- Starting: $1,400
- Previous: $2,260
- Current: $2,310
The main feedback from this trading session is to never take your eye off the king: Bitcoin. Given our small portfolio size for the marathon, we’ve been focused on trading Altcoins. Even if you’re trading USDT pairs, you always need to keep tabs on what BTC is doing. Our big error this morning was ignoring the BTC price nearing its ATH on the hourly candle before funding rates reset. As a result, our entry into ALGO was immediately underwater.
As a general rule, you don’t want to enter a position just before the funding rate resets. We closed existing trades to wait for the reset, expecting better entries. But that didn’t happen!
The second lesson learned was failing to take what in hindsight was obvious profit. If you’ve been following our marathon, on Day 4, we closed our SKL position too early and lost out on quadrupling our portfolio’s value. This experience seems to have lodged itself in the back of our minds, giving us moonboy eyes. At one point our PnL was up by over 140% on an FTM trade, and we didn’t take the money.
Just want to reiterate to any first-time readers, we’ve set ourselves a marathon to flip the stimulus check $1,400 to $10,000. It’s not financial advice! Trading style to do this is quite aggressive, and high risk.
- bDIGG-BTCB: $258
- RAY-ETH: $255
No changes to our farms on Raydium and Beefy Finance.
The idea for our Algorand trade was turning historical resistance of $1.31 into new support and continuing the rally.
We closed the trade once this was invalidated in a loss.
For OCEAN we entered after $1.49 was flipped into support, looking for a rally up to $1.60 – volume did not come in. We should have taken the gift of the upcoming NFT marketplace announcement and closed the trade in profit early. Lesson learned!
Our SXP trade went very well, the trade we laid out in our Discord. Did anyone join? Here we were looking for a clean break of $3.30, which happened. Overall was a nice trade!
Lastly our FTM position, the price reacted as we expected but our profit-taking was terrible as outlined above. The idea was for 0.42 to be flipped to support, once the price broke 0.45, we felt confident momentum would continue to break 0.48 level.
It didn’t happen!