The current BTC pump seems to be mostly over by now. I expected we would go well above 11K, but BTC hype is definitely not so high today, maybe because DeFi hype is still going on.
Recent days my caller guy hasn't give me that many setups, because most of altcoins dumped during BTC rally (i.e. people went selling altcoins in order to get BTC) and there was no opportunity to go into a good altcoin long. I hope the altcoins will revive soon and I will get a couple of good signals before my call subscription ends. At the moment, I'm not sure if I will extend my subscription for the next month or not. I'd like to have someone to dyor those myriads of shitcoins for me -- if the outcome justifies the expenses. But so far it hasn't. I don't blame my caller guy for anything, but my paid signals scheme must be revised and probably even cancelled, temporary at least.
Well, having almost no altcoin signals during the rally, I was pleasuring myself with perpetual BTC futures at Binance.
I installed Binance app on my smartphone to be at the market at any (reasonable) time. I should say that the futures trading interface of the app is rather good, as compared to that of Kucoin, for example. The only thing I really miss in Binance interface is price alerts (it's possible to set alerts for spot markets, but not for futures) But the app definitely needs a good internet connection (which is hard to achieve when you're at mobile internet) and it definitely lags when the market goes hot. I wanted to move to some other futures trading platform, but withdrawing my USDT from Binance costs 5 USDT, that is pretty high for my current depo.
Besides, despite Binance being the largest futures market, it still feels not large enough and a "whale" there can drive prices as much as 0.5-1% (it's pretty big when you trade leveraged futures). I don't know if it's really so, but sudden buying (or selling) spurts make me feel like that (another possibility is margin call liquidations, but the spurts look too synchronous for that).
Anyway, I started longing at about 10650 -- and my every other position was knocked out by stop order. That is, I go long at the 10750, put my stop at 10648, the price goes down to 10648, knocks my long out and comes back to 10750 and above -- I'm was on the right side, and I have a loss. It's simply amazing how often my stop was the lowest low of a candlestick, as if someone was hunting for my stop orders... I had to re-enter several times, sometimes profitably, sometimes not. Yup, there're ways to counter such volatility, but none of them excited me enough. And I decided to go the most risky way -- to long without hard stops at all. It was even double-risky, because I can't spend all my time with my smartphone at hand, I have to eat and sleep, afterall! Well, everything was good for some time, until I made my final fatal mistake, just like Jesse Livermore -- I exited at above 11K, re-entered at 10973 and was too slow to sell above 11K again... I'm still sitting in that long hoping to exit at break-even, huh!
So far my total loss is about 10% of trading depo. Had it been my life savings, I would have a hard time of thinking about my future retirement, not to mention the words my wife would tell me.
Fortunately, it's only -$0.5 from my $5 depo which I allocated for my plays with leveraged BTC futures.
But you know what, guys? Losing those shitty 50 cents makes me feel so bad as though I really lost 10% of my life savings! Really, "human nature is the speculator's greatest enemy", as Mr. Livermore once said. And risk aversion is the enemy of futures trading, I'd add.
Anyway, if BTC goes bear (I kinda doubt it at the moment, but it's possible nevertheless), I will try to recover my losses. Back then, during my previous trading career, in bear markets I used to feel much better than in bull rallies, and the most profits I made then were from shorts. Let's see if I can have the same luck now, with shorting BTC futures.
