Hi All
I've been trading with btc for a while now with 4x leverage and without setting stop loss. But so far, I've been making profit. Although, I still have plan to reduce to leverage to 2x with time.
Due to current market, I've not been selling but buy. I wait for btc to reach a specific resistance price and then when the price come down, I buy and set take profit to almost the current resistance price.
The only time I set stop loss is when the btc price exceed my order price. So i wont be scared or the price going back and also there won't be chance for lose anymore.
I found that this idea has been working well for me so far . And its a good way to trade for me as I've seen so far.
but I feel like posting about it here to see other people opinion and more experienced traders opinion.
I will really appreciate your opinions and what you think will be better or any better suggestion.
You are playing with fire and you are going to eventually get burned, it is as simple as that, probably the reason why this still has not happened to you is because the leverage that you are using is small compared to what we are used to see in the market, but still if you do not use a stop loss your trading account could be destroyed, and what better example than what has happened recently in the market, if you were not taking a look at your positions a few days ago and you were going long with that kind of leverage it would have been possible for your account to be damaged to the point that no matter what you did you will not recover the money that you lost.