(12/10/23) I've set up the TradeStation account. I am currently waiting for my funds to be deposited into the account which is said to take 3 business days which is somewhat of a bummer. I deposited $500 into my account from my savings account and left another $500 in savings. If the deposit works well I may put the rest in there or just risk 2%.
Currently, BTC is still in the pullback, It is nearing somewhat of a level Witch would be a perfect place to enter. Hopefully, the funds arrive quickly so I can take advantage of the pullback. In my TradeStation account, I will likely only do swing trading to start with as it is far less risky than day trading. I am going to practice more day trading with my paper account and see if I can get good enough for real money. While the funds are processing TradeStation has a tutorial/paper trader so I can do some research and practice a little to be prepared and won't click the wrong buttons and accidentally lose money. (12/11/23) Both Bitcoin and Eth had a very large pullback potentially acting as a springboard for higher prices. Both of witch hit my stop losses netting me 2k. I have since reentered into both with a risky trade on bitcoin and conservative setup on Eth. I switched my TradeingView coins to match the ones on TradeStation and noticed a large spread on there coins, so I will need to account for that when trading. the spread almost instantly hits the stop loss when set the 1% though I will likely trade with 2% so it should be fine. I am going the keep 50% of my total funds in my savings so theoretically I wont run out for money if anything goes terribly wrong. (12/12/23) The funds are in my account. After doing some more agreements and reading them, I finally got access to my funds. Now I just need to figure out the slight differences and ill make my first trade.
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(12/4/23) The price is officially through the roof. I am currently up 3.2k total with Bitcoin and eth. I am going to make a third trade to simulate the amount of money I would risk in real life. I set my stop loss below a swing low and am set to lose $1. I am simulating how I would trade with a $100 account to see the price fluctuations if I happened to enter a real trade.
(12/5/23) Overnight Bitcoin and ETH broke consolidation and are currently rapidly rising. Currently, I am up 4.5k and it shows no signs of slowing down. With the amount of momentum cryptos are showing I am going to attempt to set up a broker to invest real money. The simulated trade I made yesterday is up around 78 cents. I should have made the stop loss closer so that the number would be much bigger, so I will know if I invest for real. I ended the simulated trade and remade it with a closer stop loss. The simulated trade I created hit my stop loss pretty quickly because it bounced off at my stop loss and went back up. I will set my stop loss below this and retry the trade. (12/6/23) Bitcoin and ETH had a little pullback overnight, but It didn't get close to my entry point. If I do attempt to invest real money I will try and hit the bottom of the pullback for maximum profits. I set my stop losses to +1k on both ETH and Bitcoin, so I am assured I will have 2k in profits. I've shown the entire history of Bitcoin In the picture above (12/7/23) Currently, I am up 5.8k It had a larger pullback from a higher level but that is when the most profits are made. generally after a "big" pullback, the price will rise even faster and higher. I am working on getting a TradeStation account set up so I can attempt real money trading. I expect to initially lose a little going into it but eventually make consistent returns once I get over the nerves of using real money. (11/29/23) I started a swing trade as bitcoin broke a recent high. I put my stop loss below the swing low and my take profit at a 2 to 1 ratio. So far I am up around $20 and it may continue to go upwards. it is doing a pattern known as compression witch is where the price fluctuates in a zone that gets slowly smaller shown in the picture. This pattern likely means the price will have a lot of momentum when it eventually brakes the fluctuation. Considering the price was in upwards momentum before this pattern it is likely to continue upwards. I may try to trade other things like the Euro USD pair.
(11/30/23) The price of my recent trade is consolidating slightly above my entry point. The pattern from yesterday didn't follow through, but that is to be expected; patterns are not always correct. Currently I am up $40, and I may try to enter a day trade today. I just noticed in a larger time frame the pattern I was talking about formed, so that could be a good sign. I entered a day trade with only a 1% stop loss instead of my normal 2%, because it is somewhat of a risky trade. (12/2/23) Currently the prices of eth and bitcoin are skyrocketing. They are slightly consolidating as of the moment but the price has an extreme amount of momentum. I suppose I should of risked 2% but I am happy with these gains. Currently both the prices are around +$400, a total of around $800. Hopefully the price continues with this extreme momentum. (11/21/23) This week I will focus on research and document my findings to hopefully help me become a better trader. I am going to make only a swing trade over this week so I can focus on the research.
