Margin trading with Sovryn SOV dex on Bitcoin BTC sidechain RSK. This is an update.

I have been playing with margin trading utilizing Sovryn SOV, which runs on Rootstock sidechain RSK, a sidechain of Bitcoin Core BTC. My margin trading has been longing the market of SOV against Bitcoin. To go to the point, going long has not been an excellent idea since I started doing it, and so far, I have taken some losses in all my trades. I am pretty confident I am a lousy trader at this point.

I decided to move from SmartBCH to RSK when I realized that Bitcoin had a sidechain, if nothing more, to learn how it works and everything about DeFi with Bitcoin. I took some profits, and I moved all of my money into it, but it was a wrong decision because the whole market has come down; the right move could have been to leave my cash sitting on FlexUSD because now, even Mist my original investment is going down in price and that means it could be an excellent opportunity to buy the deep. Still, I don't have any BCH or dollars left, so I am stuck with Sovryn on an unintended stake for the next six months.

Right after I market bought SOV, I thought that the current price was nearing the lowest price point because it was close to the previous all-time low, which I was very mistaken because just three weeks later, the price has come down, not only from where I bought but also from where I opened my margin trading position. I have lost two trades already, and I have placed many trades which each involved a high transaction fee.

Because when it comes to Bitcoin, all transactions carry a fee, I have paid at least 0.002 BTC just in fees alone, to learn to open and close margin trading positions, my positions have not been more significant than 0.00075BTC and no more than 5.5SOV, but the fees have been at this point more than what I have invested in the actual trades. I have subsidized those fees by utilizing my noise and reading cash tips.

I don't regret utilizing my funds this way because I am learning a valuable lesson here that may help me in the future. But my lastest position, this one is the third one, will be my last one at least for the next six months, and if I lose this trade, I will stop any margin trading and wait until either price goes below $10,000.00 or my spot position goes below $1000 being that right now is at $4500. I am saying that my original $7000.00 portfolio has been converted into $4500.00.

I'm not particularly eager to short the market, and I prefer to long because I guess I am a moon boy; the reason I am not willing to continue to open longs is that if the price goes below 430, for BTC, it will mean the price action could change from bullish to bearish in the weekly and yearly chart, and that could open the door for a prolonged bear market and a possibility to see Bitcoin below $10k again. And that is the reason my current long will be the last I place if the price continues to dump.

For this particular article, my content and message could not make sense because I am speaking of things that I did in the past but that I explained in previous articles, so it could help to have a better picture to read the following material:

Long the market with RSK Sovryn Bitcoin DeFi sidechain.

https://read.cash/@francis105d1/long-the-market-with-rsk-sovryn-bitcoin-defi-sidechain-652de829

By mistake, I am staking Sovryn SOV. Moving from SmartBCH to RSK was not a good idea.

https://read.cash/@francis105d1/by-mistake-i-am-staking-sovryn-sov-moving-from-smartbch-to-rsk-was-not-a-good-idea-e1ee7c79

My LP farm update.
https://read.cash/@francis105d1/my-lp-farm-update-994cf6f8

LP farming on a downtrend market. My plans for my money.
https://read.cash/@francis105d1/lp-farming-on-a-downtrend-market-my-plans-for-my-money-99d9ed81

My experience using Smarter Bitcoin rBTC and Sovryn DEX. DeFi is now possible with Bitcoin BTC.
https://read.cash/@francis105d1/my-experience-using-smarter-bitcoin-rbtc-and-sovryn-dex-defi-is-now-possible-with-bitcoin-btc-c386b0c8

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