HI guys! How are you all doing? This would be my third post in Steemit and I just want to share my 2 day experience in trading bitcoin in forex.
So first thing I would like to introduce the app and broker I used to trade bitcoin. I used SimpleFx because it is the only trading platform that “I know” accept bitcoin as a currency.
SimpleFx is actually a pretty good platform, since they have an online platform, meaning you can trade from any computer without downloading any application such as MT4, all you need is an account and internet connection.
I also have the MT4 since it gives a more detailed view of the currency you are trading.
I invested 0.00069btc or approximately 2.97usd in simplefx just to experience live trading.
First day of trading was fine, everything was going smoothly, I made a profit of 0.00021820btc or .94usd.
On that same day before I got bed, I made a loss of 0.000112btc on my last trade of the day, unfortunately I sold the currency to early thinking its value would continue to drop, only to find out it would recover instantly a few minutes later.
The next day of trading I covered my loses and gained a profit of 0.00045963btc or 1.98usd, during that time my holding amounts to 0.00125583 which is 5.40usd. This would be a huge amount considering I invested only 2.97usd, and it only took 1 and half day.
But sadly. As for any happy times, there would also be sad times.
Like on the first day, I made a loss on my last trade. And this kind of loss is not simple it almost took everything from me. I lost my initial deposit and huge part of my profit.
Apparently, the currency that I was holding had a sudden drop in value. Like a bird tied in an anchor.
All that is left in my account is .00013315btc. :(
So, if have a tip, to those who want to experience trading. You should deposit an amount which could cover any potential huge losses and always set the stop loss order based on your tolerance level.
That would be all for my 2-day trading experience. Cheers.