Well... the second day finished even better than the first day! The sudden crash in Bitcoin price made for some easy and lucky gains in leveraged shorts! Earlier in the day, I had started off the day with large stop-limit orders triggering at market prices when the indexed price suddenly changed (and catching out the people who were in the danger zone of being too far away from the index price). However, as I was on my mobile at the time... I made the mistake of immediately closing my position at market price (which was insanely stupid in hindsight), as people didn't jump quickly to the new index price but KEPT TRADING AT THE current derivatives market price! So, I gained very little from what should have been absolute killings!
Anyway, latter in the evening I had another attempt as the Bitcoin price crashed suddenly... and the derivatives market price was trading about 300 USD ABOVE the Index Price! There was pretty much no liquidity, things were changing really slowly and there were heaps of derivative buy walls that were WAY above the index price (Tip for noobs, in a derivatives market.... don't set orders and then go to sleep.... especially in a volatile market).
So, I got to the slow work of taking slow slow profits... I kept setting shorts at around 300-350 over index price... which kept getting snapped up (I think people still don't know what they are doing and think they are buying Bitcoin...). Which I would then sell just above the walls at around 200-250 USD over index. Slow but reliable... oddly enough, there wasn't much action... normally a situation like this (with the derivatives price that far away from the index price) would only last a few seconds... but here it was, stable for almost an hour!
I was surprised that people kept buying out my shorts (even those that were really far away), and then buying the longs (when they were way above the index price!). However, they did....
When the walls finally went down... it was pure profit and carnage! I was sure to hold some shorts in reserve for when this happened... and when it did, I immediately cashed out, logged out and went to bed! No point pushing your luck! So, I ended up the day with nearly 2.4 simulated Bitcoins... if I hadn't had been stupid in earlier in the day, I would be closer to 3. Oh well, I learnt my lesson!
For a quick post on how to join the KuMex simulated trading (10,000 KCS for ranked traders at the end of the first week) or a chance for a share of 100,000 EUR from the Binance Europe on-ramp read my earlier post here!
Not into reading and stopped listening at the prospect of "FREE" tokens/cash, here are the relevant links!
Kucoin account required for KuMex.
Complete KYC at Binance Jersey
... reading is better!
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