This week’s trading has been a rollercoaster, highs and lows of Bitcoin (BTC) longs and some nifty gains from altcoins. Let’s dive into the quirks of my trading approach. Buckle up, folks!
Why I Never Short Bitcoin
Before we get ahead of ourselves, let’s clear something up: I don’t short Bitcoin. Not because I’m afraid of an abrupt market drop or because I don’t have a short position on speed dial; it’s simply the regulatory landscape of this great nation. You see, here in the U.S., my opportunities on leverage exchanges are as limited as a chicken at a vegan potluck.
The only platform available for me to legally short Bitcoin is Kraken, and let’s just say, trading there feels like trying to land a plane in a storm—those wicks can be real doozies! I prefer my trading strategy to be as reliable as my morning coffee, which rules out anything that impairs risk management.
The Long Game: My Only Play
So, what’s left? Longs, my friends! Yes, I know this can be a bit like forcing a square peg into a round hole, especially when market trends are against me. Still, I feel at ease with my finely-tuned trading system. It’s as much about managing small losses with a couple of big wins as it is about planting my flag firmly in the ‘long’ territory.
My Portfolio Adventures
- Trading with just 15% of my crypto portfolio, which itself is a mere 10% of my total investments.
- Planning for losses because, let’s be real, it’s as certain as Monday morning.
- That means I’m absolutely prepared to say goodbye to my entire trading kitty, and keep living my life like nothing happened.
Trading Philosophy: Longing vs. Shorting
During my last Twitter rant, I expressed that longing crypto assets can be more financially rewarding and less risky than shorting—an idea that seemed to bamboozle some experienced traders. Here’s the math: with zero leverage, the max gain when shorting is 100%—like being stuck in a game of Monopoly and only collecting $200 when you pass Go. But with long trades? The potential is infinite. Think about a simple long position: you could have jumped on Bitcoin at $3,200, enjoyed a remarkable ride up, and came out smelling like roses!
Bitcoin Position Update: Riding the Market Waves
Let’s touch base on my latest Bitcoin escapades:
- Opened at $8,375, breakeven due to a stop loss.
- Re-entered at $8,010 and felt pretty smart—at least until those bullish divergences decided to pull a disappearing act!
- Snagged another entry at $7,420, and after a brief joyride, cashed out with a 1% profit. Not a fortune, but hey, I’ll take it!
As of now, I’m sitting on a long position at $6,900, seeing RSI at historic lows, which can only indicate one thing: relief bounce season is on the horizon! Trading half my position at $7,350 allows me to play it cool for the time being.
Other Trading Ventures
Besides Bitcoin, my ledger isn’t entirely lonely. I’m still riding waves on Harmony (ONE), holding onto Dogecoin (DOGE), and keeping my eye on REN (REN). Each of these positions is a mix of excitement and cautious optimism, much like ordering something new on a menu!
Remember, folks, I’m just sharing my journey. Your own trading system must be tailored to your needs and risk tolerance, and copying mine would be like trying to dance like Beyoncé without any rhythm. Good luck out there!
