A Tough Day Spent Avoiding Losses Due To Lack Of Attention To Detail!
At some stage I would like to make a training course on how to AVOID some basic, and easy to commit, trading errors the Stormgain website...
It all comes down to paying attention to every detail when setting up a trade!
However, if you're as impulsive as I am, it if very easy to mess up if you don't make a point of double checking what you are doing!
Take this afternoon for example...
I'd had a look at how XRP was doing and not seen much movement... then, after lunch, I checked in and saw what looked like a sudden sharp up-tick, ideal for going short!
So that's what I did...
But then, a few minutes later, I looked more closely and realized that I had not placed a bid on XRP, but put my XRP into a short contract on Stormgain's "Crypto Index" that tracks a basket of cryptos including high-flying Bitcoin and Etherium!
Eeeeek!
That meant the price movement of the Crypto Index AND the price movement of XRP were working in tandem, so that a favourable movement in the Crypto Index might not necessarily yield a profit if the XRP price was moving the other way!
Getting Myself Off The Hook!
So, instead of the anticipated quick gains, it took several hours of chart watching before I was able to get myself off the hook.
I had bought five short positions as the price tacked upwards. But after I'd bought them, the price continued to tack upwards, and then hover between the high and somewhere tantilizingly above my highest position...
Eventually, after a couple of hours of screen-watching, things began to move back my way...
But then I committed another egregious error!
Just as my first position was poised to move into profit, I excitedly hit the mousepad, causing the position to close while still 1.52 XRP in the red, racking up just my second loss on Stormgain so far...
Happily, I was able to cash out each of my remaining positions in the black, but with VERY thin profits.
Once I was in the clear I put my XRP to work going long on XRP's relatively low price and winning each trade.
Back In (Dollar) Profit On My XRP Position
By the way, I was able to cash out of XRP for a profit yesterday, just ten minutes after posting yesterday's report.
NOTE: by "profit" I mean that I was able to recoup the losses in DOLLAR terms.
I bought about $165 worth of XRP a few days ago, then the value crashed below $100, but I managed to claw back my losses and a little bit extra by trading short-term future contracts on Stormgain.
Bitcoin's Raging Bull Run
HOWEVER, in the same period, Bitcoin has gone on a rampaging bull run, so the BTC I put into Stormgain missed out on that because I traded it for XRP just before the XRP price collapse!
Nevertheless, I am very pleased to have restored my holdings to their previous dollar value, plus some!
Here are my trading results for today:
