Trading long Bitcoin on breakouts is not a bad move for me, especially breakout on an all-time-high. Some people also tend to open a long position on the pullback after the breakout, but sometimes it is not going back anymore after the breakout. So, it's difficult to be sure about this.
About the leverage you used, it is good for me, having low leverage on this kind of trade is good, make sure you don't forget to put your stop loss and price target based on your risk:reward ratio.
About the leverage you used, it is good for me, having low leverage on this kind of trade is good, make sure you don't forget to put your stop loss and price target based on your risk:reward ratio.
Thanks man, TBH I was kinda expecting to get lambasted for trading leverage without fully understanding how it works
Admittedly I didn't use a stop loss with this trade, however would be planning to do so if I make any further leveraged trades in future.
Just to confirm though, as I bought in with 3X leverage at about $40k and BTC is now at $66k, if BTC were to suddenly go back to $40k I should be down to somewhere around my initial stake rather than being liquidated because BTC dropped over 33% from on a 3X from $66k, is that correct?