable day into a break even day, after such a promising start.
I think I was just a little slow all round. Earlier in the day when Dash was on the rise, and then slow again when the momentum dried up. So a small opportunity was missed. But it's these small edges that add up to 100K over 300 days ... so I need to improve.
Still on the plus side I'm armed with a €2.5K bank to make my trades count double for tomorrow. So it'll be an early start to catch those first signs of movement and another long day. It could also be a HODL day tomorrow, as I expect Bitcoin to continue its new found upward momentum...
I'll have to re-asses everything in a couple of hours but generally I feel good about the challenge, which is still in the very early days. I'll have €3K in play by the end of the week, so just have to stay focused and keep moving forward.
Result after Day 2 (Starting bank : €3,000)
Fiat : €500
BTC Value: €2,540
Steem : €0
Total : €3,040
I will continue to update the challenge daily. Feel free to make any suggestions in the comments.
€3K to €100K ... let's do this ! ... to the moon !