(11/22/23) Today I learned more about chart patterns and the forecast. Before this, I knew a few basic ones but I learned many more like: The flag, cup and handle, head and shoulders, etc. I looked at past charts to see if I could find any of these patterns and I found many instances where these patterns predicted the price well. There were also times when they were wrong so I shouldn't fully rely on them to trade, but I found that most of the time they were correct. I will probably use some of these patterns I learned to help me with strategies I adopt, to be more profitable. (11/24/23) I looked at some trading news mostly focused on crypto here are my findings. I got some mixed signals, but this was expected. The reputable sources said that bitcoin had the chance of breaking consolidations and reaching 100k by 2024. Knowing this, If I see their predictions seem correct, I will consider investing real money. tomorrow I will research brokers to decide which to use. (11/25/23) after some research into some brokers mainly focusing on crypto trading People are recommending TradeStation. On trading view which is the stock viewer I am using it is rated platinum, this also means I can use trading view to make the trades as I have been doing I just have to link my account. It has 4.6 stars and seems trustworthy enough. It has up to 4:1 leverage witch should be way more then ill need. TradeStation also can trade other things like stocks and forex, so if I every want to trade those I can. Overall TradeStation seems like a very good broker that will fit my need perfectly. It also has no fees for small accounts so its even better. eventually I hope to open an account and see what happens. (11/13/23) My long trade hit the stop loss losing another $150. From now on I am going to actually put the stop loss on my day trades as I would have had a profit of $150 instead of -$300. The long trade needs to be put farther below a key level so I wont get stopped out as easily. Hopefully by following these rules I can become more profitable this week.
(11/14/23) I entered a day and long trade both following the rules I stated yesterday. So far they are up, hopefully they stay that way. I may on the day trade if it starts drastically rising towards my take profit replace the take profit with my stop loss, ensuring the profit but not limiting me to a specified amount. (11/15/23) MY day trade was a win! I made $300 cancelling my losses for the week. It is consolidating right above my exited trade so I do not think I could of done better on that trade. The long trade is currently up $100, hopefully that keeps going up. I am thinking about using real money for the rest of the project. I will talk to Caz and see if he wants to if not I will just do it myself. I just entered a day trade, It is a risky trade, but the worst that can happen is I break even so it cant be that bad. Bitcoin is in a very strong short term uptrend so it should work, but it could reverse at this level. (11/16/23) My day trade hit the stop loss losing $160, But my swing trade apparently had a take profit and I made $300. I am fine with it, because it sold almost exactly were the price reversed gaining me the most profit. It is currently at a pretty strong level, so I plan on watching it to catch a possible reverse. I entered a trade at somewhat of a level. I could and probably should have waited for more confirmation of the reverse, before I made the trade. (11/7/23) Bitcoin has soared over my $1300 level, so I somewhat expect a pull back. Me and a few friends are planning to start up an online business, hopefully if we make some profits I can multiply them with my trading knowledge, and with Bitcoin in such a strong bull run hopefully we can make some soon, and I can invest some real money.
(11/8/23 The pullback happened exactly like I expected and is currently going back up, maybe it will hit a new high. I plan to start day trading bitcoin on a "separate crypto kind of" Its regular bitcoin but instead of buying with USD you buy with tether which is basically a crypto equivalent of USD. (11/9/23) Its slowly going back up to the +$1300 level. While writing this blog I accidentally sold my position at around my +$1000 mark which sucks. But I will stay positive and this could possibly be a good thing as this gives me an excuse to start day trading bitcoin again, and with it being in such a strong bull run I could make some huge profits. Hopefully bitcoin goes down to a support were I can reenter my swing and maybe start a day trade. It is currently going down as you can see in the picture above, and it is nearing the support level at $36800. I will probably put the swing trade on BTCUSDT (bitcoin to tether) and day trade on regular bitcoin (BTCUSD). I went ahead and entered the swing trade with a large stop loss, and I a day trade similar, but with a closer stop loss and a take profit at a 3 to 1 ratio. (11/10/23) For some reason I decided to remove the take profit witch would have made me $300 but instead I lost $150, because the price went up past were my take profit would have been and then reversed hitting my stop loss. I am still in my long trade hopefully it will reverse again and make up the loss. (10/30/23) I am still up $300 on bit coin, it had a down spike but it was not that big so it probably will go down again. I am going to try to do some day trading today.
