2 Short Solana - Landed 2 Quick Short Scalp Trades Before Coffee

in LeoFinance2 months ago

Screen Shot 20220606 at 10.47.33 AM.png

Man I just love the smell of a short in the morning! Got up this morning and was looking at the Solana chart that I have been working on the last couple of days and the breakout I was wanting had happened.

Solana was lagging behind some of the other altcoins yesterday, because if you were following, I had some awesome luck on a long trade on ADA yesterday.

Well, this morning, I got up and was pleasantly surprised to see that the retest that I was looking for after the break out on Solana had started to move! So I decided to go in short on the trade. I had originally put in a take profit at 42.00 even, but when we got to a certain point, I wanted to move my stop loss. Well with the ApolloX perpetual trading DEX, I am still trying to figure out how to set a new stop loss once the trade is going. Every time I try, I end up market selling out of the trade. But at least when I did, I was able to catch the first chunk of profit at 19.7%!

Now I am only playing with 100 USDT in the trading account to start and the other 100 is working in a defi yield farm on Pancakeswap. Using the CAKE rewards to pay trading fees. I am playing 10x leverage and was playing with a total of 50USDT which at 10x is like playing with 500.

I pretty much immediately went into the second short once I realized my mistake and ended up taking another 7.75% in just a little bit of time. But I ended up closing out of the trade sooner than I wanted because I went in quick and didn't add a proper take profit. I had to go take my daughter to school and then go about my day so I just closed the trade, but hey, profit is profit! It was also a smaller trade than the first, so there wasn't as much profit.

Screen Shot 20220606 at 6.53.10 AM.png

Just for quick reference, I was looking at the volume profile to get a solid feel on where the market was seeing the fair value on different time frames, and that is what led me to set the levels I did. Should have gone with my gut for more gains, but hey, 2 winning trades, again, before coffee... Not too shabby!

The Po'Boy challenge trading account is now up to 127 USDT and some change! So approximately 27% in 3 trades. Not bad, once I get to 200 USDT in the account, I am going to put that as the floor and start sending profits to the DEFI pool to earn more yield and keep building. The goal is to try and recover a portion of the funds that I lost in the UST crash.

Lesson learned... Once I set proper levels, just let the trade ride...

Until next trade, or post, haha...

Be Cool, Be Real, and always Abide!

Support The Logical DAO

If you want to support the efforts of The Logical Dude and his projects that come out of The Logical Labs, you can support by purchasing a special NFT directly from the site using pHBD on Polygon! These funds are used to fuel the income engine in The Logical DAO

https://thelogicaldude.com/nfts
https://thelogicaldude.com/dao

The Logical Labs Projects

https://hivelist.io - Classifieds, NFTs, DEFI Pool, Online Retail
https://HiveHustlers.com - Community for Entrepreneurs and All Around Hustlers
https://coin-logic.com - Live crypto market data, news, and research
https://blocktunes.net - Music NFTs, DAO, Downloads, and more
https://groovelogic.audio - DJ/Producer/Sound Engineer music and services
https://weedcash.org - The Highest Form of Social Media

Video Channels

View my channel on 3speak.tv! Video platfrom for a free speech society!
https://3speak.tv/user/thelogicaldude

But if you must... here is the YouTube channel link:
https://www.youtube.com/channel/UCtGApfTp4ZzLHksDdImJ9JA

Other Ways To Support

If you like what I am doing, please consider voting for my Hive Engine witness with your staked WORKERBEE!

https://tribaldex.com/witnesses

Get started playing Splinterlands, the top blockchain game in the world, today!
https://splinterlands.com?ref=thelogicaldude

thelogicaldudeprojects.png

Posted Using LeoFinance Beta

Sort:  

Congrats. 😀

I'm currently exploring the possibilities on other blockchains in hope to be able to develop a long term strategy for smaller but profitable investments also there.

Maybe routing paths and setting up the right trading pairs at the right time at the corresponding endpoints could be worthy to investigate further.

With most of this, I am not looking at actually long term investing, it's trading. I am not a fan of the Solana blockchain. It's highly centralized and stops randomly, allot, lol.

The more I venture out to other chains, the more of a Hive and Bitcoin maxi I become, lol. I have moved most of my DEFI action over to BSC and playing around some with Polygon, but that's most of it.

Been really disappointed with the Cosmos ecosystem during this crash. Most assets dropped harder than the rest of the market. It was hard to swallow. Lost allot over there, especially with UST.

The rule, don't date it, don't hate it, just trade it.

Trading and investing is fun, but not in obviously manipulated markets. By still looking elsewhere, I hope to sharpen my perception, instincts and tools for such circumstances. I am not precise enough at this time to be able to reduce my mistakes to an acceptable level. But I am working hard and consistently on myself. Maybe it will bring me luck someday. 😁

I have really found a love for trading. Found it a while back, but went hard into defi, but I am back with it. I am taking all the lessons I have learned over the last 4 years and doing my best, lol. Taking the emotions out of it is the biggest challenge


The rewards earned on this comment will go directly to the people(@thelogicaldude) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.