One of the things I do lately is trading. I started doing Futures again recently on StormGain after months of being away from it. I also added Copy Trading to my daily routine when I finally received my reward worth $10 from Bityard's Writing Competition that was hosted by Club1BCH.
Unlike @Eybyoung and @Jane, I'm still a total noob when it comes to trading. In fact, I still don't know how to read the indicators. In short, I only rely on my "hulalysis" as per @Ruffa, or through guessing analysis. If I see the price low, I buy it. If it starts to go high, I sell it.
Futures Trading
My trading journey began when a German friend introduced me to StormGain, a simple platform where you can mine every 4 hours and use that amount for trading. I've written quite a few here about my StormGain journey, so if you want to know more about them, feel free to read my articles below:
So after I accumulated $16 on StormGain a week ago, I withdrew it right away so I could start trading again. Unlike before that, I would monitor my open order from the start to finish. Now, I just take advantage of StormGain's Take Profit and Stop Loss features. Back then, I never used these two, and those were probably the reason why I failed.
Now, I make sure to use Take Profit and Stop Loss to ensure that I won't lose the chance of making a profit or losing my asset in one go. In trading, your best enemy is not the market but yourself. Imagine this, you wait for the price to hit on this certain price and when it does, you start wondering whether to close the trade or wait for it to increase for more. When it goes high, you then start questioning yourself again whether to close it or wait for a little while hoping to gain more profits. In the end, you will lose the chance of getting the profit because once it starts to go dip, you start to be hopeful to see the price goes high again until it never does. This is the problem of most traders, including myself. So to avoid this issue, it's better to set a certain amount when to take the profit or stop the loss.
Sign up here and start mining!
Copy Trading
Then, here comes Copy Trading, a feature that is available in Bityard. I've first learned about it in February when I joined the Video-Making giveaway on Michael Hung's Twitter account. The only time I got interested to try it was when I read an article from Cryptonators. After I received the $10 from the Writing Competition, I decided to use that for Copy Trading. The difference between Copy Trading and Futures is that in Copy Trading, you can copy trading activities from certain advanced traders of your choice without the need to do all the stress by yourself. There's still risk in doing copy trading, which is why you need to be careful who to copy.
I'm not a pro but here is my standard when choosing a trader:
The win rate must be at least 80%. This indicates that the trader is good, and you could have a great chance to earn profits.
Total trades must be at least 100. This means the trader is active.
Be sure to also check its trading history to see whether he has more losses over wins.
My favorite trader is BOLOTTRADER. He is my only go-to trader in Bityard coz his statistic shows that he is really good. I've seen his history and everything is in green, which means all his trades are successful. He's also the most followed trader in Bityard with 6053 followers. All thanks to BOLOTTRADER, my initial $10 is now $20.29.
So if you're planning to do Copy Trading, I highly recommend you to follow this guy. Just remember, ONLY INVEST WHAT YOU CAN AFFORD TO LOSE.
Sign up here and try copy trading for the first time!
Closing thoughts
I may be slacking on read, but I'm still doing other stuff aside from just making noise or playing Axie. Still, I wish I could finally find the inspiration again to be who I used to be: the goal-oriented me. However, I can't force myself to do something my brain doesn't want to, so for now, I'll just give myself a break. I don't know how long will it take me to come back here, but for now, I'm just going to chill out until my body is finally ready.
Its true so many of us,instead of taking profit wish for more, and in the end loss what we were going to receive. Thank you for letting us know about BOLOTTRADER,I will surly contact him in any need about trading.