Long time I haven’t written, here! But now that the evil of 2018 is slowly starting to fade away and the crypto markets look a bit healthier, I thought it’s time. So, here we go.
Today, I was scrolling Crypto Twitter, again, and when reading predictions from the usual crypto wizards spending time doing pseudo science, I had an idea: I will start a trading competition soon™, and I will use no technical analysis, no lines, no clouds and no other fancy stuff. Just enter and exit a position when it makes sense. Why am I doing this? Simple: to prove that technical analysis is in no way needed to be profitable in trading. And I even want to go one step further: I want to show that it’s actually a distraction which prevents you from focussing on what’s important: trading.
I have yet to determine the exact conditions for my trading challenge, but so far, I had the idea to split 0.1 BTC into 2x 0.05 BTC accounts:
- the first 0.05 BTC will be used to trade on BitMEX, with a focus on trading Bitcoin, only (likely the perpetual contract, only)
- the second half of the account will be used for altcoin trading – I’ve got yet to determine on what exchange I will be using, but good candidates are Bitfinex and Binance.
Whenever I enter a new trade, I will publish a new post here, reporting amount and entry price. When I close a trade, I will create a new post as well (the idea behind this is that I can sign messages with the post content, so everybody can see the posts weren’t tampered with… just in case this becomes a success).
As I’ll start with a quite small amount (0.1 BTC / ~1.000 USD, something in that range), I will have to gather a few thoughts about topics like risk management. Usually, people who want to grow an account fast make use of quite aggressive trading strategies, but to make sure they don’t blow up their accounts, the market conditions have to be perfect for this. In a choppy sideways market, there’s no use in starting a competition like this.
That being said, while the markets prepare for the – hopefully – next bullrun, I will work out the details and make a plan for my risk management. See you soon, here! 🙂