I’ve been thinking of how to help people trade crypto.
Note, before you think this is a get rich quick scheme or believe you will start making money from the very first week, then you are on the wrong post.
First, you must understand that before you become a master in any field, you need at least 10,000hrs of practice, which is like spending a minimum of 10hrs daily for a whole year. This will require at least three years of practice to master such field.
Remember that nothing good comes easy, hence commitment and dedication is necessary. Having made that very clear, I will paste snapshots of my daily trades and setup and also explain how I made about $5000, which is about 100% of my investment in 7 days.
Margin trading is associated with many risks and it is very technical as well, ranging from money management to understanding price movements; which could be a bit complex.
It’s necessary to understand that before every trade, there was a long term setup which gave me a long term bias that the price was going down. The midterm setups were easier to understand because I understood the long-term setups.
Here is the link to the review I did on bitcoin that helped me determine this trade – https://www.tradingview.com/chart/BTCUSDT/p4JA88we-BITCOIN-CORRECTION/
It’s important to take note of the following:
• that the longterm trade was in Bitcoin, but other cryptos follow bitcoin when it moves drastically, especially when the price is falling,
• that I am Margin trading with a capital of $5000 (my own money), using x3 leverage, which gives me the access to trade with $16,650 (my money plus borrowed $11,650), amplifying my profits and losses.
|Re: How I Make $5000 Weekly By Margin Trading Bitcoin And Other Cryptocurrencies by Gurucapiatalng: 3:07pm On Jul 30|
Day1 -July 21st, 2019
Here, the price of Ethereum in 1hr time frame was in a rising wedge and also formed a Head and shoulder pattern.
I shorted at $224, risking total capital of $224 x 30 = $6720 and closed my short at 217.81 and made about $200 in profit.
Shorted Bitcoin at $10509, risking $10509 x 1 = $10509 and closed position at $10361 made $171 in profit
Total profit for the day was $371 (N134,000), this might seem small for an investment of $ 5000, but taking the profits from the setup is substantial and wait for the next setup. What determines market movement is the market, not your wish or emotions so you have to close on time before it goes against you. Since you are on a margin it might amplify your losses to scary numbers.