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RE: Trade idea for today - BTC daytrade opportunity
Great models, I'm wanting to start day trading BTC and LTC but how do you protect against a huge potential up swing?
Great models, I'm wanting to start day trading BTC and LTC but how do you protect against a huge potential up swing?
My fear is taking a small profit on a limit sell order and missing out when the price keeps going up.
Hello, first of all thanks for the feedback I am happy you like it! If you mean missing out on a big up-swing I believe the only real protection is to have a "HODL" position as well :) On the other hand I am not selling these positions ASAP, I only take part of the profit on target (like 30 to 50 percent) and then I let the rest of the position ride a bit with a stop loss. Worst case I only take half profit and the other half is stopped out still above the entry level. With this I am able to take advantage of bigger then expected upswings.
I think you make a good point that you should be waiting to sell until you have made your target, I think FOMO and the exciting of day trading gets the better of people at times. I started dabbling at little bit with LTC so we will see how it goes.
good luck with that!