ETH at $305. It Could Be Bought at $230 If You Read Post On 07/25 (Price Action Updates & Ongoing Thoughts #12)

in #ethereum7 years ago
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I'm sure you do not advise using stop loss orders. That was a tough lesson learned by anyone who did when the computerized trading quants "fat fingered" ETH down into the single digits. Traders on two of the exchanges were made whole. And it is easy to understand why they were since price fully recovered and Coinbase did not suffer the consequences of many exiting their platform because of it. The next time they may not be able to make everyone whole however. I assume you would still be holding this rally instead of banking gains? I'm also tracking bitcoin prices using sentiment reading the U.S. exchange traded bitcoin tracker GBTC is giving off. I have it now rated as a "add to short positions" on an rally. I will likely be posting my commentary sometime today as when it is time to actually add to the position even though I can't add to my short as I limitied my initial trading bankroll to $1000. So I am "truly" trapped like a trader would be in the "real" world if you'd like to follow along and watch me get my ass kicked. :-)

On the contrary, I wouldn't enter a trade without a STOP. It takes time and many trades (and lots of money lost) to learn how to set the stop properly.

And a good trader will never be 'trapped.'

Thank you for the comments and sharing. Following you now.

Good luck with your trades.

I'm actually up overall on my trades and "expect" to be up a lot trading GBTC...currently short however and methinks the next move down in bitcoin will be one that will make many rethink the future. That's teh way it is setting up anyway. Thanks and good luck to you also.

You're right.

I "have been" so far as my short entries and covers verify at my blogs about trading both GBTC and "actual" bitcoin. I haven't placed a trade in my actual bitcoin daytrade simulator for weeks now simply because GBTC hasn't been in "buy mode" for that long and I only go long when trader/investment sentiment is negative enough to warrant a trading position to the long side. It remains to be seen if I will be right about current conditions. But I definitely like my chances.