(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.
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(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. |
AuthorHI, I am Austin sweet a high school student that would like to learn how to trade. Archives
December 2023
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