Its been a couple of years since I have try trading, in the past I had more failure than success so this time around I have decided to do some paper trading before starting to put real cash on the line, instead of trying to make money the target here would be to master the craft, for this I have decided to do a few things first:
- 100 trades with 70% of effectiveness
- All trades will be long positions on Bitcoin
- $1000 wallet only risking 1% per trade
- I will compound 50% of profits on each trade
- 50% of profits will be put aside
This process will give me enough time to gather some cash to fund the project only if I’m successful during this period, the rules will remain the same.
First Trade +25%
Last week I manage to close my first trade with a +25% ($25.00), each trade will be $100 plus compound half of the gains and half as reserve, this is an experiment that I plan to success even though I’m not trading with real money here.
I was planing to close my trade around $69k since I was thinking this will be the last attempt to fool everyone that BTC was going to go over ATH while it was constantly loosing volume and was making a rounded top, something I explain on my previous post
I got out of the trade because on Friday it look very weak and from what I have seen weekends is anyone game so I prefer to get out and rest of anything trading related during the weekend.
Bitcoin 1D Chart
The price has been dropping every time after the second attempt to break it previous top, this are the 1D levels, I will try to trade the 4hr chart on weekdays hoping to get 2 trades per week if possible depending on my previous setup from my very first post, long only.
Bitcoin 4h Chart
Right now I got no entry in any of the charts, not the daily or 4hr, I will probably have to wait at lest $64500 thats the area where 55 EMA will be position in the next days so it will probably wick down anything between $64500 to $63500, when the price reach that area then the SQZ MOM will probably build a red valley on the daily and will have to check if the ADX has force to go together with volume and the SQZ MOM, for now its a waiting game for me.
Next trade will order will be $112.25 with $12.25 on the bag already on a $1k wallet, got 99 trades to go 🙂