Trading NOT selling STEEM | Testing OCO orders and another Pump
Today we had a small pump on STEEM and i took the opportunity to try Trailing stop losses, and OCO orders
Before we start; I tried the OCOs with MTL and was hoping for it to go to the moon even made a funny picture
The Current STATE Of My Steem
- 6305 STEEM liquid (not counting what is in my accounts to buy BOTs)
- 8751 (Actually: 0.7 BTC that if bought at current price would mean that much STEEM)
Total: 15059 STEEM (up 1359 steem)
Ok so about the expert orders i was testing today
I set a Trailing stop loss to 4% you can see in the first yellow rectangle in the graph after reaching 8700 the price went on retracement and my trailing stop loss dumped the STEEM when the price hit 8550.
Then i set up a Trailing Buy order at 3% (But i made a mistake and it did not execute happily) Later on i set the third yellow rectangle, a trailing buy order that kicked in at 8150.
What are my first impressions.
- OCO's are cool
- Each coin has its own sweet spot for defining the trailing % for example, price movements in steem tend to be regular and ralely go above 10% so a trailing stop loss of 4% might have been too much.
- Too narrow and you run the risk of being kicked out of the trade on retracements.
Are those things sure?
Yo always risk hackers getting in your OCO provider server and execute your whole portfolio at stupid prices, if you are a computer god you might setup your own server and code your own solution... For mortals well is a risk to take if they want to be greedy.
How did i test them ?
I made a second binance account and moved 10% of my PF to it and been playing with it. If it gets hacked I am only risking 10% of my PF and the rest is safely tucked away in another account.
Will i use them everyday?
I don't think so, I used to have my own command line bot that took care of that but binance breaks it every change they make to their API, so I started looking for alternatives but i don't feel comfortable.
"Plan the trade and trade the plan".
What do you think?
Over the long term I need to be Bullish on STEEM hopefully I will be able to put more SP on my account once i finish this operation.
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