(11/2/23) Bitcoin made a new high around my +$700 area; It has now just hit the consolidation at my $300 level, and I expect a reversal back into bullish momentum. It also created somewhat of a level at my $500 area, as it struggled at that level a bit. I need to find some time for day trading this week I've been focused on other things and haven't done anything but watch my long trade. (11/3/23) I tried day trading Eth but I was unsuccessful losing around $200. It is hard to wright a lot about my swing trade because I'm just watching it and seeing what it does. So far it is back up to my +$700 area and it doesn't show signs of reversing, hopefully that is true. I put my stop loss at my entry point so I can not lose any money in the trade. I expect the price to consolidate a little at my $700 level and then rocket upwards to a higher highs. I like swing trading a lot more than I thought I would. It is a lot easier than day trading, and I don't have to worry about the pattern day trading rule I talked about in earlier blogs. I have only done one swing trade so I will have to experiment with it more. Swing trading is a lot harder to blog about, so I will probably do a mixture If I have time. Currently my account equity is around $7300 which is a new all time high, so that's exciting hopefully it continues to rise in the coming weeks. (10/22/23) Today I started off with some good and bad trades losing around $100. Then I made a very good trade making me around $1600 putting me at $6800 overall.
(10/23/23) Today I noticed bitcoin breached a extremely strong level based of of its all time history. I am going to try and take advantage of this and buy. So far I am up $300, If I had not exited the trade from yesterday I would be up around $15,000 but sadly I didn't, so I am trying to take advantage of it. This is the first trade I plan on keeping overnight so I am kind of nervous, but if it does what it did in the past I could make a lot of money. I made it back to 7k so that's exciting, I will explain my strategy in detail tomorrow. (10/24/23) I've created a strategy that seems to work pretty well, In certain situations I wont follow the strategy such as strong up-trends breaking extremely strong resistance levels like what bitcoin is doing now. If the price is above the 200 exponential moving average I am looking to sell, If its below I am looking to buy. I try to hit the exact reversal point of the graph and set my stop loss at a reasonable place and risk less than 2%. I then watch the graph and try to make as much as possible. Bitcoin went down close to the major level but I expected this and put my stop-loss below this, so I am still in the trade. (10/25/23) So far I am up $300 on the trade. I plan to hold the trade for a while, and day trade other things. I've been somewhat busy, so ill start doing that soon. (10/27/23) Bitcoin is consolidating slightly above the level I entered at, so I am still up but It has not moved up significantly. It will likely fall back bellow consolidation before going up so I am prepared for that. (10/16/23) Using the strategy from 10/12/23 I made $500. The new strategy I am trying I like it but it is not good in the 1-minute time frame. So I am going to try it in higher time frames.
