The Crypto World is full of success stories!
Crypto at times seems like it's almost printing money for you. Don't believe me? Take a look at $ARRR (Pirate Chain) for example.
It started 2021 at just under $0.20 and didn't move much for the first 3 months. But something happened around April 11th, it broke $1 and would continue climbing, so fast that in less than two weeks, it hit the current ATH of $16.76 on April 23rd. So had you timed everything perfect and put $500 in on January 1 at $0.198564 and sold it at its ATH, you'd be walking away with $42,203.01 excluding any fees like trading fees. It's these returns that make leveraged trading so appealing.
You see advertisements that say "Trade at 10x, 50x, 300x!"
You'll remember, I included a link to StormGain which offers leveraged trading up to 300x (on Bitcoin only, others vary). I mentioned that if you are patient, and mine for a little bit, you'll have 13 USDT (10 is the minimum to claim from mining, plus the 3 you get for using my link) to use. That doesn't seem like much, but that gives you up to $3,900 in Bitcoin and you think to yourself, "Bitcoin is going to go up $10 today, which means I'll make $3000!"
But is it really that easy?
I pulled these from my StormGain account. Its my best and worst trades.
BEST - My Funds: $406.25 | Leverage: x104 | Gain: $278.76
In around 3 hours I made 50%+ return. Imagine if I did 300x leverage! Some things to note: The Info section has values that are calculated throughout the trade. What do I mean by that? The opening price will change if you add money to the trade. Maybe you start with $50 and it drops, so instead of stopping the loss, you add more funds and you've now got $100 in. Your opening price will be the average buy price of the first $50 and the second $50.
So now you're looking at this and thinking, THIS IS EASY - If he can make $90/hour, so can I!
Always Pay Attention - set limits and stick to them, because here's my worst trade.
OUCH! In just 1 hour and 31 minutes, $900 vanished into thin air.
What happened? Well, there were a few issues.
- I started this trade on my lunch break. I STRONGLY recommend not trading when you don't have the time. Leverage trading is not a long term trade. It's not your retirement account that is going to sit for decades. Keep in mind you're borrowing these funds, so the longer you hold, the more you pay.
- I didn't set up a STOP LOSS amount. THIS IS IMPORTANT! Determine how much you're willing to lose BEFORE you start a trade. Setting a take profit is also a good idea. Remember this is highly leveraged. In this example, every $0.01 XRP moves, that $0.39 of my gain OR loss.
- BE CAREFUL of the Auto Increase - This isn't available everywhere, but can save you from a total loss when there's large swings in price. However, without a stop loss set up, it just kept pulling my funds in as the price dropped and eventually, all my funds were in this trade, and it dropped enough to clear the bank.
A few additional pointers -
Just because you can go up to 300x, doesn't mean you should. Crypto is extremely volatile, and although 300x gains is great, if you don't have the money available, a few cents drop could be the end of your funds. General rule of thumb, lower the balance, lower the leverage. Even if you do 2x, you're using twice as much as you would normally have.
Set the limits and stick to them. Don't let your emotions get involved. Don't sit there watching the value drop and think "It can't go any lower" because that's the one time it will.
Never trade with funds you can't afford to lose. You're going to win some and lose some. Expect to lose it all that way you'll be pleasantly surprised when you look at your wallet after buying that Lambo, knowing you're still set for life. ;)
As always:
DO YOUR OWN RESEARCH
Investing in "boring" things might help you sleep at night.
Timing is everything - Don't expect the same results 10 minutes from now.
I'm adding this section at the bottom going forward:
What is Kevin doing in Crypto:
- Taking advantage of the "Cheap" Ethereum gas prices: Swapping out smaller value tokens and moving funds to xDai, BSC, and Polygon.
- Trying to recoup the loss from my worst trade on StormGain
- Claimed my 500 HIVESHARE at the HiveShares Airdrop
- Claimed my ForceDAO airdrop....again
- Claiming my Rare coin daily
- Claiming my 5 coins on CCTip Box daily
- Switched my search engine to Presearch
Some links contained here are referral links. They cost you nothing but help support me. If you do not want to use the referral links, navigate to your favorite search engine and search for the site/product/etc.
Until next time.
