2023: My Story and My Current Strategy

My experience from January 2023 until today

On January 9th I was watching a trader live on Youtube and I decided to copy his short trade, according to him the market would fall. The BTC was at $17k. I had about 11 BCH, I sold it at a price of $100 to go short. The operation was negative because the market rose a lot that day. I had to close at a loss with an SL, I lost over $150 an also the trader lost almost 90% of his account. I did not buy BCH again out of fear. In just 3 days the price of BTC went from $17k to $21k and BCH from $100 to $125.

BCH peaked at $155. If I had sold there (which is unlikely) it would have been a lot of money.

BTC bounced 3 times from $25k. In his last low bounced steadily.

So I followed MoneyMan here on Bingx.

Increase my account by 3% in a week. One day he used almost 10% of my account. I didn't like it and I went to Youtube to search for “martingale”, and I was terrified. Nobody recommended it, since you end up liquidating. I immediately unfollowed it as there were also swipe issues. Yesterday the "black swan" arrived. The price never bounced back and MM liquidated almost 90% of its copiers' account. I would have lost everything.

My current strategy:

SPOT. When the price goes down I buy and sell up. Making about $3 a day is better than losing it all in 1 trade. I bought ETH on the drop yesterday. The price was at $1,477. But it didn't stop or rebound immediately, soo need to HOLD for almost 30 hours until I can sell again.

Recommendations:

1. Don't trust anyone 100%.

2. Calm down, the market is volatile. Nothing goes up or down forever. (right now the BCH is even down to $105 :)

3. Use the VSTs provided by Bingx to practice your trading.

4. ALWAYS USE A STOP LOSS.

Will the BTC go up?

It is incredible to see how a bank goes bankrupt and the BTC goes down. What irony right?

I think that the BTC will have its rebound, it has already assimilated the news, both the ones that Powell gives from time to time and even now Biden with the increase in electricity for miners.

See you at the $100k.