Encouraging Progress With My XRP Ripple Trades...

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(Edited)

Another day of casual short-term futures trading on Stormgain has seen me claw my position back to within $5 of breaking even after my disastrous "investment" of $165 worth of BTC into XRP (Ripple) tokens just a day before the SEC hit them with a prosecution case!

I saw my position collapse from $165 to less than $100 and I fully expected to see the value run down to zero...

So I decided to use my XRP position to learn how to do futures trading. My longshot goal was to trade my way back to parity, but I fully expected that (1) the value of XRP would continue to collapse and (2) with zero experience of trading, I'd merely compound my losses, speeding up the "inevitable" decline to zero.

HOWEVER...

(1) I found it easier than expected to make repeated short-term profits on shorting XRP. ..

(2) Ripple began to stabilize when it declined to around 30 cents, which was roughly where it had been before the massive spike in price that I foolishly bought in to...

That combination has enabled be to claw back most of my losses. Here is the state of play when I left off trading tonight. The key figure is $161.01 USDT - I'm just $3.99 away from breaking even!:

Screenshot 2020-12-28 at 12.13.52 AM.png

I have managed to almost double the amount of XRP I hold by going short on about 80% of my trades and long on 20%, that is, I bet on the price dropping 80% of the time, and bet on the price rising 20% of the time.

Here are my results for today, 100% profitable trades:

Screenshot 2020-12-28 at 12.15.38 AM.png

Here's hoping I can get into the black with another day's trading. If there is enough confidence in Ripple for another 24-48 hours, I should be able to do it. Then, if I can exchange my XRP I will focus on trying to apply what I've learnt trading XRP futures by trading BTC against USDT...

All the best,

David Hurley

#InspiredFocus



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