The purpose of this blog is to help you discover how to trade Bitcoin safely. Bitcoin prices are volatile and unpredictable. For newbie traders, this makes trading Bitcoin difficult and losses very likely. By learning about trading methods and systems, you can discover how to reduce the risks of trading.
Wednesday, 18 December 2013
Trend following system is still short with stop @ 610
Short Position Overnight 18 Dec 2013
I sold BTCUSD at 703.84 just after midnight. My earlier short position expired at 00:00 at a small loss. I set a price alarm to wake me periodically to alter my stop and set a target price of USD595. I got to that figure by taking the previous low USD 562, adding the Plus500 spread of USD 13 and another USD 20 in case buyers had the same thoughts as me!
I woke this am to find my position closed and a whopping GBP 66.66 added to my trading account. Using margin of GBP 37 approx, I have generated profits of 180%.
I wrote earlier that Plus500 have changed their minimum contract size per trade (100 contracts). Earning this magnitude of profit means I can now trade a minimum of 200 contracts per trade. And the drop in the BTCUSD price means my margin requirements have dropped even lower. A win all round.
I woke this am to find my position closed and a whopping GBP 66.66 added to my trading account. Using margin of GBP 37 approx, I have generated profits of 180%.
I wrote earlier that Plus500 have changed their minimum contract size per trade (100 contracts). Earning this magnitude of profit means I can now trade a minimum of 200 contracts per trade. And the drop in the BTCUSD price means my margin requirements have dropped even lower. A win all round.
Trend following system remains short with a stop at 749.
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