(10/17/23) Today I made $830.97 putting me at $6419.90 total. I would like to have fewer losses in my strategy, as I would obviously would make more. If I had no losses I would have made $1121 Witch would be insane not that $830 is bad. I am not going to use the new strategy as I do not like it, only the strategy from 10-12-23 to trade as it works very well. (10/18/23) Today I had a few large losses from various stocks. Bringing my winning streak to an abrupt halt. I would like to clarify that as of right now I am not investing real money into the market. I am paper trading which is the same as using real money but it is fake. During this project I do not expect to become a good trader as for many people that takes years of struggle, I just want to get a start on the years of struggle ahead of me. and because I can't quit this project, I can't just quit after I lose as this is most likely what I would do if I was not in this project. My original 600% gain was pure luck (gambling) and I don't expect it to happen again. The purpose of paper trading is so you don't just lose all of your money starting because that is what will happen. I plan to paper trade until I have an edge in the market and consistently make profits. That will probably take months to succeed in doing. But if I spend enough time doing so I will eventually get a feel for the market and be able to trade effectively. There is also a hurdle to overcome called the pattern day trading rule (PDT). This rule is made by the government to "save you" from yourself. It states that if you have less than $25,000 in your account you can only make 3-day trades in 5 days with a margin account. This rule massively limits day traders' profit and makes it very slow to gain profit. This rule only applies to stocks but this is what most people trade and what I am currently trading. Because of this rule, I am going to focus on futures and cryptocurrency. So I can prepare myself for the real market because I probably won't have 25k lying around. I am going to focus more on price action and support resistance levels and less on indicators or a specific strategy. I am going to focus on Bitcoin, Ethereum, the S&P 500, and the NASDAQ 500. Another hurdle we face is the amount of "fake" YouTube channels out there that are just trying to sell a course or gain subs. This makes sense because if I was a good trader I would see no point in wasting time with a channel when I could be trading or studying the market. This makes learning more difficult as you can't trust any channels to have good advice. I have an uncle that trades or has traded and I am going to see if I can get in touch with him and talk about trading to see if I can learn anything. My mom also said someone at her work knows someone who has been trading since high school so I may look into that as well. However, I would like to be able to learn from a credible source to speed up my learning of the markets and give me some advice. I need to start fully journaling ALL of my thoughts while trading in some journal so I can re read it at a later date and make connections to better understand the market. I haven't decided if I should put it in a written notebook, this blog post, or make a new page on the website. I am going to try to stop relying on as many indicators and just use support and resistance. I am also going to only trade at home from now on so I can completely focus on trading. (10/19/23) today I made some trades on Bitcoin most of them were bad trades that is should not have made and been more patient. I also should of made better stop losses and stop trading in consolidation. I made one trade that was the most sensible making $1000 canceling my losses. then made more bad trades because I was confident. If I would have stuck with the good trade and "let my winner run" I would have possibly made 2k plus, so I need to let my winners run more. tomorrow I will be more patient and only trade when it makes the most since. I am setting up a trade that may execute overnight and make me 1.6k or lose $100. I have to right ideas of what the market is going to do but I just enter at the wrong spot or get stopped out just for the chart to immediately do what I wanted it to do. I just need to get the timing right and that will come with experience and practice. (10/20/23) Today I made a single trade on bitcoin making a profit of $300. I followed my plan from yesterday and that is what made me profitable. (10/9/23) I'm starting this week with $5734.05. Over the weekend I made around 1.88% (around $100). It is harder to make money on the weekends because, for the majority of the weekend, only cryptocurrencies can be traded, so there are fewer opportunities for my strategy. Today there weren't many opportunities while I was looking at the market, but I made around $220. (10/10/23) Today was a bad day, I lost around $280. I believe I lost today because I felt like I needed to trade and was tired so I made several bad trades. I also didn't have much time in school today for trading. That wouldn't be bad, but stocks are only open from around 9 am to 4 pm so there is not much room outside school for opportunity to trade, and this strategy doesn't work as well with crypto as it is more volatile. (10/11/23) I have less time for trading this week and my Chromebook has died so I won't be able to trade in school. I am looking forward to Thursday and Friday because we do not have school and I will have way more time for trading. (10/12/23) I lost more today I'm going to try a different strategy and see whether I like it better or not. (Strategy) (10/13/23) I like the strategy. Today in 2 hours I made back all the money that I lost in the past few days because this strategy can only be done from 9:30 am to 11:00 am, and it requires a lot of focus I will not be able to do it because of school. If we are ever out of school for some reason I will definitely be doing this new strategy. I am going to try this strategy for the rest of the day, and see what happens. (10/14/23) The new strategy I terrible It hasn't produced one successful trade so I'm not going to use it. I'm going to try to do the strategy from 10/12 during school if I have enough time to do so. |
AuthorHI, I am Austin sweet a high school student that would like to learn how to trade. Archives
December 2023
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