RATE Group | Losing Small Is Key To Long Term Success
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Losing Small Is Key To Long Term Success

17 Oct Losing Small Is Key To Long Term Success

Posted at 20:12h in Bitcoin News by

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In my fourth trade journal, I am updating my previous Bitcoin (BTC) position as well as discussing the reasons that I have reentered a new long position on the same asset. I am also highlighting a quick loss on Ravencoin (RVN), which dropped alongside Bitcoin. As I often say, this loss is proof that you win some and you lose some. What matters is that you lose small.

BTC/USD

As mentioned previously, I took a swing position in Bitcoin on Sept. 26 at $7,914. I exited 50% of the trade at $8,625. After moving my stops well into profit and below support, I stopped out in profit with the remainder of the trade, at $8,390. This amounted to an 8.9% profit on the first half of the position and a 6% profit on the back half. As a whole, I bagged a 7.45% profit on the trade.

I reentered a new Bitcoin position on October 16th, at $7,940. 

Setting up the trade

Entry: $7.940

Targets: $8,395, $8,949, $9,723

Stop Loss: I set the stop loss at $7,834 which is below the ascending channel support with a bit…

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